We operate in a smaller market. Albany, NY, the Capital of New York is currently #57 in the Nielsen market universe. About 180 miles to NY City and 170 miles to Boston – the two nearest major markets, Albany is no bedroom community. It stands alone as an island, and as such, it is highly insular.

[Read Complete Article on Stealing Competitor Customers and fighting for growth]

For mature, established firms, this market offers the advantage of being well connected, entrenched, and difficult to unseat. The downside for them is that once mature, if they are overly dependent on the local market – growth opportunities are limited. And when you stop growing, you’re vulnerable. Sharks need to keep swimming or they die. It’s the same with a business.

In this scenario, there are only four courses of action to pursue life sustaining growth:

1. Steal your competitor’s customers
2. Acquire your competitors
3. Expand your product offerings
4. Expand outside the local market

Each of these strategies warrant in depth discussion on their own.

Acquisitions can offer the upsides of greater scale, a broader customer and talent base, and potential synergies along with the attendant risk of what you can’t know about the acquisition target.

Expanded product offerings offer the hope of greater share of wallet from your customers, but risks diluting your expertise, and therefore your core message.

In the intermediate and longer term, I would argue that a mature company might pursue growth outside the local market as the most prudent strategy – perhaps by acquisition. Our Burst Marketing approach, however, disciplines us to focus on shorter term victories at the start of a campaign – and in a recessionary economy (which we believe will hang around for longer than anyone wishes) – short term victories breed hope and build momentum.

So when you’re huddling up around your strategy table this Fall, I want you to put on your battle armor and think about one thing – stealing your competition’s clients. Because in market’s like Albany, NY, the fight to grow and survive is just beginning.

Posted by: Steve Banis