5 Reasons Why Multitasking May Not Be Good for Business

March 9, 2012 in Critical Success Factors, Processes, Product/Market Fit, Risk

1. Multitasking leads to lessened efficiency. The human brain can really only focus on one thing at a time. Although you may feel that you are getting more done in less time, your brain actually needs more time to switch its focus between tasks.

2. Confusion can cause ineffective results. If your employees are constantly switching their focus between tasks, details will get muddled and confusion will ensue.

3. You are not getting the most out of limited resources. Product development can suffer when resources are incorrectly allocated. Multitasking takes focus away from devoting the proper amount of time to each project.

4. Employees can become burned out. Filling every spare moment with a different task seems like the best project management strategy, but weary employees will become less productive than if they had time for mental breaks earlier in the process.

5. The team is no longer a team. Multitasking often turns into an individual’s game as each employee finds different pockets of time to devote to a product assignment. The “two heads are better than one” strategy for product development will cease to apply.

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Trying to Catch Up in a Changing Market

March 6, 2012 in Competition, Customer Behavior, Demand Generation, Differentiation, Processes

Because of fragmented segments and increased digitization, category lifecycles are getting smaller. This could affect your business for the following reasons:

• Your customers are looking for the latest and greatest thing.

• Your product development could always be trying to catch up.

• Your products could enter the market too late, meaning your innovations have missed the boat before they even had a chance to take off.

The best way to maximize returns in a market that currently moves and changes at the speed of the internet is to enter the market early. Enhancing product development efficiency and getting your products in front of consumers before your competitors will gain your company a huge competitive advantage.

The key to increased profits and maximum returns is to set the market rather than chase it and watch it dwindle away. Adapting to fragmented segments and product digitization could make the difference between a large profit or a huge loss.

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Marketing Lessons Learned from Wal-Mart

February 24, 2012 in Demand Generation, Differentiation, Measurement, Processes, Product/Market Fit

• Don’t change your company’s image.

Your customers develop associations with your company and its products and services. Drastically trying to change those associations can alienate your target customers—the ones who helped to get your business where it is today.

• Use consumer data research to your advantage.

The Wal-Mart company has mastered the art of utilizing consumer data research to determine the shopping habits of its target consumers. Little information is more valuable than merely knowing where your target customers are shopping and what they are looking to purchase.

• Make your marketing techniques and product development sophisticated—but not too sophisticated.

Much like with your company image, you do not want to over-improve your marketing techniques and product development. Always strive to maintain a connection with your target consumers. By all means, improve upon your message and your product innovations. But always be mindful of who is listening to your message and purchasing your products.

Source: Suzanne Kapner, “Wal-Mart Enters the Ad Age”, Fortune, August 18, 2008, Page 30

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