Strategy is a game changer. It is what separates the players from the industry leaders. If you want to change the game and take the lead, here are six important keys to success.
Competitive Strategy Centers on Brand
It is the unique differentiation your business offers to the marketplace. Brand is a statement of why the business matters and the gaping hole that would emerge if your company did not exist. It is the passion that drives the organization forward. Is your business making the world a better place or transforming your industry? Make sure your company matters. Without a brand, it is impossible to achieve or sustain the position as the market-share leader.
People Strategy Dictates Company Culture
Culture is a part of your brand. If your people aren’t delivering your brand promise to the marketplace at every presale, sale and postsale touchpoint, then your brand does not have a leg to stand on. It is meaningless and will work against you if customers are experiencing less than what they expect or their experience is not consistent as their engagement with your organization progresses. A strong company culture values its people and provides the support, training and management structure to assure employees can succeed in delivering on the company’s promise.
Marketing Strategy Paves the Way
Marketing strategy paves the way for the organization to grow, build a reputation, become known and understood. A solid marketing strategy starts with a crystal-clear vision of the company’s goals and what activity needs to happen to make those numbers a reality. A marketing strategy encompasses the bigger three- to five-year vision for what the company needs to do to be the market leader. By looking at the longer term, a marketing strategy addresses the necessary posturing and planning needed to lead the company to its next level of growth. A marketing strategy is not developed in a vacuum: It takes the effort of the entire leadership team to make sure the enterprise is charted in the right direction.
Sales Strategy Kicks into High Gear
With a clear marketing vision, a company’s sales strategy can kick into high gear. It starts with understanding how many new relationships will drive company growth and what industries or product segments are targets for growth. Establishing a strategy for targeting prospects and driving leads is complex in today’s online, voicemail and mobile world, yet we know that products and services are being consumed at unprecedented levels. Are you getting your share of the action? Having a plan to respond to leads is an equally important strategy in a company achieving its sales goals.
Customer-Retention Strategy Focuses on Service
If you have a strong company brand and culture, you probably already focus on excelling at customer service. If you knew that 80 percent of your customers were at risk every year, would that motivate you to develop a stronger customer-retention strategy? Most companies’ customers are merely satisfied with the service they are receiving from their supplier partners. That means that they are willing to look at other options in the market. It is when you exceed expectations that they become loyal customers and unlikely to consider anyone else. Having a strong marketing strategy to grow the business is meaningless if your customer attrition rate is too high. You work hard and spend a lot to attract new business. Strategize to keep them by exceeding expectations.
Implementation Strategy Determines Success
Good planning and strategy deserves to be implemented — with gusto! Any other implementation strategy will affect results. That does not mean that you can’t walk before you run, but too often, companies handicap their organizations by underfunding implementation (you know who you are). It is like having a shiny new Ferrari in your garage but you never gas it up to drive it. You need to be committed and focused to stay on track and hit the established milestones.
Need help developing and implementing your strategy? Contact the marketing strategy experts at GREENCREST.
From Smart Business