One of the constant challenges every business faces, no matter the economy or the sector is the struggle to have the right strategy.
While nothing will make the need to focus your strategy unnecessary, here are a few ways that you may be able to think about strategy a little differently so that your strategy can achieve greater impact for your business.
1. Focus on these 3 simple questions:
- What is the tangible value that we provide?
- Who can use this value and will buy it?
- How do we reach these buyers?
2. Identify the value that your clients are paying for:
Many of us get started in business and we don’t necessarily start out with a business model or a plan. This carries us a bit down the road, if we are lucky. Eventually we have to figure out what our value is and what people are paying for. So ask your clients about what they most value about your services.
3. Make sure you target the right market:
Now more than ever, it is easy to be seduced by the idea that you can reach any and everyone with little trouble. This is a fast track to failure. You need to have a target market in mind and make sure that they are the right one.
4. Marketing the right way:
There is a lot of bad marketing advice out there. People that tell you that you need to be on every new channel and in every new area. This is all BS and I bet someone is trying to sell you their “guru” status on this or that platform. Instead, think about your customers and ask yourself where you can best reach them, and go there. No where else. Just where you can reach your buyers best.
5. Don’t throw good money after bad:
Inevitably you are going to have a strategy that fails or isn’t working as well. Instead of redoubling your efforts, it is important to have the strength to stop and survey where you are at the time and to stop throwing good money after bad because you are going to turn this thing around. Sometimes spending more money or effort will help, but it never does without stopping to notice where you really are at the moment you notice your strategy isn’t going the way you want it to.
6. Strategy without execution is nothing:
Too many times, the strategy ends when the plan is complete. Which means that the strategy is a failure. Thought without action is a waste of everyone’s time. That’s why it is important that you spend some time laying out action items for your strategy.
7. Learn from failure:
Having an unsuccessful strategy isn’t all bad. As long as you move decisively, you can learn a great deal from failure. Usually wrapped inside of your strategy failure will be clues about your market, pricing, and focus. Don’t just get sad, learn!
8. Make sure your strategy is a vision for the future and not just a reaction to the now:
You want to “future-tense” your strategy as much as possible. This means that you want to make sure your strategy isn’t a reaction to some market demand or some competitors actions. Even if the new strategy begins life that way, you want to spend the necessary time looking at the future of your market to ensure that you aren’t just going to find yourself a year or so down the road, throwing out your strategy because you have to adapt and react to another set of changes by your competition.
9. Maximize the successes:
One thing about strategies is that when you have a solid one, you want to ride it as long as possible. When you find yourself on a winning streak, ride it all the way. And, look for ways that you can maximize its impact. Market more. Sell harder. Do whatever you have to.
10. Tangible value is as valuable as intangible value in some cases:
Recognize that one metric isn’t going to be absolute. In pushing your strategy out into the world, pay attention to both. Obviously saving time, saving money, and making money are important. But so are less stress, more peace of mind, and better communication skills.