The Problem Is That You Don’t Know The Problem: A Quick Guide for CEOs and CMOs
As a business consultant, I've had the unfortunate experience of seeing some CEOs and CMOs so focused on the company's daily operations that they don't have time to step back and analyze the big picture. They get caught up in the hustle and bustle without stopping to think enough about the underlying problem. It's as if they were doing business in the dark! 🤔
Ultimately, one of the biggest challenges for CEOs and CMOs is not knowing their problem. Without understanding the problem, it's impossible to create an actionable plan. If a problem is not identified and addressed, it can be detrimental to a company’s success.
According to Harvard Business Review, 75% of companies that fail to identify their problem do not achieve the desired results. Companies that understand their situation and create an actionable plan are more likely to succeed. In fact, McKinsey & Company found that companies that recognize the right problem and solve it will outperform their peers by up to 20%. 🚀
Famous companies like Eastman Kodak Company, Blockbuster, Nokia, AOL, Groupon, and WeWork failed to identify their problem, and as a result, fell behind the competition.
If you're a CEO or CMO, don't wait for the problem to become evident. If you're unsure where to start, try these basic tips (you'd be surprised by the percentage of companies that don't follow them):
Researching the Industry and Competitors 📊
- Simple: online research
- Sophisticated: Data analysis with complex algorithms
Understanding Consumers 🔍
- Simple: Just talking to them
- Sophisticated: Conducting in-depth surveys
Setting Metrics and Tracking Performance 📈
- Simple: Manually
- Sophisticated: Business Intelligence Software
Consulting with Experts 💡
- Simple: Seek help from friends/contacts with relevant experience
- Sophisticated: Hire a high-level strategic consultant
Make sure your company is firing on all cylinders: start by understanding its problem. It will save you time, money, and frustration in the long run: your company will thank you. 🙌"






