Note: Our seven sickly cows articles are a series of posts dealing with moving past the bad economic conditions that defined business since late in 2008. In particular, we are talking about marketing for an emerging economy. To see our previous article, click here.

This week I want to focus on clearly defining who you are as a business. That may seem rather simple – and it is. However, it is foundational to potential customers finding you and understanding what you are selling. Even if you have been doing this for years, it is important that you reestablish it once again. Why? Because after a recession, needs change. And because needs change, many of the products and services that were part of the seven good years prior to the Great Recession are no longer viable. Even as times get better, people have adjusted to not having certain things done for them any longer and the jobs associated with those products and services are no longer needed.

Let’s start with who you are as a business. From a marketing perspective, there is a premise that we need to use to convince people in the marketplace to buy from you. This is the foundation of marketing. For instance, what is the difference between these retail stores:

• Target
• Kohls
• Macys
• JC Penney

All four of these businesses would be classified as department stores that have traditionally relied upon clothing lines to lead their sales efforts. Let’s do some comparisons. Target has built a foundation of being a discount retail store with a chic line of products. They are the second largest discount retailer in the U.S. Who they are is defined by their tagline "Expect More. Pay Less.” This is the basis from which they market their business and their products. On the other end of that spectrum is Macy’s. Macy’s has a long history of selling high-end fashions. You would not expect to pay less at Macy’s. They have built a reputation for quality and exceptional customer service. This has been the undergirding of their marketing efforts.

When you are coming out of a bad economy, it is a good idea to reestablish who you are as a company. As you expand your offerings, the way you market them has to line up with the way the customer views you. Like other discount retail stores, Target has broadened its product offerings to include, among other categories, groceries. As they sell new products, who they are cannot suddenly shift and start selling groceries at a premium price above mainline grocers like Kroger. Nor can they begin to be a boutique grocery store like a Trader Joe’s. They must market from the same foundation or they will lose customers.

Between these two extremes are Kohl’s and JC Penney. They have been the clothier of the middle American. Kohl’s has built their business on the foundation of reduced prices and appealing to the feeling that you have found a good deal on a better product than you would find in a discount store. They market from the premise that bargain hunters like to feel as if they paid significantly less than full price. JC Penney traditionally had much the same model as Kohl’s, relying on big sales to discount the full price of their products. However, they attempted to redefine themselves in the midst of the Great Recession. They attempted to move away from marketing of sales events to what they called "everyday pricing.” Their sales slipped. In May 2012, Kohl’s surpassed JCP in the number of operational stores to become the largest department store in the U.S. JCP again tried to redefine itself to be a discount retailer on par with Target. That also failed. They tried to become a brand outlet – having "brand” stores within their stores. That also had dismal returns. Since then, JCP has been searching for a new identity and has yet to find it. A lot of their decline has to do with customer confusion. JCP has been around since 1902 and until six years ago, people understood who they were and how they operated. No one is really sure who JC Penney is anymore.

Does that mean you cannot rebrand yourself successfully after a recession? No, but you must be careful not to confuse the marketplace in the redefinition. Macy’s has tried to appeal to the middle class customer. Their Google Plus page now says they are a "mid-range to upscale department store…”

The point I want to make is this: you must define yourself before you can effectively market your products and services. Who are you? Your logo should help people identify this. Your web site should say it succinctly – literally at a glance. Your social media should reinforce the concept.

Here is a little exercise for you to think through the definition of your business. First, to whom are you trying to appeal? Who is the target market? What are they looking for in terms of quality, price and customer service? After you establish the expectations of the customer base, how do you want to appeal to them? In terms of quality, price and customer service, one or two of the three usually define who a company is. Target has great prices, but they don’t have great customer service the way Macy’s does. Target is primarily a self-service shopping experience. Macy’s provides a tailor to make alterations to your clothing purchases.

Next, what are you selling? Is there a way to get it into the customer’s hands quicker than your competition? One of the big changes coming out of the new economy will be the speed of delivery. Expectations are that anything can be delivered overnight – or sooner. That may mean you need to consider your inventories. If you are in a situation where you have to carry a large inventory, building a business on quick turns would be wise. It could also mean you will have to work with your vendors to get product in a timely manner in order to meet the demands of delivery. This also will define your business. And in turn, it shapes your marketing. Whole businesses are built around the speed of delivery.

The bottom line is you need to define who you are as a business and that needs to be based on the needs of your target market. Make it the foundation of what you do in marketing your products and services. As you add more lines to your offerings, they must fall in line with this definition. The emerging economy is one where we all need to help our customers understand who we are, even if your company has been around for a long time.

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Photo by Iteachphoto