Strategy is focus. You have too much to do with too few resources. You therefore focus on specific target markets, on your most important products or services, and on your most productive sales and marketing activities. Much like the artist squinting to improve his vision, you need to see the high points and main priorities only, or the important points get lost in the details. Strategies that aren’t focused won’t work. When people have more than three or four priorities to deal with, the priorities get lost. When you have 20 strategic objectives in a plan, you won’t accomplish any. In the following is the ways to develop your strategy.
• Focus on selected target markets.
• Focus on selected target market needs and selected product or service offerings.
• Focus on your company’s strengths. Play toward your strengths and away from your weaknesses and take advantage of the opportunities ahead.
In other side, state your business in terms of its underlying value proposition. A value proposition defines the benefit offered, the target market group, and the relative pricing.
• What are the main benefits you offer?
• To what target customers?
• At what relative price?
When you are comfortable with the underlying value proposition, you can use it to develop and implement a marketing plan:
1. First, understand the value proposition in all three parts: the benefit, the target customer, and the pricing.
2. Second, communicate the value proposition. Using all the means you have, from advertising, positioning, public relations, packaging, or whatever other tools you have available, communicate that value proposition to your target market.
3. Third, fulfill the promise. If you’re offering greater reliability at a price premium, for example, make sure you deliver. If you’re stressing customer service, then deliver on that promise. Review all elements of the business in terms of how they affect your value proposition.