It is now time to dust off the old strategy and you are up for a reset.
Or your present strategy is simply do whatever works. Which of course is not a strategy.
Catch-all strategies rarely work. By trying to appeal to everyone, you won’t meet anyone’s needs particularly well. This is a common failing – especially with many entrepreneurs.
Instead, target only the customers who most matter to you. Then delight them. Especially the ones who generate fat gross margins.
Another mistake is to accept your current playing field as inevitable. It doesn’t have to be.
You can reposition your offering and/or change your target.
That’s the focus of this article. To get you thinking about new profitable playgrounds.
Use this list of categories to rethink where you can play:
- 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 choices, don’t fall into the trap of doing everything. Choosing where to play also involves choosing where not to play.
The 3 keys of a sound strategy are Focus, Focus and Focus!
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 –
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 Strategy Workbook that contains all 5 steps to a Winning Strategy, including Where to Play, send me (Jeremy) an email.