High-performing CEOs understand that a bad decision is often better than a slow or no decision at all. Learning to move with the right amount of speed is a critical part of every executive's job. Failing in this has significant implications for company productivity, and it is often due to two significant reasons: relevance and communication.
Companies admit that they expect to waste 26% of their marketing budget on the wrong channels or strategies. No matter how big or small your budget is, that's too much cash to waste. When it comes to buying technology, buyers will ask themselves three questions:
- Why should I buy it?
- Why should I buy from you?
- Why now?
It'll come as no surprise to learn that every product or service must be tailored to a specific customer. Targeting wrong customers and failing to create a sense of urgency to reduce buyer anxiety and distractions will result in blowing precious marketing resources, lost deals in competition, and lots of time and effort wasted on an opportunity.
Improper communication and relevance take us back to the basics of lacking differentiation and segmentation of the target audience—the most common and most challenging marketing issue for tech CEOs, eventually leading to ineffective decision-making.
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