How To Develop a Business-Level Strategy
How To Develop a Business-Level Strategy
Did you know that 67 percent of strategic plans actually fail?
This is because companies tend to take a one-size-fits-all approach with their strategies when really they should be custom-tailoring them to fit their brand and industry. It’s simple to want to follow a traditional marketing method, but changing it up could mean different results for your company and even your team.
That’s where creating a business-level strategy comes into play. What does that mean, though, and how can you get started? Luckily, we’re here to help.
Read on to learn everything you need to know.
What Is a Business-Level Strategy?
Business-level strategies are the set of moves and actions taken to help improve the value that customers receive, as well as to give your team a competitive edge in the market. These strategies place a specific focus on a company’s core values to help determine its position in the market.
Your business-level strategy determines how you’ll compete in the market and shows you how to effectively manage your interest and operations. Often, a business-strategy consultant can help you take these steps.
How can you create a business-level strategy of your own, though?
Outline Your Target Audience
You should start by outlining your target audience. What are their needs? How can you catch their attention and ensure that they stay with your business for the long term?
You’ll also need to outline their pain points. What does your business do specifically that has the power to make a difference for these people? Why should they come to you over the competition?
The more specific you can get with these answers, the more effective your business-level strategy is going to be.
If you’ve tried certain things in the past that haven’t worked out, then it’s best to continue on to other things. You might not know where to start, but you certainly know where you shouldn’t start.
What Are Your Values?
Next up, your values. These are going to drive exactly how your company behaves as an organization, meaning you should be as authentic as you can.
It’s common for companies to throw around words that catch people’s attention, but then they don’t follow through on what they promised. People are going to see right through this practice, and they’re going to take note of it. That’s why being as authentic and transparent as you can be is so important.
They should be unique, but also easy to understand and remember. The better people are able to recall your company’s messages, the easier it’s going to be for you to gain business.
Play to Your Strengths
So you’ve looked back at your shortcomings already, but where have you succeeded? Thinking about how these things can help you might be more effective than you think.
If a certain strategy or campaign has been successful in the past, then you know your audience enjoys it. It’s important to not only use that strategy, but it can be helpful when you’re brainstorming ideas.
Success doesn’t have to only look like a well-designed campaign, though. It can also help to think about compliments or praise you’ve received from clients in the past. If you can find more ways to implement those methods into your business-level strategy, then you’re already one step ahead.
Cater to Their Needs
Once you know what your customers are seeking, it’s time to cater specifically to those needs. If you need specific supplies, you can begin coordinating with vendors and suppliers. If you need to consult with higher-ups for specific approval on something, then it’s smart to get started on that as quickly as possible, especially if your company isn’t the fastest with decision-making.
Things like pricing, presentation, packaging, and other elements all come into play with this step.
Don’t Forget Market Research
To help keep costs down, it can be smart to turn to your competitors. They’re a great place to study how to return a profit during a launch, and also how to maintain customer loyalty.
You’ll be able to see where you can improve based on the comparisons you make during this step.
Set Your Goals
Finally, gather all the materials, data, and information you’ve found in order to set your goals. Your findings are the best place to look when you’re deciding on goals, as these are the guidelines that have driven you from the very beginning.
These goals can be company-wide but also kept to departments or specific teams.
When everyone has something to work toward, it’s a lot easier to focus on the end goal.
Once each department knows its assignments and goals, it’s smart to conduct periodic check-ins. Monthly check-ins are a great way to make sure everyone is carrying their weight while also assessing the state of your strategy. If you find that certain things aren’t working, or that certain departments could use some help, then you can brainstorm ways to address the problem.
When you let your team know you’re there to help them, they’re a lot more likely to feel safe and seen in the workplace. That means increased productivity for the company and consistent progress across the board.
At a minimum, you want to make sure progress is being made and that your original message hasn’t been forgotten.
A Business Strategy Consultant Can Help
Taking these steps sounds simple in theory, but it can feel daunting to get started. You don’t have to do things on your own, though. Finding a business-level strategy consultant is a sure-fire way to increase your chances of success.
That’s where Bradford Jacobs comes in. Contact us today to speak with a consultant and begin exploring your options.