Brilliant. Entrepreneurial. Successful.

No, absolutely not a chronologically advanced business hot shot. But yes, he is undoubtedly a bigger-than-life business hot shot.

He is no other than Wai Hong Fong, co-founder and CEO of OZHut, a multi – niche online retail business in Australia. Embarking on a 300-word or so piece about Wai Hong seems such a colossal task considering his accomplishments. Let me try to share with you a morsel albeit, very significant snapshots of him in this post.

After finishing a degree in BA with a major in Media and Communications from Melbourne University, he started building OZHut instead of a corporate career, deviating from the mainstream career path expected of young individuals fresh from college. His uncle’s shed became his headquarters. Initially selling telescopes, OZHut eventually grew as kitchenware and jewellery were added to its product line. OZHut’s humble beginnings jumpstarted an amazing and jaw-dropping multi-million dollar online retailing business it has become today.

The most amazing thing is: He is only 25 years old!

In a very short time, Wai Hong and OZHut have achieved so many feats. This Malaysian young lad led OZHut to be hailed as a finalist in the Online Retailer Industry Awards – Emerging Star Category. OZHut was also chosen as the Best eCommerce Store in the Smart Company’s Web Awards and Best eBusiness in Price, Waterhouse, and Cooper’s My Business Award within 2 years since its founding. Wai Hong’s achievement streak seems unstoppable as he was named as among the Hot 30 Under 30 Entrepreneurs in 2010 and as he made The Age‘s Melbourne Magazine‘s list of the Top 100 Most Influential, Inspirational, Provocative and Creative People for 2011.

Behind this remarkable rise to business success despite his age and experience is an astonishing business acumen that is largely anchored on the “drive” rather than the “dream” which is quite weird but is wonderfully working for him. In an interview with Meld magazine in Australia, Wai Hong shares, “I’ve never dreamt of building a big business or achieving success in the business world, I just set out to do it.” He further admitted that, “I’m not really a ‘reach for the stars, big dreams’ kind of person. I’m more of a ‘next-step, faithful with what you’ve got’ guy.”

There has got to be some formula he’s using that we are missing yet!

Now, here’s the clincher.

Wai Hong Fong is a guest speaker in the Thinking, Doing. Growing Business and Marketing Conference!

He will let us in on how he did it – succeeding in growing his business in such an unbelievably short span of time.

Let me tell you now, there are only a few seats left as we are down to the last three days to the conference on the 5th of May, 2012 at the Berjaya Times Square Hotel, Kuala Lumpur. Hurry! Reserve a seat now!

It’s so easy to fall prey into the trap of delighting customers in any way you can or retaliating to your competitors’ actions as much as you can. When this happens, we tend to lose touch with the element that gives substance to our marketing efforts – our company.

While being customer – oriented or competition – oriented is good, it is not sufficient. We must ensure that all the things we are doing for the customers or competitors shall be favorable to the company.

What do we mean by favorable?

It means earning profit at reasonable levels with honor. You see, if we don’t operate profitably, marketing cannot exist or happen anymore. Just think of this: Anyone can sell anything at very low prices, much lower than the market standard. When this continuously happens, disaster is inevitable.

The point is: the company is equally important as the customers and competition.

So what must we pay close attention to when it comes to The Business?

It is very important that the entrepreneur identifies what its core competencies are. These core competencies become the linking pin when devising strategies and tactical plans.

Let me tell you more about core competence. This is the ability of a business to do certain operational functions better and at a lesser cost than competitors. This is when competitive advantage comes in and the goal is for it to be sustainable.

How can a business achieve sustainable competitive advantage?

It can be achieved if the business hones and invests more on its core competence while ensuring that its weaknesses are identified and reduced.

On the other hand, the business must make sure that customer – orientation must not only be the concern and responsibility of the marketing department. Rather, it should be the concern of everyone in the t has been said that competitive advantage.

At this point, we have already completed the strategic marketing triad.

This framework is just a simple springboard for a many decisions to make, issues to address, and goals to achieve. Each element presents challenges by itself. But what remains as a tougher challenge is how to balance the customers, competition, and company.

The market has become more dynamic that it pays to learn from other businesses and practitioners as much as possible. Don’t worry. More exciting insights are coming up in the succeeding posts.

Right now, I would like to suggest you join the Thinking. Doing. Growing. (TDG) Business Conference on May 5, 2012 at the Berjaya Times Square Hotel, Kuala Lumpur. Malaysia’s most successful entrepreneurs will show you how they were able to beat the fast-paced changes in the market in a way that you can directly apply to your own enterprise. The seats are running out fast so you better reserve yours now.

Ready. Aim. Fire!

The market is one big battle field. Seldom can you find yourself alone enjoying the monopoly of an industry or product category. It’s the era of trade liberalization, globalization and – yes, you’re absolutely right – competition!

In my last post, I mentioned about the first C in the strategic marketing triad – the customer and how it is not really just all about them. You have to worry and be concerned about competition, too!

Being customer – oriented is great but it is not enough. We must also consider the competition and try to outperform them at all times.

What happens if we don’t?

The war in pursuit for the customer’s limited buying power brings pretty much the same outcomes as in other battles. The winner gets your share of the market; claims the revenues and profits from your share of the market; and leaves you far behind their trail which is just putting it mildly. Your winning competitor can bring you your ultimate demise! Surely, you don’t want that to happen, do you?

So how do you deal with competition?

First of all, you should identify who among your competitors are major players in the industry and who among them are just trivial ones. As an entrepreneur, you have so many things to do so it is very important that you know which actions of your competitors you must address straight away and those that can be dealt with at a later time. If necessary, you may preempt the actions of your “significant” competitors.

How will you distinguish the urgent competitors’ actions from the non-urgent ones?

Here’s the scoop. The ultimate discriminating factor is in how the action of your competitor will affect your business or your brand. Will the effects be immediate or not? Does it have any strategic effects?

Wait! There’s more!

If you shall truly be watchful of your competition, you must not only pay attention to your direct and indirect competitors as well as your major and trivial competitors. A lot of times, a business is threatened not by its existing rivals but more from likely and probable competitors.

Here’s one way of analyzing your competitors and at the same time evaluating your business’s expansion strategy.

Let me explain the product-customer matrix above. An airline ticket agency may want to expand its product line to include travel and tour packages for the family. On the other hand, it may seek new customers and serve the needs of business or corporate buyers for their employees’ official travels. Because of the prospects available in the business market, the agency may introduce group tours such as those for educational purposes consequently gaining a new market.

Furthermore, you must also familiarize the ways of your competitors. What are their strengths? What are their weaknesses? What are their current strategies? By answering these questions you will have a better understanding of your competition.

Do you know why your competitors are acting the way they do?

Here’s a tip. Your rivals’ actions can be explained by two influences. First is their set of assumptions about themselves and their industry and second is their bunch of strategic corporate objectives. Some sleuthing skills certainly would be helpful in this area.

There you go – 2 Cs down and one more to go to complete the strategic marketing triad. In my next post, I will share with you the third C and that is the Company.

Why can’t we just focus on the customers and competition? These alone bring us more than a handful of concerns and issues already! Let’s answer this very soon.

For the meantime, let me invite you to the Thinking. Doing. Growing. (TDG) Business Conference on May 5, 2012 at the Berjaya Times Square Hotel, Kuala Lumpur. With the extremely crowded market place, you can’t afford to pass up on this conference graced by no less than a powerhouse of Malaysia’s crème de la crème young entrepreneurs who will share with your their “how to” secrets that made them winners in their respective industries. The seats are running out fast so you better reserve yours now.

Every marketing book never fell short emphasizing that when in business, the customer is King. If this is the case then, we might as well give our products away – for free!

So what’s this hint of sarcasm all about? The customer is not King?

Let me explain this to you one piece at a time.

You see, marketing actually has three central elements which without one would render your marketing efforts – in case we could still call it that – futile and useless. These elements are customers, competition and company – the strategic 3 Cs of marketing!

Let me begin with customers.

Marketing as defined by many practitioners and academicians revolves around the customer such that the emphasis is on determining and satisfying what they need and want. On top of this, we also ascertain their expectations so that it shall be among our guides in the manner by which we satisfy their needs and wants. Efforts must be directed towards providing customers a “good reason” to buy. This aim can compel businesses to know their customers very well so that the product or service they offer to the market is the perfect solution to their problems – it can sell on its own.

Most often, not all businesses can handle all the problems there are available in the market. It’s either the business only has limited capacity or it does not have enough capital to cater to the biggest market segment.

So what does the business do?

The idea is really not over the top. You simply have to start segmenting the market. This means you try to identify the different groups in the market who share some common characteristics – or problems. You could group them according to some demographic parameters, buying behavior or lifestyle. Once you have done this, you can now choose which segment you feel you can best serve given your resources and competence.

Do not expect, however, that you are the only one serving that segment or niche even it was you who identified it. Chances are some businesses have already been ahead of you – maybe just a little ahead of you.

So what must you do?

This is the time to decide on your positioning strategy. “What in the world is positioning other than finding a place or corner where you can settle on a pose or position?” you may ask. As a “sneak – peak”, let me tell you now that positioning is creating an image or identity in the minds of our target customers. In a way, the idea is the same as your stock knowledge on positioning – it’s just that the “place” is in the minds of your potential clients. I promise I will tell you more about positioning in my succeeding posts.

Now what are the other 2 Cs?

I will tell you about them in my next post. So just hang in there.
Believe me, what I have shared so far is just the tip of the marketing iceberg. There’s really so much more to know and learn so you can point your arrow of business performance to no other direction but up.

At this point, let me invite you to the Thinking. Doing. Growing. (TDG) Business Conference on May 5, 2012 at the Berjaya Times Square Hotel, Kuala Lumpur. With the extremely crowded market place, you can’t afford to pass up on this conference graced by no less than a powerhouse of successful Malaysian entrepreneurs who will reveal the secrets of their business success. The seats are running out fast so you better reserve yours now.