• Innovative Strategies That Create More Profits

Category: Blog Post

Strategic Thinking: Why Research Without Diagnosis Is Incomplete.

Posted on by harborcapitalgroupinc

 

 

Once you have identified your objective, you are ready to begin researching the “problem” preventing

you from reaching your objective. Typically, research is the first step to gaining the knowledge

needed to understand the problem. But, more than research alone, you must also diagnose the

situation to get the information you need to solve the problem. Why?

Research is a process of gathering, analyzing, and interpreting information to

gain new knowledge. Its purpose is to contribute to your existing body of knowledge. 

Diagnosis is identifying the cause or nature of a specific problem or condition.

It’s about determining what is wrong or why something is not functioning as expected.

A McKinsey study showed that prominent company CEOs made the right decision 52% of the time.

 

This blog post on why research and diagnosis are crucial to getting the correct information will

help you get the right information to make better decisions more often.

Much of the strategy is asking what is going on here. The fundamental question

is not just deciding what to do but comprehending the situation.

 

  Navigating Business Challenges: Research vs. Diagnosis 

 

In a dynamic business landscape, making informed decisions is paramount. Two essential processes

that drive these decisions are research and diagnosis. While they share commonalities, they serve distinct

purposes when addressing business problems or seizing opportunities. 

Much of the strategy is asking what is going on here. The fundamental question

is not just deciding what to do but comprehending the situation. 

In this blog post, I explore the differences between conducting research and performing 

diagnosis in the context of solving business challenges and capitalizing on opportunities.

 

The Art of Research

 

Research is a systematic and comprehensive exploration of subject matter, often involving data

collection, analysis, and interpretation. Business research is used to understand markets, industry

trends, customer behavior, and competition. It’s a tool for acquiring knowledge to shape strategic decisions.

Following is an outline of this discovery process.

Scope: Business research can be extensive, aiming to understand a particular area comprehensively.

For example, a company may conduct market research to assess consumer preferences and industry trends.

Objectives: The primary objective of business research is knowledge acquisition. It seeks to answer

questions and uncover patterns that can inform strategy, product development, marketing campaigns, and more.

Data Collection: Researchers gather data from various sources, such as surveys, interviews,

market analysis, and historical data. This data is analyzed to extract insights.

Outputs: Research outcomes are often reports, market analyses, whitepapers, or data-driven recommendations.

They contribute to the body of knowledge and guide future actions.

Nature: Research is an ongoing process that only sometimes leads to immediate solutions.

It lays the foundation for informed decision-making and can be used in various business contexts.

 

The Science of Diagnosis

 

Diagnosis is a focused inquiry to identify the root cause or nature of a specific problem or opportunity.

In a business context, diagnosis is instrumental in pinpointing issues within an organization, product,

or process that help determine the cause of the situation or problem.

All of this enables you to determine how you might solve the problem.

 

Scope: Diagnosis has a narrow scope, concentrating on a specific issue or opportunity.

For instance, a business might diagnose operational inefficiencies affecting production output.

Objectives: The primary objective of diagnosis is to uncover the cause of a

problem or the nature of an opportunity. It seeks to answer the “why” behind a situation.

Data Collection: The data collected in a diagnosis is tailored to the specific issue or opportunity

under investigation. It may involve examining financial records, conducting performance audits, or assessing workflow.

Outputs: The output of a diagnosis is a precise determination of the problem’s cause or the

nature of an opportunity. It serves as the foundation for implementing targeted solutions.

Nature: Diagnosis is action-oriented, with its findings directly influencing decisions

and solutions. It is typically problem-focused and aims to drive immediate improvements.

 

Both research and diagnosis are invaluable tools in the business toolkit. Still, they serve distinct roles in problem-solving and opportunity seizing. 

Research provides the knowledge and context necessary for informed decision-making, offering a broader perspective.

 Diagnosis, conversely, narrows the focus to identify specific issues or opportunities and is instrumental in implementing targeted solutions.

 

Successful businesses often employ a combination of research and diagnosis, recognizing that a holistic approach

Decision-making involves understanding the broader landscape and addressing specific internal challenges.

 By knowing when to research and when to diagnose, organizations can navigate the complex

terrain of business with confidence and agility, turning challenges into opportunities for growth and success

.

 What are the benefits of researching and diagnosing when

confronted with a complex problem or risky opportunity?

 

Combining both research and diagnosis when confronted with a complex problem or a risky opportunity

offers numerous benefits that can significantly enhance decision-making and problem-solving processes:

 

Comprehensive Understanding: Research provides a foundation of knowledge and data while diagnosis

It adds depth and context. Together, they offer a more comprehensive understanding of the situation, enabling a more accurate assessment.

Enhanced Problem Framing: Research helps identify the core elements of a problem or opportunity,

while diagnosis allows for a deeper exploration of its underlying causes, contributing factors, and implications.

This process leads to a well-framed problem or opportunity statement.

Informed Decision-Making: The combination of research and diagnosis equips decision-makers

with the information to make well-informed choices. It reduces the reliance on guesswork, particularly in complex or risky situations.

Risk Mitigation: Diagnosis helps identify potential risks and challenges that might not be immediately

evident through research alone. This proactive approach allows for risk mitigation strategies to be developed.

Innovative Solutions: Diagnosis provides information that encourages creative thinking by uncovering

hidden connections and perspectives. It can lead to innovative solutions that are not apparent solely through research.

Resource Allocation: Research and diagnosis assist in identifying where resources should be allocated

for the most significant impact. This allocation ensures that efforts focus on the most critical

aspects of the problem or opportunity.

Efficiency: While research provides a wealth of information, diagnosis helps sift through the data to

extract what is most relevant. This efficiency saves time and resources by concentrating efforts on critical areas.

Adaptability: Combining research and diagnosis allows for flexibility in decision-making. New insights

or changes in the situation can be accommodated more readily, ensuring that strategies remain relevant.

Clarity in Communication: A combination of research and diagnosis results in more precise and

compelling communication of findings and recommendations to customers, stakeholders, or team members.

Continuous Improvement: Integrating research and diagnosis fosters a culture of constant improvement.

Organizations and individuals become better equipped to tackle future challenges and opportunities effectively.

Alignment of Objectives: Research and diagnosis help align objectives and strategies with the underlying

issues or goals. This alignment ensures that actions taken are directly relevant to addressing

the problem or seizing the opportunity.

Long-Term Sustainability: Solutions derived from a combination of research and diagnosis are often

more sustainable because they address root causes and consider long-term implications.

Confidence in Decisions: Decision-makers can have greater confidence in their choices

based on a thorough understanding of the situation through research and diagnosis.

Minimized Guesswork: The blend of research and diagnosis reduces guesswork and assumptions,

reducing the likelihood you will make decisions based on incomplete or biased information.

Better Problem-Solving Culture: Organizations prioritizing research and diagnosis foster a culture

of evidence-based decision-making and critical thinking, leading to better problem-solving capabilities.

Example:

 

According to Edward de Bono, diagnosis can transform one’s view of the situation, bringing a radically

a different perspective to bear—for example, IBM. 

 

IBM was struggling in the computer market in the 1990s. Many products were involved in complete

computer systems, and many companies specialized in selling each. Competition for each of the products

was intense. When Lou Gerstner became CEO in 1993, he examined how IBM struggled against the competition.

 

His research and diagnosis concluded that IBM was the only company that could deliver large, fully customized

computer systems. He changed the company from focusing on individual products to a company focused on a completely

integrated computer system company. IBM was the only company in the market that could do that.

That insight turned the company around and made it the premier company in the market.

Conclusion

 

Combining research and diagnosis enhances decision-making, mitigates risks, fosters innovation, and ultimately

leads to more effective solutions for challenging problems or risky opportunities. This holistic approach ensures

that decisions are based on a deep understanding of the situation and its underlying dynamics.

Your Value Proposition Is The Key To Revenue and Profit Generation.

Posted on by harborcapitalgroupinc

drawing of mind working in person's head

 

The key to revenues and profits lies in your value proposition.

It’s the critical point of your business strategy.

In one or two sentences, it reduces your “story” to what you do for the client, how you do it,

and why your product or service is superior to your competitors. 

In short, your value proposition is the key to revenue and profit generation.

For many companies, competition is fierce because customer preferences keep evolving,

many choices are available, and information is everywhere.

 But if you want, you can defeat these challenges and attract more customers, escalate sales

and profits, and stay ahead of your competition with a well-crafted value proposition.

In this blog, I will show you the importance and benefits of a value proposition, steps to

create a compelling value proposition, methods to defeat competitors, 

the Pros and Cons of value propositions, and how to implement a persuasive value.

 Why Your Value Proposition Is Important

Your value proposition has become extremely important in today’s crowded and competitive world.

Following are a few of the reasons why.

It captures the solution, results, and benefits your potential customer seeks.

It stands out from your competitors in your crowded marketplace

It helps build trust because of its simple, understandable promise.

 

Your value proposition is not just a marketing slogan; it promises to solve the

prospect’s pain or need and deliver the results and benefits stated.

Four Steps to Create Your Value Proposition

One: Get a clear, in-depth understanding of your target audience, including their situation, pain points,

aspirations, and time requirements.

Two: Differentiate your product or service from your competitors. This process may require you to” design”

your product or service to get different results than the competition.

Three: Craft your value proposition statement — one or two sentences. Focus on

results and benefits in clear, no jargon language.

Four: While facts are essential, so is an emotional appeal. You want

your prospects to “feel” a connection to your brand.

 

This process will take some time, and probably many tries to get it “perfect.” You will also

want to test it before implementing it to ensure it is on target.

 How You Can Overcome Revenue Challenges

Some common revenue challenges include the following:

1. Lack of consumer interest due to an overcrowded marketplace makes it difficult for products to stand out.

2. Price sensitivity and perceived value can be problematic as many people are price sensitive and may need to know the results or value.

3. Market competition can be significant, with many options that appear similar available.  

How your value proposition solves these challenges

1. Your value proposition speaks directly to your target audience. It conveys how your product or service addresses and solves their needs and desires. 

2. Your unique solution and benefits solve your pricing problems and give you an advantage.

3. Your value proposition stands out from the competition. This differentiation and positioning can be a deciding factor, making you a more likely choice.

Pros and Cons of a Value Proposition

The process of analyzing and designing your value proposition is similar to creating your business strategy,

meaning you will get some pros and some cons. You must design and decide what you want

for the final result. When completed, the following are some of the pros and cons. 

The Pros:

1. They improved customer acquisitions. A well-designed value proposition acts as a magnet for your

target audience. It draws them in because your product or service matches their needs and solves their problems.

2. It expanded brand perception. Your value proposition contributes to your positive brand image.

It reflects professionalism, clarity, and a customer-centric approach. Therefore, customers are more

likely to trust and engage with companies that communicate their value.

3. Higher conversion rates. When prospects understand the value of your offering, they are more

likely to convert into customers. Your value proposition simplifies their decision-making process.

4. It focuses on communications for marketing programs. A well-defined value proposition

provides a clear message that guides marketing and communications efforts. It helps align

marketing campaigns, content, and strategies with your business’s core values.

The Cons:

1. Time and effort required. Creating a compelling value proposition

demands extensive research and audience analysis. This process can be very time-consuming

— especially if you are a startup or have yet to achieve product-market fit.

2. Refining your value proposition will be required. You will create multiple iterations

to your value proposition and make many adjustments based on y

our view and the feedback from testing. This process requires patience.

3. Risk of oversimplification or overcomplication. Achieving the right balance in your value

proposition can be challenging. Your simplification can result in vague or oversimplification and confusion.

 

Creating a value proposition can be a powerful tool for success. But you have to weigh the pros and cons.

Your value proposition has to sign with your business strategy because your

strategy is your story. But if done well, it can be a powerful force for your business’s success.

Conclusion

I covered much ground in this blog post in a simple, quick way so you could create

your value proposition. So here are a few of the conclusions.

1. Your value proposition is the foundation of your business strategy or story.

It bridges your offer and the customers’ needs, desires, and pain points.

2. Creating a value proposition requires profoundly understanding your target audience and your competition.

3. It distills your unique selling points into a concise and persuasive statement.

 

As with any strategy, there are valuable advantages and disadvantages. However, the ability to

enhance perception and increase conversions is powerful. But it also takes time and effort to get it right.

Your value proposition is a promise to your customers that you understand their needs, problems, and

opportunities and have a solution. And you also have the right choice for them. When done

correctly, your value proposition can be the key to the growth and success of your business.

Following Are Three Steps To Get You Started

Step One: Research and analyze your market and your prospects to determine what exactly their problem is,

how much pain they are in, what kind of solution they need, and what they would be willing to pay for that solution.

Step Two: Create your initial value proposition assumption based on your analysis. Begin drafting

potential value propositions and testing them. Keep iterating new value propositions until you have the right one.

Step Three: Make sure your value proposition aligns with your business strategy.

If it does, you are ready to incorporate it into your marketing strategy. 

 

 

Telling Your Story: The Power of Your Marketing Strategy

Posted on by harborcapitalgroupinc

 

 

Telling Your Story: The Power of Marketing Strategy

Is your marketing program delivering the results you need to reach your objectives? If not, you are not alone. Many companies have the same result

— but with a marketing strategy, you don’t have to accept poor results. You can tell your story and unleash the power of your marketing strategy.

In this blog post, you’ll discover how your marketing strategy gives you the competitive edge you need to reach and even exceed your goals.

I’ll cover what a marketing strategy is and its many benefits. Why many marketing programs fail, and how to create strategies that work for your company 

Remember, however, that you first need a business strategy. Then, you create your marketing strategy and integrate the two strategies for maximum benefits.  

You Need to Examine the Following to Create and Implement Your Marketing Strategy.

A marketing strategy is an analysis and roadmap that defines and explains the company’s marketing strategy and the activities

required to ensure the marketing strategy is integrated with your business strategy. 

In this blog post, I want to give an overview of marketing strategy and make the copy as easy to scan

and read as possible. I will add more in-depth information in upcoming and published blog posts.

You can sign up for these free blog posts by visiting my website.

 

Your marketing strategy should examine the following:

Market Research to understand the market, customer needs, preferences, behaviors, and insights into competitors’ activities.

Target Audience: Defining a target audience to reach and engage with.

Positioning and Differentiation determine how the company wants to be perceived in the market and how

it differentiates itself from competitors.

Value Proposition: Craft a clear and compelling value proposition with the solutions and benefits customers want and need.  

Marketing channels are used to identify how best to reach the target audience, including all media types.   

Messaging and Content to develop messages that address pain points and solve those problems with the company’s products and services.  

Budget and Resources to allocate limited resources like time, talent, and money to maximize results.   

A timeline and implementation plan are needed to create a timeline and coordinate all activities for maximum results.   

Performance Measurement and Analysis to set up metrics and key performance indicators (KPIs) to measure

success and to make data-driven adjustments as needed.     

Adaptability and Flexibility to adjust your strategy based on changing market conditions, customer feedback, and new opportunities.

 

There is a lot there, and I can’t cover all of them in a single blog post, so I will cover them over several blog posts.

If you are not already subscribed, sign up and get notified when each new blog post is published.  

 

The Crucial Role of Leadership in Crafting Effective Marketing Strategies

In this introduction to marketing strategy, I also need to emphasize the critical role of leadership in achieving objectives

before we get into the weeds of details. Leadership drives the growth, shapes the Vision, and guides this process.

So, let’s look at some of the critical tasks required of leadership to create an effective marketing strategy.

Leadership. An effective leader envisions the future, anticipates industry shifts, and sets ambitious — yet achievable goals. 

Alignment with Business Goals. Business and marketing strategies must be aligned and support the company’s purpose.

Alignment guarantees a more significant success.

Decision Making. Your knowledge and experience will be required to assess risks and make difficult decisions.

There will be many opportunities.

Building a collaborative approach. A collective commitment enriches the development of strategies, and 

infuses the team with a cohesive solution.  

Adaptability. Decisions have to be made, but at the same time, you need to be able to adapt to new information.  

Communication. Use your communication skills to articulate ideas, goals, and execution plans so everyone is on board with the strategies. 

Implementation. The lack of i is the number one reason strategies fail: only some are excited to execute their part of the strategy.

Your ability to motivate everyone is critical.

Leadership is more than a title; it’s the driving force behind the capability to create an innovative marketing strategy.

With effective leadership, the possibilities are endless.

 

Marketing Strategy is How You Tell Your Story. 

Your business strategy is the company’s point of view. Marketing strategy is from the

customer’s point of view. So, marketing strategy uses the business strategy to guide the marketing strategy.

Still, it uses the same process of defining an achievable and measurable objective, a diagnosis of how to reach it.

Then, it creates coherent programs and tactics to achieve that objective. 

But, marketing strategy is more than just advertising – it’s about connecting with the customer.

Marketing strategy comprises three major components: targeted marketing, the business offering, and achieving a competitive advantage. 

Then, you design a cohesive execution plan. Once implementation starts, you must measure and consistently improve your results.

Your marketing strategy is not only communicating with prospects and turning them into customers.

It’s about connecting with the customer’s mind where the buying decisions are made. 

Marketing strategy contains:

1. The company’s value proposition.

2. Brand and positioning.

3. Product differentiation.

  • Other techniques like Search Engine Optimization (SEO) are designed to implant the brand’s
  • offering into the mind of the targeted consumer. 

Marketing strategy. It’s an effective way to drive traffic, build brand awareness, and take advantage

of the many digital opportunities. According to sixads.com, about 54% of social media users use social platform

s to research products and brands, and 89% of consumers who follow a particular brand will purchase from that brand.

There Are Many Challenges You Will Encounter Along The Way

You will face many challenges when your marketing efforts need to meet your expectations.

A few of the primary reasons include

The lack of a clear strategy: Companies often engage in ad hoc tactics that need more cohesion

 and direction with a well-defined marketing strategy. This lack of a clear strategy

can lead to scattered efforts that fail to resonate with the target audience.

Poor Audience Understanding results in ineffective messaging. Effective marketing

requires an in-depth understanding of the audience to tailor messages accordingly.

Inadequate Resources, which can limit budgets, workforce, or time, can result in subpar marketing campaigns.  

 

Effective marketing requires a holistic approach that aligns with business objectives and

keeps pace with the dynamic nature of markets and cucumber behavior.

 How Your Marketing Strategy Gives You a Competitive Edge

With a well-defined marketing strategy, you will enjoy several significant benefits over

your competitors who need an effective strategy. Here are a few of these benefits.

A clear direction and roadmap enable you to make better decisions and focus on the most critical tasks.

Targeted Audience Engagement: With a strategy, the company can better identify and understand its target audience

Consistent Branding: A marketing strategy ensures consistent branding across all communication channels.

Consistent branding creates a cohesive and memorable brand image which makes it 

easier for customers to recognize and trust the company.

Competitive Positioning: A well-crafted marketing strategy helps the company define its unique

value proposition and positioning in the market. Positioning sets you apart from competitors.

Adaptability: A strategy often includes provisions for adapting to changing market conditions.

This Flexibility allows the company to adjust tactics quickly, keeping them ahead of the curve.

Long-Term Vision: Marketing strategy typically includes long-term goals and Vision. This forward-thinking

approach helps the company anticipate industry trends, invest in relevant areas, and maintain

a competitive advantage over time. 

Data-Driven Insights. A data-driven approach enables the company to refine its tactics based on actual results.

At the same time, competitors without a strategy might lack the necessary insights to make informed decisions.

Efficient Resource Allocation: This resource optimization allows them to invest in areas that

truly drive results, which could give them an edge over competitors who overspend or underspend.

Monitor Your Marketing Programs

Marketing performance measures marketing campaigns’ success and shows how healthy campaigns are

tracking toward key performance indicators. They are also essential elements of any campaign,

and marketing teams need them to understand whether their marketing strategy is successful.

 

 Following are some metrics that Amazon suggests for different channels that you should consider:

They will help you make better decisions about optimizing your programs.

Email marketing: Keep track of all the elements of your email marketing program, such as as possible,

not just opens, forwards, and unsubscribes at a minimum.

Digital marketing: Keep track of as much data as possible, such as demographics, who clicked, audience, pages viewed, costs, growth, etc.  

Social media: channels, audiences, followers, impressions, clicks, specific types and messages of the contents, etc.,  

Website: Monitor traffic, pages viewed, bounce rate, time spent on the site, new viewers, traffic sources, conversions, etc.  

Content marketing: blog traffic, amount of Content shared, content downloads, qualified leads 

through lead generation forms and the progress of prospects without the sales funnel.

Video: impressions and total viewing time, followers, comments. Etc.

Sales: with direct sales, sales team response time, sales call volume, and sales call reviews

Revenue: how much revenue each channel generates, the cost of that revenue, repeat sales, and client turnover and profits. 

SEO: organic traffic, average keyword rankings, keyword search volume, and 

Quality: Also measure quality score, reviews, and monthly recurring revenue. 

Conclusion

 

Marketing strategy enables you to effectively communicate your core value proposition and achieve a sustainable competitive advantage.

You have to sell your products or services by convincing them you can solve their problem or need. And to do that,

you have to reach them in their mind where the buying decision is made. Marketing strategy is a powerful way to do that.

The research required to create your marketing strategy helps you understand your prospects and customers.

It enables you to deliver products and services people want. However, it would be best to keep up with the many changes in the marketplace. 

With today’s digital information sources and availability, small businesses can access hyper-detailed information

about prospective customers. You will be able to get other behaviors like online activity, buying activity,

video activity, and if they are getting their information from phone apps or a laptop computer.

Marketing strategy helps you create, differentiate, position your brand, and convert those

leads into customers. It also helps maximize your return on investment and also helps minimize the sales cycle.

If you want to grow your business and market share, a marketing strategy is a must-do and worth more than the time it takes.

Take These Four Steps to Get Your Marketing Strategy Underway

A marketing strategy is a detailed plan of a company’s promotional efforts across various platforms

and channels. It includes objectives, target audience profiles, content creation steps, key performance indicators,

and other components. Hubspot.com identifies the following details in a marketing strategy.

In addition, I cover several other components and objectives like positioning,  creatinng

differentiation, value propositions, brand creation, and more in other blog posts and articles.

Step One: Marketing Objectives. 

Start with the overall goal of the marketing program. Then, the objectives for each strategy element 

and the objectives of each communications program or tactic you plan to use. All of these must be in sync

with the business and marketing strategy. Again, make them achievable and measurable. With every objective, be as specific as possible. 

 Step Two: Client/Prospect Analysis

Marketing is about knowing your prospects and clients. Not just geographic, psychographic, and location,

but what’s in their mind. Clients and prospects may already have perceptions and

opinions about your products and services and those of your competitors. You want to find out if they do and what they are. 

This information is what your marketing will be about – creating a preferred space in their mind

for your product. In today’s competitive world, you must own a piece of real estate in your prospect’s mind.

 

Once you understand your position and your competitors’ positions, you can begin to create your marketing programs, including

                      • developing and maintaining your band,
                      • differentiating your product from the competition,  
                      • positioning your product well in the prospect’s mind.

You can now begin designing and creating the message you want to send your prospects,

including advertisements, brochures, websites, white papers, video messages, content marketing, blogs, podcasts, publicity, and more.

Step Three: Competitive Analysis

Knowing your competition is critical when creating your marketing strategy. For example, compare

your business model against your competitors. This analysis will give you information and a visual perspective

and make sharing this information with all your employees easy. Analyzing each business model

element will enable you to look for weaknesses and opportunities to exploit. 

Step Four: Marketing Budget

Your budget depends on the programs you want to implement. Still, it also depends on the targeted market

or niche selected. You can start with a definite value proposition for a targeted

small niche market. As profits increase, you can expand the target market.

You can develop your marketing programs more quickly with the resources (time, talent, and money)

and an agreed-upon strategy. Also, the marketing budget must sync with your plan’s objectives and tactics. 

Strategy: The Secret Sauce Behind Every Remarkable Business Success

Posted on by harborcapitalgroupinc

Strategy: The Secret Sauce Behind Every Remarkable Business Succes

Business Success is a continuum; to reach the pinnacle of success, you need a formula of leadership and strategy.

While strategy is the secret sauce behind every remarkable business success, It also takes effective leadership. 

Leadership provides the guiding force behind a company’s strategic direction and the ability

to get every employee to buy into and support the execution of the strategy.

Strategy is a powerful weapon for the future of your business. An integrated business

and marketing strategy is required to make your company successful.  

However, you need to start with your business strategy. That’s why this blog post explains why business

strategies are critical to your success.  I cover creating a marketing strategy in a different blog post.

According to  McKinsey, over 80 percent of CEOs believe a business strategy is essential, but few have one. Why? 

Because business strategies offer a critical tool to create value for your targeted audience

or even reshape your market if your market is now growing. Your business strategy is your story.

Think Apple, Wal-Mart or Nivida.

Also, as the pace of change accelerates, it doesn’t matter what industry, market, or niche you are in; 

You need to innovate your strategies and stay agile or get left behind.

Do You Have a Goal or a Clearly Defined Objective?

Unfortunately, many business leaders believe they have a strategy when what they have is a goal.

Goals are essential aspirations, but a goal without a strategy is simply a wish. 

To reach your goal, you need to turn that goal into a single, reachable, and measurable objective.

Then, you can create a strategy and pathway to achieve that objective. 

This Strategy could be –in descending order–a corporate, business market, functional, or product strategy.

Then, focus and concentrate actions and resources against those objectives. You achieve what you focus on.

Strategy: The Secret Sauce Behind Every Remarkable Business Succes

 A brief description and example.

An innovative business strategy can be summarized as a clearly defined plan a person or team

must perform to achieve the company’s growth and future sustainable goals.

While all innovation strategies are different, they should outline your organization’s innovation activities and objectives to help you achieve them.  

The Harvard Business Review describes creating a strategy as determining how innovation will create value

for potential customers and ways to capture that value. Plus, which types of innovation to pursue?

Product designs must evolve to stay competitive, and innovation strategies must evolve as the environment changes.

Good business innovation strategies must be simple, straightforward, and easily understood by all participants.

You want everyone on the same page. And remember, if it is a product or marketing strategy,

your innovation strategy must sync with your overall business strategy.

If you maintain your traditional business strategy because “that’s the way you have always done it,”

That strategy will get you in trouble sooner or later.

Think Kodak and their inventions of digital photography or Blockbuster’s unwillingness to give up their retail stores and go to streaming.

The Difference Between Tactics And Strategy 

 These terms are not interchangeable. 

Strategy and tactics are very different, although they are often used interchangeably.

Strategies are solutions to problems (objectives) and refer to long-term goals.

Tactics refer to the specific actions required to achieve those objectives.

Three Levels of Strategy That Drive Sales

The process is the same, but the levels must be coherent.

Strategy has three levels: Corporate, business (units), and functional (departments).

Corporate: Senior management determines the company’s mission and long-term performance.

They guide decisions about growth, acquisitions, diversification, and investments.

Business:  These strategies integrate into the corporate vision but focus on specific companies.

They focus on turning business objectives into Strategy and how the business will compete in the marketplace.

Functional. These strategies determine how the functional departments like production,

marketing, R&D, H.R., and other departments will support the corporate and business Strategy.

The Key Elements Of Strategies That Drive Sales

The process of analyzing and creating a strategy 

Strategies vary in depth and complexity depending on their objective.

The following are the critical components of most strategies. There are many different ways to analyze and create a strategy.

For this blog post, I use a description and explanation from Professor Richard Rumelt’s book Good Strategy/Bad Strategy

that is easy to understand and use. They offer a simple understanding of a complex subject. 

One: Start with your vision, aggressiveness, and key objective or problem.

You also might check out “Getting to an agreed definition of the problem.”

 Two: Diagnose the problem or obstacle that is preventing success.

This research will be extensive and include many types of analysis, such as SWOT analysis,

market analysis, potential customer analysis, competitive analysis, industry analysis, and much more.

This analysis also includes trends, opportunities, and potential issues that will or could impact the market positively or negatively.

I prefer the term diagnosis to research because the solution could be hidden anywhere, so you don’t rely on just backward booking research

like analytics. Yes, this does take time, but the return on your investment is huge!

A few examples are design and engineering (BMW), chain-link systems (Walmart), and anticipation (Toyota and hybrid technology).

Ignoring trends can be harmful also; think Kodak or Blockbuster.    

Three: Insight and Innovation. Analyses look backward from yesterday’s data, which is necessary.

But, you also have to look forward to where the diagnosis can lead to creativity, insight, and innovation to solve the problem.

Our minds are wired for creativity; many techniques help create “out-of-the-box ideas.” There are many creative techniques,

and we cover those in our Insight/Innovation in other blog posts and our Insight/Innovation module in the ClickVisor module.

You might also check out the “Creating and Sustaining a Continuous Advantage.” blog post.

Four: The Guiding policy. The guiding policy evaluates and decides which innovative ideas

you will use from the many ideas and concepts created in the insight/innovation process.

You have to decide what the company will do and what it will not do because no company

has unlimited time, talent, and financial resources to do everything.

So you will have to make some difficult decisions. However,

your choices will jump-start your company in the right direction.

 Five: Coherent actions. You can’t stop once you have defined your guiding policy.

You must take the coordinated actions required to carry out the guiding policy.

These actions have to be integrated with your Strategy and are what give your strategy power.

These monitored and measured actions will validate your strategy or give you the necessary

information to make adjustments and changes. They help you achieve the result you want.

   7 Benefits of Your Innovative Strategy

Significant benefits of having an innovative strategy to drive sales.

Think about this. What if you didn’t have a strategy and were making decisions based on impulse?

How would you compete in the marketplace if you didn’t have a strategy?

Answer: Having a strategy is critical to a company’s success. Following are some of the benefits

you will enjoy doing and keep you motivated because you will be building the results you want.  

 

 One: Creates A Competitive Advantage. An innovative strategy enables you to improve every aspect of your business model.

Your strategy allows you to maximize your resources, reduce unnecessary costs, improve your value proposition,

and create a competitive advantage that would be difficult for the competition to copy. 

Two:  Improves Your Financial Success. A strategy requires you to review your costs and

eliminate any unnecessary charges. It also requires you to look for ways to enhance y

our offering, add premium pricing, create new offerings, or even enter new markets.

Three: It enables You To Make Better Decisions. Because you are analyzing your current situation

and creating a vision for the future, You will use your experience and critical and creative thinking skills to

broaden your perceptions of the company, industry, markets, products, and services.

This type of analysis will enable you to make better decisions. 

Four: It Helps Build Your Distinctive and Memorable Brand.

Because of all your work in preparing and creating your strategy, you will know who you are and your audience.  

Five: Plan For Today And The Future. To create a strategy, you must identify the key steps to reach your goals.

This process requires you to define and evaluate your company and your offering (value proposition)

strengths and weaknesses to determine what, if anything, has to improve or be eliminated.

It also helps you plan and allocate resources more efficiently and anticipate resource requirements

needed in the future. You will have to challenge some entrenched assumptions to do this.

Six: Improves Your Organization And Processes. A strategy helps you organize the company

to support your values and help you reach your goals. It can get your entire organization on board

and focused on helping execute the tasks needed to reach your goals. 

This focus is vital because the execution of your strategy is as important as the strategy itself.

Poor execution — rather than the strategy — is the primary reason a plan fails.

You need all team members aboard and sold on the strategy.

Seven: It gives Management Control and Reduces Risks. A strategy gives you control

over all activities affecting your goals and lets you measure progress toward those goals.  

Conclusion

About 80 percent of companies believe business strategies are essential, and many believe they have

a strategy. Unfortunately, few do. What they have are mission statements and goals. 

But goals are broad aspirations and wishes unless you have an innovative strategy to define a pathway

to achieve those goals. A creative approach describes how the company will capture

the new or additional ways to create value and which innovations to pursue.

There are also three innovative strategy levels: corporate, business, and functional (department responsibilities).

A business model canvas is a conceptual structure that explains the viability of the business through

the company’s essential nine components. Companies use many different business models—

many of which you are familiar with – like E-commerce, subscription, and direct sales.

While business models are essential for both new and established businesses, they must be updated

with market changes and customer values. If not, you could miss future trends or challenges.  

The way to approach business model innovation depends on the company’s situation.

Does it have a significant problem preventing it from achieving its objective, or does it need to break out

of the competitive market, or the company’s market is slowing down, and it needs to find new buyers?

In short, it creates a competitive advantage, improves financial success, enables leadership to

make better decisions, help build your brand for the future, enhance the function of your

organization gives management better control and reduces risk.

The First Five Steps To Create Your Business Strategy Journey.    

Go through the five steps below and begin to question and probe for answers to each question.

Preparing an overview of how you will assemble your business plan will take some time.

However, this will be time well spent. On the other hand, set a time limit for getting this done.

Take all the benefits that result from a business strategy. 

 

Step One: Establish a plan to keep up with the constant pace of change in your marketplace.

Involve your team. If you have three people, you will get three different answers to the questions and other responses

to future suggestive ideas. It would be best if everyone were on the same page when you executed your proposed strategy.   

Step Two: Determine the overall objective of your future strategy.

How aggressive do you want to be? Do you have a specific problem to solve or an opportunity

you want to achieve? Are you looking for an incremental or radical program?

Step Three:

1. Go through the first three steps in creating your strategy.

2.  Define your objective – which has to be the most critical one, achievable and measurable.

3. Diagnose the problem/opportunity– you only need information that

4. helps you solve the problem; you don’t have to write an encyclopedia.   

 

Step Four: Determining your general policy. This step is difficult because it means saying “no” often.

You have a concept you want to implement and limited time, talent, and money to do everything,

so saying no to additional ideas is challenging. Then, put your plan together on how you will execute this strategy.  

Step Five: Monitor and measure the results of your programs and adjust as often as necessary.

This strategy program is a work in progress, so there will be many starts, stops, and rewrites.

 

Stay positive and believe you can accomplish your objective. If you do, you will get what you focus on.

 

 

Why Is A Brand Strategy So Important?

Posted on by harborcapitalgroupinc

 

A strong, recognizable brand can help your business succeed, which is why creating an effective brand identity

is not only essential but critical. But how can you make a brand identity to give you a competitive advantage?

This blog post will give you some basic ideas and insights to get you started thinking about your brand and how to create it.

A brand plan document is also essential so everyone in the company and outside vendors

communicates your strategy similarly. You will have an internal (how well the company knows itself)

and external (how well the company connects and relates to others) identity.

If they are both the same, you will have a strong brand. Source: blog.tbhcreative.com

 

Why do only some companies have a brand strategy? 

 

First, most business leaders feel they already have too many issues. Besides lack of time,

many want to avoid putting their budget into jeopardy when there isn’t enough money

to do the things they already feel are required. Yes, it can take time and lots of thought.

Some CEOs neglect brand identity because they need to understand its importance.

And it is getting more critical every day. Also, they must have all the information they need to apply

their knowledge to a brand strategy program. But, consumers’ attention span is getting shorter and shorter every day.

Also, technology is making the barrier to entry for new companies and products more accessible.

And even legacy brands need help to stay relevant in the marketplace.

A strong brand identity is not a luxury. It is crucial for businesses to differentiate themselves from competitors.

But it will help you acquire clients, earn more profits and stay top of mind with clients.

 What Is A Brand Identity?

“Brand identity is the collection of all elements that a company creates to portray

the right image to its consumer.” (a quote from “99 designs.com).

 

Brand identity, defined by “ proofbranding.com,” combines all the elements a company

creates and projects to represent an image and entice a feeling when people interact.

It’s the process of shaping and molding the impact your products and services leave on a customer.

Essentially, your brand identity is the personality of your business and a promise to your customers.

Here is another definition from feedough.com. Brand identity is the company’s side of the story.

It’s how the company feels that the consumers should perceive it. Efforts like developing a brand

outlook, personality, and design are some strategies used to make the brand uniquely

identify itself in the crowd of competitors. It’s an aggregate of brand name,

tagline, brand voice, brand positioning, brand associations, and brand personality.

 

Why Is Brand Identity Important?

 

Besides the rationale that brand identity makes the brand unique and identifiable in the market,

here are some other important aspects of brand identity from feedough.com. While brand identity is the

outward expression of the brand, brand image is how the customers perceive it. Identity is vital

for the business as it creates the brand image. However, it’s a task for the marketer

to make customers form an idea of the brand similar to its identity.

Brand identity helps the brand develop its unique stance and differentiate itself from others.

This differentiation also helps create a positioning strategy and get a loyal customer base in the market.

Consistency is the most critical aspect of branding, and brand identity gives rise to consistency.

A consistent outward expression is essential to be perceived as the brand.

A brand identity is the visual identity and representation tool to express the brand’s personality.

For smaller businesses, according to tomango.co.uk, a good brand identity positions you in your

customer’s minds as providing quality worth paying for. If you want to attract more

customers prepared to spend more money, getting your identity right gets

them through the door, primed and ready to splash the cash.

 

With A Brand Strategy, You Can Face Some Problems. 

 

According to proofbranding.com, you could have some of these problems if you don’t have a brand strategy.

You may make decisions without a clear understanding of who you are and your “mission,”

so you make decisions that don’t reflect your values. Your pathway to meeting your objectives

needs to be clarified because you may need a corporate and marketing strategy and plan.

 

You may not have all of your employees working from the same page and representing your

company with the same brand story to every customer. Your communications programs –

from your website to your content marketing- which may be confusing prospects and customers.

 

Conclusion 

 

The bottom line: Even though Apple products are quality-wise on the same level as the competition,

Apple can charge a premium price. In the minds of its customers, its effects are worth more

than many other technology brands. This perception has a lot to do with brand identity. So what can you learn from Apple?

By creating a robust and unique brand identity, you, too, can attract high-paying customers.

 

Cheers, Jim Zitek

P.S. You might also check out a blog post, “Why Marketing Strategy Is Important?

P.P.S. Also, check out my blog post, “Why Business Strategies Are Important

 

Harborcapitalgroupinc.com

Where Innovative Strategies Fix Revenue Problems

Why A Differentiation Strategy Is Critical

Posted on by harborcapitalgroupinc

Current markets couldn’t be more crowded.

Whether a new or established business, you must keep innovating your product offering.

You also have to differentiate your product from your competitors to stand out.

That is why a differentiation strategy is critical. It’s the key to growth in today’s markets,

according to CXL.com. Standing out from the competition is one of the most prominent challenges

marketers face. Sameness is the combined effect of companies needing to be more similar in their offers,

poorly differentiated branding, and mixed messages. The language they use is identical

to that of their competition. If you visit competing companies’ websites,

you’ll find that most offer no meaningful differentiation. They say the same things. 

Also, some companies need to restructure

According to Indeed.com, many businesses restructure over time and use various strategies

 to advance and distinguish themselves in the marketplace.

Consider creating a differentiation strategy to increase profits without high risk or lower prices.

 

Why A Differentiation Strategy Is Critical

You can only compete on features for a while. Can your incremental differentiation be featured?

Yes, according to CXL.com, but any gradual improvement has the chance of being copied relatively soon.

If you look at any mature category, you’ll find it full of products that are the same.

 

Commoditization is increasing in every category. Once novel features are now table stakes.

A/B testing tools. Or heat map (mouse tracking) tools. Or session replay tools.

Or email marketing tools. They all have similar features, with minor differences.

It’s increasingly more work to say how one tool is different or better than others.

 

Almost all smartphones have great screens. It wasn’t always like that, but you can’t build or sustain

a competitive advantage on screens anymore. You could compete on battery life,

but you can ride that wave for only so long if you make a better battery. They will catch up.

 

What Is A Differentiation Strategy

The main objective of a differentiation strategy is to increase competitive advantage.

You will accomplish this by analyzing the strengths and weaknesses of a product,

the needs of your customers, and the overall value it can provide. Then communicate that

unique product differentiation by showing how it differs from your competition.

 

It also requires a value proposition that matches the buyer’s needs and wants.

This product difference should also be in sync with your brand and may help build brand awareness. 

 

How To Create A Effective Differentiation Strategy

For an organization to scale beyond this point, the leaders become responsible for designing

and altering the DNA and architecture of the organization to incorporate new things and 

remove old parts that allow it to compete more favorably in the industry (Forbes) 

Product differentiation strategy should show a benefit that is exclusive to that product.

Below are a few common strategies employed to differentiate a product or service.

A successful differentiation strategy must align your product or service with customer needs.

An example, Amazon offers two-day shipping.

This differentiation feature was embraced by customers and is one of the reasons they have been s successful. 

 

Two approaches to creating differentiation

A broad differentiation strategy, according to Gaussianco.com, creates industry-wide competitive advantages

that differentiate the offering from competitors. However, customers must widely value a product with an overall

differentiation strategy. Being unique in a large market, you can increase your price point and improve your profits.  

 

A focused differentiation strategy is used when you want to focus on one specific customer market.

A concentrated approach takes a segment of the previously described broad strategy audience.

It narrows the focus down to those with unique needs. The market should be niche,

but there must still be customer needs to address — because without customer needs, a new offering is unnecessary.

 

Benefits Of A Differentiation Strategy

Differentiation strategies have several advantages that may help you develop a unique niche within your industry.

Here are the possible benefits from Indeed.com of creating a differentiation strategy:

 

A differentiation strategy allows a company to compete in the market with something other than lower prices.

For example, a candy company may differentiate its candy by improving the taste or using healthier ingredients.

Although its competitors have cheaper candy, they can’t provide the taste consumers may want from that specific candy company.

 

The benefit of a differentiation strategy is that it builds on the unique qualities of a product.

Your company may create a list of characteristics its products contain that your competitors need to improve.

Those characteristics will differentiate your product; you may communicate this through effective marketing and advertising.

 

When products are differentiated and turned into higher-quality products, it offers more

opportunities for larger profit margins. Also, This differentiation makes it easier to generate interest and close sales.

 

How do you know if your differentiation will be effective?

Is your differentiation real? Information from Hingemarketing.com Differentiators can’t be fabricated.

It’s too easy to spot exaggerated claims. And to make it work, you have to deliver what you promised.

Any company can claim superior service but do nothing special to make it a reality.

No special policies. No special training. Nothing to ensure it happens.

The bottom line is that they are similar to many competitors making the same claims.

 

Is it relevant and part of the buyer’s selection criteria?

If your point of distinction doesn’t matter to your prospects, it won’t bring you more business.

Ultimately, what is most important is what plays into your target prospects’ selection

criteria and decision-making process. Irrelevant differentiators are a waste of time and money. 

 

 Conclusion

The marketplace is very crowded, and as we grow globally, it will get even more crowded.

Therefore, it is critical that you have either a low-cost strategy –but only one company

in your market can be the low-cost leader. Or do you have a differentiated product or service

– and several companies can have differentiated products in a market.

 

We were told for years that market leadership ad profits came from increased efficiency,

but that is not true today. Differentiated products and services generate

significantly more revenues and profits. Getting a differentiated product or service is complex

and may take some time to develop, but it’s possible. You can differentiate your product or service in many ways.

I will end with this. Michael Porter, Harvard Professor and renowned strategist

said there are only two business strategies: low cost and differentiated.

Cheers,  Jim Zitek

    P. S. You might want to check out this blog post, “Why Business Strategies Are Important”

P.P.S. Check this post out also, “Why Marketing Strategy Is Important?

Innovative strategies that create revenues

     ClickVisor Programs

Harborcapitalgroupinc.com

What Are Positioning Strategies

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How To Develop A Positioning Strategy

 

Getting “shelf space” in the prospect’s mind is becoming more complex and competitive.

Today you can make that a global marketplace. So what are positioning strategies, and how do they work?

Potential buyers have a vast array of companies and products. The internet makes it quick and easy to access this marketplace.  

Consequently, setting your company and brand apart from your competition is critical

for long-term success. According to Jeff Bezos, on hingemarketing.com”Your brand is what other people say about you when you are not in the room.”

One excellent solution to this problem is a positioning strategy that will help you

establish your company or product “position” in the minds of your target audience.

t can enable an instantly positive impression of your offer and its value.

Plus, it offers a way to differentiate your proposal from your competitors,

And it doesn’t matter if you are a B2B or B2C or offer unique professional expertise; it works for everyone. 

 

What is A Positioning Strategy

 

Paulwriter.com states that a positioning strategy is a marketing plan that determines where your business stands

in the overall market and how you should be positioned to attract more customers.

The net result of your project is a statement (written or visual) that sets your company and product apart

from your competition and offers extraordinary value.A successful positioning strategy helps companies become

an authority in their field, distinguish themselves from competitors for better brand recognition,

or even create new markets by identifying unmet needs among consumers.

More specifically, businesses may use this approach when going up against

established players who have been around longer and those with a more incredible distribution channel.

 

Positioning influences what customers think of your company, brand, or product.

Still, it will not convince someone of a concept they don’t agree with or believe.

Therefore, your positioning must align with the already-established beliefs of your customers and your strategy constructed around this.

 

 The Three Key Elements Of A Positioning Strategy

 

Market Positioning is the ability to influence a consumer’s perception of your brand or product relative to competitors.

Market positioning creates a designed brand or identity based on your strategy. 

 Channel

Your channel is how customers interact with your brand. Depending on your business model,

your channel may be your sales or marketing team. Use this research information to help you

to collect data on how to reach and deliver your products. 

 

Customer 

Every successful positioning strategy must fully grasp the target market and customer needs.

Knowing your target demographic will help you guide decision-making. This information is necessary to create the right pricing strategy.  

 

Competition

Evaluate your market position relative to your competitors.

A visual positioning map or tool (you can even use the business model canvas for each competitor)

helps visualize where your company stands in customers’ minds to help you see the overall market strategies.  

According to corporatefinanceinstitute.comThese three market positioning elements give you the information you need

to get an overall perception of your brand or product relative to competitors.

This perception should enable you to establish a clear objective and establish the brand

or product’s image or identity, so consumers perceive it in a way that makes sense.

 

 So, what are positioning strategies?

 

Product price 

A reliable differentiation strategy links your product with a competitive price point.

This positioning strategy focuses on the relationship between price, quality,

and the consumer’s perception of the product value. In comparing costs, a buyer might assume that one product is higher in price

and, therefore, is higher in quality. Conversely, a lower-priced product is positioned to be more affordable,  

 

Unique value proposition

What is your product’s unique value proposition? Highlight the features and benefits

of your product as uniquely equipped to meet the specific needs of your targeted customer. 

Product Quality

Customers are accustomed to paying more for perceived higher product quality.

This strategy is incredibly successful in the luxury market, where high quality,

limited availability, and famous brand ambassadors influence purchase decisions.

 

Competitive Positioning

Two strategies from indeed.com directly compare your product with your competitors

to show how yours is better or unique. This positioning strategy focuses on differentiating your product

from the competitor’s products. Based on that differentiation, you may also price the product higher or lower than the competition.

 

Positioning Based On Function

 Positioning should be based on its use or function. For example, different services

for the product in different seasons. Or other uses for the product for different kinds of jobs.

Expanding the use may change the targeted customer. 

Influentials and ambassadors 

Influentials and ambassadors This is when a brand is associated with a celebrity 

and can be a compelling endorsement. Think Michael Jorden for Nike or Tom Cruise.

Depending on your budget, key influentials can be local or national.

 

 Why Is Positioning Important 

 

Positioning is about much more than just your content marketing strategy or

the design of your website. Done with care and a well-crafted position, it can help you:

Build brand awareness and reach new customers

Build brand loyalty among your existing customers

Create a stronger value proposition

Be more consistent in your messaging across marketing, sales, customer service, Etc.

 

Conclusion

 

Market or brand positioning allows a company to differentiate itself from competitors.

This differentiation helps your business increase brand awareness, communicate value, and justify pricing, impacting your bottom line. 

 

Your positioning strategy is a marketing plan that determines where your business stands in the overall market and how

you should be positioned to attract more customers.  A successful positioning strategy helps

companies become an authority in their field, distinguish themselves from competitors for better brand recognition,

or even create new markets by identifying unmet needs among consumers.  

 

Positioning influences what customers think of your company, brand, or product.

Still, it will not convince someone of a concept they don’t agree with or believe.

Therefore, your positioning must align with the already-established beliefs of your customers and your strategy constructed around this.

Cheers,    Jim Zitek

P.S. I think you will find these interesting also: “How to get a creative solution to a difficult problem?”

Also, “Why business strategies are important”

Harborcapitalgroupinc.com

Where Innovative strategies Fix Revenue Problems

Why Marketing Strategy Is Important?

Posted on by harborcapitalgroupinc

 

What Is A Marketing Strategy?

 

 

I am starting this blog; “why a marketing strategy is important,” from the premise that your company already has a business strategy. Why?

Business strategy is your story, and marketing is how you tell that story. If you need a business strategy, check out this blog post.

The job of marketing is to find potential customers in your market niche and turn them into customers

— and then keep them as customers. Pretty straightforward, but as every marketer knows —

it’s doable but challenging. So we must start with the fundamental question, “What is a marketing strategy?”

First of all, the standard definition of a strategy is a process that starts with an objective (that is achievable and measurable),

then researches the problem and creates an insightful concept on how how to reach that objective.

Then the company decides how it will implement that solution

— what it will do and not do because of limited resources –

and finally, prepares a plan to execute and monitor the implementation of that strategy.

How Marketing Strategy Is Determined

A marketing strategy uses the same process as a business strategy.

However, the objective is to find potential customers in your market niche, turn them into customers,

and then keep them as customers. To do that, you need to focus on where the initial buying decision is made — in the buyer’s mind. 

Another way to look at marketing strategy is to ask questions because strategy is all about making choices,

and asking questions forces you to think more creatively. For example, what are the aspirations for your customers and your company?

What markets or categories are going to be your main focus? How will you convert those prospects into customers?

I will be writing a blog on this approach soon.

Unfortunately, too many marketers go astray on what they think is a marketing strategy.

They list ( a plan) all the media they can use and then go about telling their story when time and money permit. 

Their story is often about what they do, but the potential buyer doesn’t care what they do;

they care about what you do for them. Plus, they often need to remember that you have to reach prospects

where they make the initial buying decision— in their mind, not in a brochure or catalog.

They need to remember that their story is their business strategy, and marketing is how they tell it.

Why Marketing Strategy Is Important: The Competitive Challenge

 

If the targeted person is a prospect, you have to assume they need your product,

which means they already use your competitor’s product. You have to replace that brand with

your superior, differentiated brand and then position your brand as the better choice in this product category. 

If they are not using anyone’s product, you must ask why? If you can’t answer that question,

you might be in the wrong market, targeted the wrong audience, Or have a new product in a new market.

That is a short, simple explanation of the marketing challenge, but you can see why

most companies are disappointed with the results of their marketing program.

A Marketing Strategy Is How You Tell Your Story. 

 

First, you have to aim your story at the right target — the prospect’s mind where the buying decision is made.

As you know, our brains constantly collect information and store it in either our short memory (Tiger! Run!)

Or our long memory (Oh yea, I remember that now) so we can use it later. That storage space is like a piece of real estate.

Your job is to get your brand to own a piece of real estate in the buyer’s mind.

In any product category, there can be several brands stored there. One will be the number one preferred brand.

You may need a significant media budget to stay there if you are number one already.

But, if your brand is number two-five, you need to differentiate your product and position it as the better alternative.  

Everyone wants to know; what are some marketing strategy examples. Following are two you will recognize.

 

An example of doing it right: Hertz was the number one preferred band in the auto rental business

and had the largest market share. Avis moved to number two by positioning itself as the alternative to Hertz

by saying, “We’re number two. We try harder.” Busy business people hated waiting to check in or out.

They quickly “owned” that real estate in the buyer’s mind.

 

An example of doing it incorrectly: Computers were starting, and IBM was number one.

Honeywell was one of several other companies trying to compete with IBM.

They knew potential buyers looked at IBM and one other company before purchasing.

So Honeywell positioned itself as “The Other Computer Company.” It worked great for getting into the bidding process

— for a short period. But they lost every bid. Why? Their computers were not equivalent to IBM’s.

You have to be able to back up your positioning.   

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics

and how big the budget will be. And you also need a strategy for each tactic you will use.   

I will cover the strategies of the different tactics – problems/issues, brands, differentiation, positioning,

value propositions, innovation, creative thinking, how to make better decisions, Etc. in other blog posts.  

However, to get started, the following essential things you need to do to assemble your marketing strategy and plan.

 

Marketing Tactics

Remember, your business strategy is your story 

and marketing is how you tell your story.

How To Get Your Marketing Program Started

A marketing strategy is a detailed plan of a company’s promotional efforts across various platforms and channels.

It includes objectives, target audience profiles, content creation steps, key performance indicators,

and other components. Hubspot.com identifies the following components as part of a marketing strategy.

In addition, I cover many other components and objectives like positioning, creating

differentiation, value propositions, brand creation, Etc., in other articles.

 

Marketing Objectives

 Start with the marketing program’s overall objective to determine how the marketing strategy creates revenues.

Then the objectives for each strategy element and the goals of each communications program or tactic you plan to use.

All of these must be in sync with the business and marketing strategy.

Again, make them achievable and measurable. With every objective, be as specific as possible. 

Marketing Budget: Your budget depends on the programs you want to implement

and the targeted market or niche selected. You can start with a definite value proposition

to a targeted small niche market and expand the target market as profits increase.

You can develop your marketing programs more quickly with the resources (time, talent, and money)

and an agreed-upon strategy. Also, the marketing budget must sync with your plan’s objectives and tactics. 

 

Competitive Analysis

Knowing your competition is critical when creating your marketing strategy. For example, compare your business model against your competitors.

This analysis will give you information and a visual perspective and make sharing this information with all your employees easy. 

Analyzing each business model element will enable you to look for weaknesses and opportunities to exploit. 

 

Client/Prospect Analysis

Marketing is about knowing your prospects and clients. Not just geographic, psychographic, and location, but what’s in their mind.

Clients and prospects may already have perceptions and opinions about your products and services

and those of your competitors. You want to find out if they do and what they are. 

This information is what your marketing will be about – creating a preferred space in their mind for your product.

In today’s competitive world, you must own a piece of real estate in your prospect’s mind.

Once you understand your position and your competitors’ positions, you can begin to create your marketing programs, including:

developing and maintaining your band,

differentiating your product from the competition  

positioning your product well in the prospect’s mind.

You are ready to begin designing and creating the message you want to send your prospects,

including advertisements, brochures, websites, white papers, video messages, content marketing, blogs, podcasts, publicity, and more.

 

Monitor Your Marketing Programs

 

Marketing performance measures marketing campaigns’ success and shows how well campaigns

are tracking toward your goals. They are also essential elements of any campaign,

and marketing teams need them to understand whether their marketing strategy is successful.

 

 Following are some metrics Amazon suggests for different channels that you should consider.

They will help you make better decisions about optimizing your programs and budgets.

 

Email marketing: email opens, forwards, unsubscribes

Digital marketing: click-through rate and impressions

Social media: follower count, impressions or reach, and engagement rate.

Website: monitor traffic, bounce rate, new customers, returning customers, time spent on site and traffic sources, and conversions.

Content marketing: blog traffic, amount of content shared, content downloads, qualified leads

through lead generation form and the progress of prospects throughout the sales funnel.

Video: impressions and total viewing time, followers, comments. Etc

Sales: with direct sales, sales team response time, sales call volume, and sales call reviews

Revenue: how much revenue each channel generates, the cost of that revenue, repeat sales, client turnover, and profits. 

SEO: organic traffic, average keyword rankings, keyword search volume, and 

Quality: Quality Score, reviews, and monthly recurring revenue.

Conclusion

I started this blog; what is a marketing strategy,” from the premise that your company already has

or is developing a business strategy. The job of marketing is to find potential customers

in your market niche and turn them into customers — and then keep them as customers. 

Another way to look at marketing strategy is to ask questions because strategy

is all about making choices, and asking questions forces you to think more creatively. 

Unfortunately, Marketers often think their story is about what they do,

but the potential buyer doesn’t care what you do; they care about what you do for them. 

Marketing Strategy Is How You Tell Your Story. First, you have to aim your story at the right target

— the prospect’s mind where the buying decision is made. In any product category,

there can be several brands stored there. One will be the number one preferred brand. 

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics and how big the budget will be. 

Cheers,

Jim Zitek

Two other blog posts you will want to check out:  “How innovative strategies drive sales”

and “Innovative strategies for a competitive market”

Innovative strategies that create sales

HarborCapitalGroupinc.com

 

Innovative Strategies For Competitive Markets

Posted on by harborcapitalgroupinc

 

Innovative Strategies For Competitive Markets

Customers demand that businesses give them something new in our constantly changing world.

 

The way to do that is with innovative strategies. However, this results in releasing more than 30,000 unique products each year

—and about 95 percent fail, according to Harvard Business School professor Clayton Christensen.  

At the same time, many businesses need help coping with a fiercely competitive marketplace

or need to rely more on current customers. Some are reluctant to make changes because of potential risks.

The solution to many of these problems is incremental innovation –

– rather than radical or disruptive innovation– to improve their value proposition continuously and, subsequently, their overall results.

 

What is incremental innovation?

 

Incremental innovation is a series of company product or service improvements.

There are two basic types of innovation: incremental and radial. 

Incremental innovations are when companies make small changes to existing products

through incremental improvements to the business model to improve customer retention and marketing.

These developments also help improve efficiency, productivity, and competitive differentiation. 

Radical innovations transform the business model altogether. It transforms an existing system,

design, or invention into something new. These innovations can change parts of the system or the entire production process.

Radical innovators create an entirely new market for their products.  

However, only some products or procedures are brand-new ideas. Most new product

s are alterations or new applications of existing products, with some twist in design, function, portability, or use. 

For example, Apple didn’t invent the mobile phone but kept innovating it over the years.

Now it’s one of the world’s most profitable companies.

 

In a large study by McKinsey & Company, they were told by business leaders that many companies

were putting less emphasis on radical innovation and more focus on incremental innovation. 

These companies focus on improving their significant products, exploiting known opportunities, conserving cash, and minimizing risk.  

However, they concluded that more urgent actions are required in turbulent times. For example,

  1. Adapting their core products and service to meet changing custom

2. Identify and quickly respond to opportunities created by these market changes

3. Restart their innovative programs and allocate resources as needed

4. Develop products and services to be ready for post-crisis recovery.

 

 Examples of Innovation Strategies For Competitive Markets

 

Gillette had created and patented a unique razor handle and inexpensive replacement blades.

They upgraded the handles with innovations like pivoting heads. When the patented handle expired,

hey replaced the expensive handle with a cheaper one and sold “improved,” more expensive blades.   

Coca-Cola has been innovating and staying relevant with line extensions for over 100 years.

For example, Cherry Coke, Coke with lime, and Diet Coke. They have remained relevant as trends change.  

Apple iPhone was introduced in 2007 with few features. Here are a few examples.

From small metal flip phones to glass with touchable features, from 3G to 5G to small phones to large,

multipurpose phones with cameras to thousands of apps so you can even do your banking on the phone, 

 

 Focus On Your Entire Business Model

 

Often, incremental innovations focus on the company’s specific product or service. This focus is fine,

but I suggest starting with your business model and examining every area within that model

— plus your competitor’s business model. Look at every value proposition of your offering, brand, and more.

Another strategy is to set up a schedule for each iteration. When implemented, you will have a period of exclusivity.

Then hit your competitors with another significant improvement.

When you have gone through your entire business model, your competitors will find it difficult to copy your value-price offering. 

Or look at improving just two or three areas and implement them.

Then come back and innovate another two or three areas several months later

and not only impress your customers but also drive your competitors crazy and make it hard for them to copy you.

 

Creativity

 

Entrepreneurs work with two types of thinking. Linear thinking—sometimes called vertical thinking

—involves a logical, step-by-step process. In contrast, creative thinking is more often lateral,

in which established logical thought patterns are purposefully ignored or challenged. 

According to Wikipedia, lateral thinking indirectly solves problems using a creative

approach where the reasoning process is only sometimes obvious. It involves ideas that may take time to be noticeable. 

Lateral thinking involves ideas that may only be obtainable with a step-by-step approach.

It solves problems using an indirect method. Rather than going from A directly to B,

you start from a different place, not on the A to B road. 

You begin at location C, which is lateral (at an angle) to the A to B road.

This process causes your mind to think of new, different ways to reach your destination at B.

It is a powerful way to generate very creative ideas. You can learn more about lateral thinking

from Edward De Bonos’s book, “The Use of Lateral Thinking,” or our blog on lateral thinking.

Edward De Bono also links lateral thinking to humor, where your mind has to switch from

a familiar pattern to an unexpected one that generates surprises and new insights.

This innovative thinking process is a powerful creative tool worth your time learning.  

 

 The Benefits of Incremental Innovation 

 

Instead of risking radical innovations, many companies are now pouring their development

budgets into incremental innovations. Also, many customers prefer upgraded products

over radical new products. This incremental strategy gives the company additional cash to work toward radical innovations.   

An incremental innovation strategy enables you to retain your market share by staying relevant.

But you also have to understand what your clients want. For example,  

 Incremental innovations allow you to stay ahead of your competition while taking negligible risks

and using limited financial resources. Customer satisfaction with your offering creates customer retention. 

Radical innovations are essential to an organization’s long-term strategy,

but short-term upgrades to existing products keep customers interested in your business.

 

If you keep the products you have now without keeping them up to date,

you could be in trouble as the economy and markets change in the future.

 

Conclusion

 

With our constantly changing economy and a competitive marketplace, the solution is

to develop an incremental innovation strategy. These small and often frequent changes help improve efficiency,

customer retention, and competitive differentiation. Apple is a perfect example of how to do it.  

When looking for areas to improve, be positive in your approach. Don’t focus on problems.

Focus on the opportunities that will result from your efforts. Also, broaden your perspective and use both vertical and lateral thinking skills.

The benefits from this incremental innovation can be powerful and include:

Staying relevant to your market, Improving your growth with minimal risk, and retaining clients longer.

Protect yourself from a changing economy and marketplace. Innovative Strategies For Competitive Markets

 

Steps To Create Incremental Innovations?

 

Step One: Start by studying your current customers and competitors. Include their business models.

Step Two: Look at all the modules in your business model. Don’t ask, “What’s wrong?”

Ask, “How can I make this module (product, price, performance, Etc.) better?

When you are looking for ideas, keep your questions positive. Focusing on the positive will result in positive answers. 

Step Three: Select a reachable, measurable objective and do the research needed to expand that objective. 

Step Four: Get several ideas for each module. The more modules you examine,

the stronger your innovation will be. Select which idea you will implement

(this may be challenging because you may only be able to execute some of your ideas simultaneously.

Step Five: Make sure you have the time and resources, test it, then iterate and try again.   

 

Cheers. 

Jim Zitek

Also, check  “How innovative strategies drive sales.” and “Want a creative solution to an unsolvable problem.”

 

                                   Innovative Strategies That Create More Profits           

              ClickVisor Program

                       Harborcapitalgroupinc.com

Why Business Growth Strategies Generate Revenues

Posted on by harborcapitalgroupinc

Want To Make Your Marketing More Effective?

Close the efficiency gap between strategy and marketing 

Reaching revenue goals, for most companies, is very difficult. According to Reflektive.com, 90 percent of companies do not meet their goals. Why?

They do not have an effective business growth strategy.

There is often a gap, difference, or disconnect between the business growth strategy and the company’s marketing messages.

They are often not identical. Consequently, this gap damages sales and marketing results.

To close that gap, you must first create business growth strategies to generate revenues.

Why? Because your business strategy is your story. Marketing is how you tell that story. 

 

A strategy looks simple when you look back at it.

Here are a couple of examples:

BMW designs, engineers, builds, and sells “The Ultimate Driving Machine” (for that unique slice of the upscale car market).

Walmart: “Save Money. Live Better.” They created a strategy to chain-link an operating system

to get the population density needed to serve small towns with brand choices and lower prices in larger city stores like K-Mart.  

Netflix: “See What’s Next” anticipated the power of cloud computing and its ability to reach individual computers and individuals.

They pivoted from a disc rental company and created a new video-streaming strategy for the world’s homes and businesses.

 

Today, business growth strategies must generate more revenues.

Market boundaries do not have to stay permanent. 

Most business leaders accept market boundaries and industry conditions are fixed.

The assumption is that it’s always been that way.

Therefore, you must strategically choose between differentiation OR low cost to succeed.

But you can’t do both: add value AND lower costs.

This belief hurts product and market innovation for companies in very competitive markets.

We have learned from professors and strategists like Richard Rumelt’s Good Strategy/Bad Strategy

to rule breakers like Chan Kim and Renee Mauborgne‘s insightful Blue Ocean that this belief is false.

You just need to be more creative.

What is true is that strategies have been crippled by believing this value–cost trade-off rule is impossible.

Consequently, this viewpoint narrows your perspective and limits your potential product and market opportunities.

We are not just talking about creating disruptive technologies.

We are talking about competing in very competitive markets.

 

You can shape your market boundaries.

Innovative strategies enable you to create your own boundaries to generate revenues.

You can shape your market boundaries and target customers,

creating differentiation (more value) and lower costs. Here are a few examples:

Southwest Airlines broke the industry “hub and spoke” model and flew direct routes to smaller airports.

They have been the only consistently profitable U.S. airline since its inception.  

Apple broke the industrial computer market by introducing a beautiful, easy-to-use computer for individual consumers.

That worked pretty well.

CitizenM Hotel created a “five-star hotel” experience with four-star prices

by eliminating the things “five-star” customers didn’t care about,

like lobby check-ins and a concierge service.

And then added in items they did care about,

like King size beds, better mattresses, cotton sheets, and better pillows.

As a result, customers told their friends, and the hotels became an instant success.

 

Disruptive technologies’ successes often go viral.

More money is made from adapting those technologies

New technology is important and disruptive technology is and should be well rewarded.

But history shows that “big” money comes from applying technology and creating new strategies and markets.

Some popular examples from the New York Stock Exchange are

Apple, Google, FaceBook (Meta now), Airbnb, and others exploited the new technologies. 

Therefore, if you have an open mind and a broad perspective, you can change how you see opportunities.

You can go from fighting fierce competition to creating a bigger market.

A market consisting of current buyers and previously ignored nonbuyers

who become buyers because of your unique, new business growth strategy.

 

  Are you tired of constantly fighting your competition?

Take your company to the next level with an insightful strategy.

If you are willing to entertain new ideas and are committed to involving your team, you can make it happen.

 Getting started on your insightful new business growth strategy could put you ahead of your competition.

About 70% of companies say they have a strategy, but only a few have an actual strategy.

The problem is their definition of strategy is goals or a mission statement.

Goals are mostly wishes without a strategic plan on how to achieve them.

 

Unfortunately, only 15% have real, achievable, measurable, specific strategies.

And of these companies with real strategies, about 40% still miss achieving their objective. Why?

Not because of the strategy but because the execution of the strategy is often neglected for many different reasons.

So, having a strategy AND executing it is important.

Also, because execution takes time, it can lose its priority. Success takes a long-term “team” effort.

On the positive side, if the team is included in the process,

they will become more excited as the execution becomes more and more of a reality.

 

How you can generate revenues and make your competition irrelevant.

Join our ClickViser program. We’ll help you step-by-step reach your objectives.

Join our “ClickVisor” program. This program was created to help you regardless of the stage your company is currently at,

from an entrepreneur to an established business. It gives you the information you need to create and develop each stage of your business growth strategy.

The stages follow this pattern:

Start by identifying the ONE, most important problem preventing you from your objective or opportunity.

Then research and diagnose the situation until you get that insightful solution.

Then, because everyone has limited resources (time, skills, money, etc.), deciding what the company will do and will not do, is based on your strategy.

And finally, define the coherent plan of action required to reach your objective. 

 

You can look for an innovative strategy solution within your industry and markets.

Or depending on market growth rates and/or competition, you can

look at your objective across industries and markets to include expanded markets

and current non-customers (future customers), which is often thought of as a Blue Ocean Strategy.

 

Three ways to create your business growth strategy and story.

From Do-It-Yourself to We’ll help you do it.

Everyone is pressed for time and needs a flexible schedule. Our job is to help you

get an innovative and effective business growth strategy –at an affordable price — that will help you reach your objective.

You can do that through the following three programs.

Option One: Use our ClickVisor  Coach Program.

This online digital program can be accessed at any time you have time.

The information is divided into modules: strategy, execution, marketing strategy, etc.

so you can get the information you need when you need it.

It also includes free email so you can ask questions.

Option two: The ClickVisor Advisor Program

This program includes the ClickViser Coach program plus telephone or Zoom calls.

We are only a phone call away if you have questions or need charity about a unique issue.

 There is an additional charge for this based on the time used.

Option Three: our Consulting Program.

The Consultanting Program includes programs one and two,

plus one-on-one sessions to help you through the entire strategy creation process.

This customized program is set up together. If this program interests you,

we will need to set up a phone appointment to discuss what needs to be done.

Conclusion

You will be ahead of most of your competitors just by starting your journey toward an effective business growth strategy.

Looking forward can seem daunting at first.

But, once you see your strategy, if done right, looking backward, the strategy looks simple and easy.

Even though the world is getting more complex and seems to be moving faster, we can help make it as easy and effective as possible.

If you have an open mind and broaden your perspective,

you can shape your marketing boundaries by creating differentiation AND low cost.

 

Join one of our ClickVisor Programs to get the critical information you need

to create your own business growth strategy and make your competitors irrelevant.

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

Thanks for your time,

Jim Zitek

P.S. For more information, check out the blog post “Why your business growth strategy is your story.”

P.P.S. Also, look at “Innovative strategies for revenue growth: exploit market changes.”