In the Nigerian market, most start-ups and long running businesses are fixated on quick-money strategies since they can help them achieve their short-term goals. But if all you do is concentrate on the short-term, you won’t have enough time or energy to figure out how your brand can succeed in the long-term.
Fortunately, building a business strategy can help you achieve both your short-term and long-term goals. Strategy focuses on principles, which help you think, instead of tactics, which help you execute, so it allows you to concentrate on why your business does certain activities, not just how you do them or what you do. Read on to learn exactly what a business strategy is and how you can build an effective one today.
In business, traditional goal setting lets you measure what you do, but it doesn’t allow you gauge how and why you do it. And if you only focus on the results, it can sometimes make you prioritise your brand’s needs over your customers’ needs.
To help you concentrate more on your purpose and process instead of just your results, consider setting and fixing on an aspiration, or your vision for your business in the future, when building your business strategy; it’ll inspire you to do work that better serves your customers. Once you set and anchor to that objective, you can add your goal to the equation, which will help you produce customer-centric work and hit your numbers at the same time.
Your product or service most likely isn’t the best fit for your entire market, so it’s crucial to pinpoint the segment or segments of your market that benefit the most from your product or service.
Customers who genuinely need and want your product or service are also the customers who retain the longest and are least likely to churn, boosting your customer lifetime value and lowering your customer acquisition costs.
The fact that you aren’t the first, doesn’t automatically make you the last, but it affects your company’s authority in its niche and its overall market share. Your customers won’t buy two of the same products or services, so if you want to capture as much of your segment of the market as possible, you need to place first in the majority of your target customers’ minds.
Some of the best ways to stay top-of-mind are crafting a creatively refreshing brand, differentiating your product or service from the rest of the crowd, and pricing your product relative to its perceived value.
Unfortunately, passion isn’t enough to beat your competition and rocket to the top of your industry. Talent and skill are just as crucial. Depending on your aspirations, goals, and market, you need to figure out which types of teams and employees you need to develop and recruit to not only beat your competition, but to also sustain your success.
If your business is a team, then your managers or department heads are the coaches. They’re responsible for developing, supporting, and inspiring your employees to do their best work possible. Because no matter how much raw talent your employees have, they’ll never reach their potential and, in turn, help the business reach its potential if they don’t refine the skills and discipline necessary to compete and succeed.
Put Principles Over Tactics
We live in a day and age where the internet is overloaded with advice. You have access to countless amounts of tips and tricks that could potentially help you build a successful business. But without the ability to think critically about whether these tips and tricks actually apply to your specific situation, you’ll never reach long-term success.
That’s why strategy is so important nowadays. It grounds your business in principles that can apply to almost situation and, in turn, help your business achieve both its short-term and long-term goals.
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Keep an eye on the site, as we will be delving deeper into how to help you develop your business, beat your competitors and compete head-to-head with the big fishes.