Strategy to Power-Up your Quality of Earnings
- January 26, 2017
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Our clients want to serve as many customers as possible – and they want a “strategy” to help them sell to everyone!
Trouble is, catch-all strategies rarely work. By trying to appeal to everyone, you won’t meet anyone’s needs particularly well.
Instead, target only the customers who most matter to you. Then delight them – especially the ones who generate quality earnings.
Indecision is a common problem for many company owners and managers.
In my business, our chosen client is a mid-to-large private business located in Australia that’s willing to pay for sound turnaround and transition expertise. A simple decision for me and our team.
Another common mistake is to accept the current playing field as inevitable. It isn’t. You can reposition your offering and/or change your target.
Where you can Play…
Here’s a list of the fields you can play in:
- Customers: You can compete for the favours of different demographic segments (e.g., ASX100 companies, 18- to 24-year-old males, suburban families, etc.).
- Channels: You can participate in B2B direct sales, online marketplaces, mass-merchandise retail, or other channels.
- Product or Service Type: You can compete across any number of services, product lines, or categories.
- Geography: You can compete locally, nationally, internationally, by region, or by country.
- Stage of Production: You can participate in just one stage of production, or be vertically integrated.
With so many categories, making choices is a tough business. But that’s what strategy is fundamentally about: making courageous decisions.
“Whenever you see a successful business, someone once made a courageous decision.” – Peter Drucker, pioneering business management thinker & author
Of course, choosing where to play also involves choosing where not to play.
Your current geographies, products, and customers may represent the path of least resistance, but they aren’t your only choice.
If you’d like a complimentary PDF booklet that contains valuable tips on how to rethink where your business currently plays, send me (Jeremy) an email.