Business Planning - Strategy
Streetwise Tips

Streetwise Tips on Strategy

* ”To be the best”
Utilizing a “best” or “highest quality” approach as a strategy is, generally, not the best marketing tactic. Think about it. What does this tactic say to a potential customer? Nothing. Everyone says their products or services are the best. Instead, develop a strategy that instantly sets you apart from the competition.

* Changing strategy
Chances are that, after being in business for a year or two, you may determine that it is necessary to modify your strategy to a greater or lesser degree. Fine. But avoid adopting a completely different approach. All of the goodwill and name recognition you have worked to achieve will be wasted.

* Is it working?
Do a survey of your customers and ask them if they can express, in one sentence, what makes your business different from the competition. If they can’t, your strategy isn’t working. And don’t be surprised if you find that your business is viewed in a different light than you intended. In this case, take a look at how you are transmitting your strategy “message” to your customers. Don’t hesitate to make adjustments in advertising, customer service, sales pitch, or other “message” channels necessary to effectively communicate your strategy.

* Shout it every day!
Don’t keep your strategy a secret! Any competitor on the ball will see exactly what you are trying to do—whether you try to keep it a secret or not. Be absolutely sure that all of your employees know what the strategy is, and that through their work they communicate that message. And don’t forget to reinforce your strategy—your competitive edge—in the minds of your customers on a continual basis as well.