• Innovative Strategies That Create More Profits

Month: June 2022

Want A Creative Solution To An “Unsolvable” Problem?

Posted on by harborcapitalgroupinc

 

There Is A Creative Solution To Most Problems

 

You’ve done your research using (your analytics and other diagnoses) on the problem. Now you need a creative solution.

But all the research and data have looked backward at the information and concepts you already know.

You have to look forward, not just backward, to get an insightful or creative solution.

The way you do that is to use creative problem-solving techniques and tools.

If you do, you will be able to create a solution to your “unsolvable” problem.

 

 It isn’t that you can never get insight from all that research.

It can happen, but your mind already has all this information.

Your mind must be confronted with something new or different, requiring it to take an unfamiliar concept or word

and fight to fit it into your current mental database.

Therefore, the mind must fit this new word into what is already known and create a new concept.

Here is a simple example of how the creative minds works

Creativity is simply looking at things differently. Edward de Bono, in his book “Think,”

explains how the mind works this magic. Your mind continuously builds up knowledge over time.

Following is a game he uses to illustrate how the mind works. 

Start with the letter’ a’

Add the letter ‘t,’ and the new word is ‘at.’

Add ‘c”. The new term is ‘cat.”

Add o’. The new word is ‘coat.’

Add ‘r.,’ And things have to change. The new word is ‘actor”.  

But the letter ‘r’ required the mind to restructure the use of the previous words. This process is creativity.

Therefore, you need to get your mind off the traditional path to get new ideas.

A goes directly to B (the pattern already in your mind) and moves at a different angle

from the conventional thought pattern.

For example, you could use a random word to disrupt your known routine

and asymmetrically open your mind to a new way or idea you can choose to use or not.

This process also means that anyone can accomplish creativity.

It is a skill, not an exceptional talent only some people have.

Here is a great 4-minute video on creativity by Edward De Bono that you should see if you have time.

Use random word techniques to achieve creative solutions

You want to start by selecting some random words as your starting points.

One of the best ways is to use the dictionary. Open the dictionary to a random page,

put your finger on a random word, and select the closest word (a noun).

Choose about five more words. Write them down. 

 

Be sure you know the definition of each word because you will associate the characterizations of each word

with your focus idea or question (for example, create a new concept for a restaurant.).

Focus on the word and relate it to the question or problem you want to be solved. 

Work quickly through each word, but don’t judge your responses now.

Each idea response represents the possibility of a great idea.

Spend about 5-10 minutes exploring each random word. 

 

For example, focus on a concept for a new restaurant  Random word: wallet.

One concept would be a restaurant where people order food, pay immediately,

and take the food elsewhere to eat vs. ordering in, eating the food at the restaurant,

and only paying after eating. 

A restaurant where people are charged by the amount of time they spend at the restaurant. 

A restaurant known for one special, unique and expensive dish served at one particular time every day.  

This is only one creative technique of many. But, this random word technique is easy to use and can be done quickly.

We cover other techniques for individuals and teams as well.

 Creative Solution Concepts

According to Merriam-Webster, a concept is conceived in the mind: a thought, a notion.

For example, the concept of gravity.

The importance of concepts is developing alternatives and new ideas

by extracting the image and looking for ways to deliver this concept through a specific idea.

Ideas are a way of putting the concept into action.

The concepts you create can be functional or operational, and these concepts can be vague to very detailed.

You can create value concepts (why is this a value?)

Or purpose concepts (why are we doing this?) Also, descriptive ideas.

 

The importance of concepts is developing alternatives and new ideas

by extracting the concept and looking for ways to deliver this concept through a specific idea.

Ideas are a way of putting the concept into action.

There can be functional or operational concepts describing how something is done, from broad to detailed.  

There can be value concepts (why is this a value?)

Or purpose concepts (why are we doing this?)

And descriptive concepts.

Try this creative solution technique for yourself. 

Try it on a focus of yours. Take five words and give yourself 5-10 minutes for each word.

The more you do, the more you learn and the more ideas you will get.

Conclusion

You have to look forward, not just backward, to get an insightful or creative solution.

The way you do that is to use creative problem-solving techniques and tools.

If you do, you can create a solution to your “unsolvable” problem.

Creativity is simply looking at things differently.

Therefore, to get new ideas, you need to get your mind off the traditional path A to B

(the pattern already in your mind) and move at a different angle from the traditional thought pattern.  

The random word technique is a quick and efficient way to generate new concepts and ideas. 

The focus on a new kind of restaurant is an example.

The concepts you create can be functional or operational and can be very broad to detailed. 

 

To learn more about “How to get a creative solution to that “unsolvable” problem,” go to our website: https://https://harborcapitalgroupinc.com/wp-content/uploads/2024/07/Braintopview-1.jpg.com. 

PS. You may also be interested in our blog post:   https://https://harborcapitalgroupinc.com/wp-content/uploads/2024/07/Braintopview-1.jpg.com/a-strategy-for-business-growth-jim-zitek/

PPS. This post may be of interest as well: https://https://harborcapitalgroupinc.com/wp-content/uploads/2024/07/Braintopview-1.jpg.com/want-better-sales-results-tell-your-real-story/

Thanks for taking the time to read this, and I hope it gives you some food for thought.

Jim Zitek

 

Why Your Business Growth Strategy Is Your Story

Posted on by harborcapitalgroupinc

Solve Their Problem, And The Money Is Yours.

 

 

 Many companies do not reach their revenue and sales goals.

A primary reason is that they jump right into marketing as a way to achieve their goal quickly.

Marketing tactics alone, while important, will not solve the customers’ problems. That’s your job. 

You need to tell prospects your real story, and the real story is your company’s insightful solution to their problem:

your business growth strategy. 

Your business growth strategy is your story. Marketing is how you tell your story. 

That’s the story you are passionate about because it solves their problem.

Solving their pain, as you know, is why you need a strategy first.  

 I think the “strategy is your story” line is from an article by Ben Horwitz

You need a strategy to solve your prospect’s problem to reach your goal.

Without a strategy, there is a big hole in your story.

You need to fill that hole. So, to get on track to meet your revenue goals, you first need a strategy (your story),

and only after you have your strategy can you effectively and passionately market your story.  

With a strategy, your product or service solves a targeted customer’s problem in a better or more desirable way.

Plus, a strategy includes a reachable and measurable pathway to reach your sales objective.   

A strategy also makes your marketing cost-effective.

Your message will target and focus on the specific solution the customer needs and wants.

There are five parts to creating an effective business growth strategy. 

 Following is a very condensed description based on Richard Rumelt’s book, Good Strategy/Bad Strategy.   

1. Understanding your goal and the number one problem in reaching that goal, then turning that goal into a specific, measurable objective.   

2. You need to diagnose the problem based on experience, research, analytics, and critical thinking skills, so the information is as objective as possible. 

3. Next, create new insights and concepts using creative thinking tools to solve the problem or take advantage of the opportunity. 

 4. Once you have the insightful solution needed, you need to define what the company will do and not do

This step is difficult because it means many” no’s” because of limited resources.

5. Finally, prepare a coherent plan to execute this strategy.

Now that you know your company’s growth strategy (story), you can begin telling that story.

But, your marketing program needs a strategy also because the market is very crowded.

And you have to stay coherent with your business strategy.

For example, about 70 million posts are made each month on WordPress  

So, how will you compete against all the other marketing messages?

You must be on page one or two of “Google’s” search results. 

 

Competition is stiff if you use inbound marketing like websites and blog posts.

You must have a strategy for your marketing programs, using the same process described above for the company strategy.

What can you say or write differently, uniquely, and on point with your strategy?

Most visitors do not go beyond the second page of Google’s results.

Therefore, you need a strategy to get your blog posts seen and then read.

And this problem exists for all the media. It’s not impossible, but it takes a plan and some time to accomplish.

Your marketing plan may include outbound marketing (like direct mail and advertising) and direct sales.

Most people are familiar with the different marketing platforms and programs, so I will not cover them here.

Allocation of resources

Strategy is also important because it requires you to allocate resources to the entire company program, including marketing.

Every company has resources that are limited for marketing also.

So, spend enough time and resources to make each program successful.  

Don’t put 100 dollars into ten programs because you want many leads.

You may have to put the $100 into one program and make that program successful.

Then you can expand into the next scheduled item.

With a business growth strategy, you can get measurable results.

Two words of caution

Marketing programs also take time, a precious resource, especially for “free” social marketing programs.

Also, marketing programs need to be tested and adjusted as required.

For example, $100 for advertising may need to be scheduled monthly to get the exposure frequency high enough to work.

Or you may have to plan $25 every three months. 

Also, focus on only the marketing plans and programs that support your overall strategy.

Every employee and every program must sync with your company’s business growth strategy if you want to deliver what you promise in your marketing messages. 

Remember, your strategy is your story, and marketing is how you tell that story.

The following are three ways to move your company forward and reach your goals.

If you want to create a business growth strategy or update your current story, Harbor has three ways to help you.

These three programs enable you to design and decide what you need and how much time you can devote to creating your company’s programs.

 

The ClickVisor internet program gives you the information you need anytime.

You don’t have to hunt for the info. Just click and learn.

Plus, new information is added weekly and monthly.

The data is divided into modules to access the information you want quickly.

 

Workshops discuss specific strategies like defining and articulating your value proposition.

Learning various innovative techniques to create new concepts and ideas, how to

create your Brand or differentiate your products and services, or how to

position your Brand against the competition to become the preferred choice.

  

Consulting Program is custom-designed to help you transform challenges into opportunities and

benefit from the power of business and marketing Strategies.

 They are one-on-one or team designed to help you through the entire strategy creation process.

If this program interests you, we will need to set up a phone appointment to discuss what needs to be done.

 

 Conclusion

 

There are many reasons companies move forward too quickly by spending money on marketing programs; just to be disappointed,

You need to have a strategy defined and in pace first.  Then you can create an effective marketing program.

If you take the time to get your strategy right first, you will save a lot of time and money

and have a higher probability of reaching your objectives.

 

To learn more about the concept of your strategy is your story. Marketing is how you tell your story;

go to our website: https://https://harborcapitalgroupinc.com/wp-content/uploads/2024/07/Braintopview-1.jpg.com. 

I would love to hear your thoughts on having a written business strategy. Comment here.

 

PS. You may also be interested in our blog post: How you approach problem-solving matters.

PPS. And this post also: How To Define And Solve The “Real” Problem

Thanks for taking the time to read this, and I hope it gives you some food for thought.

Jim Zitek

Innovative Strategies That Create More Profits

7 Effective Business Growth Strategies

Posted on by harborcapitalgroupinc

Business Growth Strategies To Increase Revenues

 

 

 

After a difficult two years, and maybe another challenging year coming up, it may be time to update your current strategy

or create a new strategy to help deliver revenues and profits.

These 7 effective business growth strategies to increase revenues can help you do that.  

 Your business strategy covers much more than revenues; no one would read a blog that long.

So the focus here is on business growth strategies that create revenues.

Before we get started, a word of caution, because of the current economic situation and rising inflation, you have to put all of these strategies in perspective.

You may have to cut some expenses to raise money to implement new strategies, these strategies, 

Also, it’s essential to focus on your long-term goals. All right, let’s get started.

1. Increase Market Share Or Market Penetration

Of course, the way to do this is to keep trying to sell more products or services to your existing market.

Go back to your basic strategy model and reevaluate the initial assumptions you used to create your strategy.

But, do it for a positive analysis (how may I increase sales to our market?),

and Don’t use a negative statement (why can’t I increase sales to our market?). You are looking for new answers, not excuses.

For example, you might consider adding additional products or services.

Focus on a few products and increase the promotional budget on other products.

You can lower your costs on some products and use the savings to invest in other products.

You can also resegment your markets with a special offer, maybe find different suppliers, can you improve any of your current products, and more.

2. Develop New Markets 

Developing new markets is an excellent way to expand your revenues.

Not easy, but worth the time it takes to analyze the opportunities.

Looking for new markets should be something constantly on your radar.

Anticipating future events and changes is a powerful way to leverage your growth strategy.

For example, Chan Kim and Renee Mauborgne’s book, “Blue Ocean Strategy,”

an analysis where you make a graph isolating each prominent feature of your company and your major competitors and the value customers put on each element.

This analysis quickly visualizes the differences between you and your competitors and should give you some food for thought.

You should get ideas on where to be more competitive and areas that may be open to new product entrants into the market.

3. Alternative Channels

You may already use different channels like LinkedIn, Facebook, Instagram, Twitter, and others.

Many other channels are now available, and the list is growing, including Parlor, Substack, and individual platforms.

Also, there are podcasts on every topic you can think of, and most are looking for people to talk to be on the show. 

Remember, however, that each of these additional channels will take a considerable time for you to use,

respond to and create material for use on the channel.

So, keep the number of channels in line with your available time.  

4. Product expansion

 

Product expansion is a great way to get additional penetration into existing and new markets.

Maybe it’s time to explore some of the product or service ideas you have thought about for some time. 

Also, you can use “creative design” to develop many new products or services.

You may not be able to think about new products and instantly come up with some ideas,

but you can use creative thinking tools. 

For example, anyone can use the “random word” tool and generate many ideas in minutes.

You pose a positive question and then use a random word (a noun) and apply the characteristics of that word to your positive question.

More information on this tool is available on our website and blog.

If you want to explore new products or services with a group of employees, you could use the “six hats” creative tool,

which is designed for groups and is much more effective than the old “brainstorming” technique.

You can also find more information about this innovative tool on our website and blog.

These creative tools are from Edward de Bono’s many books on creative thinking.

5. Market Segmentation

 

There is more to market segmentation than demographics.

Market segmentation is another practical possibility to achieve your business growth strategy.

If your market is large, you can use a different lens to look for new areas within that market,

like product purchases that go together, levels of usage, or psychographics or mindsets.  

If your market is small, you may be able to divide it into even smaller markets

or “splinter” markets by the customers’ own perceived product value.

For example, the auto industry is large but divided into many niche markets.

But, within these niche markets (e.g.luxury cars), there are splinter markets (they still have to be large enough to be profitable).

Think BMW, a luxury car for special people that want the “ultimate driving machine.”

Of course, you have to deliver that promise.

So, the entire company must sync with the strategy to deliver the promise.

And with a strategy, everyone should be in sync with the strategy.

Remember, your business growth strategy is your story, and marketing is how you tell your story.

Strategic Partnerships

 

Joining forces with other companies is one way to expand your reach and product capabilities.

Theis relationship should benefit both companies.

It could also be for reasons other than sales. You could get skills and resources that you don’t have and could use.

You could also go to act.com for additional information on the administration of working with many people.

This partnership could also be for sales. For example, you could exchange client lists or referrals to companies

with complementary products or services.

You are not in competition with each other; you complement each other.

Market Disruption

 

Market disruption means introducing a new product into a new market.

This idea started with Clayton Christensen and the concept of entering a new market with an inexpensive product and limited functionality. 

The large companies would ignore this new company because of its limited functions and low price, meaning no margin.

Then, the new company starts adding additional functions and value and, at the same time,

keeps getting more and more of the market.

Done right, in time, the company will become a significant player in the market.

  

Other business growth strategies

 

There are some other strategies out there that are more limited to specific kinds of businesses.

In other blog posts, we will write about these (like franchising and licensing deals).

 

Conclusion

 

The 7 effective growth strategies to increase revenues listed above are some of the ways you can become a more robust and profitable company

— especially in the challenging years ahead.

To stay on top of your market, it would be best if you continued updating your strategy

and anticipating new trends and opportunities to improve your business growth strategies. 

 Jim Zitek

 

PS. You might also be interested in our blog: Why your business growth strategy is your story

PPS. Also, check out: How To Turn Negative Problems Into Positive Results.

If you want to update your current strategy and need to create a new strategy, go to our website.

You can get started today for only $39 per month for three team members and no contract.