I am a lifelong boater that loves to cruise on any body of water. As I was planning a cruise recently, I was thinking of some of the similarities between my planning on my boat and market planning. Yes, I know it sounds a little far-fetched, but I believe there are valid comparisons.
Planning in both activities is the key. I wouldn’t set out on a sea voyage without a destination in mind, because I would lack necessary information like how far I was going, how much fuel I would need, what my course should be, what is the weather will be like, and how I would determine my location at a given time.
The same holds true for navigating a market successfully. Consider these:
- Is your “boat” capable for the voyage you have planned? In other words, what are your company’s strengths, weaknesses or hurdles to market?
- Do you have a defined destination? That is, have you compiled a detailed plan providing you with the goals and objectives you want to achieve?
- Have you read the weather? What is the market, economic and competitive climate?
- What is the shortest course? That is, where is the low hanging fruit or the quickest opportunity for success?
- How will you plot your position on the course? Have you set goals to determine if you are where you thought you would be after a certain time period?
- Be prepared to modify your course based on current or tides. In other words, be prepared for unforeseen obstacles or market conditions that can affect your journey.
- Have you checked your fuel and supplies? Do you have enough funding and resources to complete your journey to market?
As you can see, it isn’t so far-fetched to compare a boat cruise to navigating a market. They both can result in success if you do your planning and then carry out that plan.
Fair seas and calm breezes!