Take the strategy test
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Take the strategy test
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Regardless of business maturity or infancy it’s always worth evaluating your strategy positioning, sometimes it is easy to become caught up in the day to day running of business and indeed internal activity that you forget to look around you and of course look ahead! A clear definitive strategy, complimented by strong sales focus, supported by a coherent marketing strategy provides the essence of business growth, essential in tough competitive landscape we operate within. This overview sets out to provoke and generate direction. Our next overview will explain how to align a marketing and sales strategy with business growth.
Transcript of Take the strategy test
Take the strategy test
“Tactics is the art of using troops in battle; strategy is the art of
using battles to win wars.” Carl von Clausewitz (1780-1831)
A good strategy
Strategy essentially deals with the interplay of three forces
Forces
Customers
Corporation
Competition
A good strategy
Good strategy is characterised through
Clear market definition
Definitive match between market need and service
Superior performance in the key success factors of
the business
What are the key issues that impact your business?
PESTEL Analysis
Political Environment
Social Environment
Economical Environment
Technological Environment
Legal Environment
Environmental Environment
Review your company
SWOT
Strength
Weaknesses
Opportunities
Threats
Match internal strengths and weaknesses with external opportunities and threats
“If one does not know to which port one is sailing, no wind is favourable.” (Lucius Annaeus Seneca)
Location, Destination, Journey
Where are you now?
Where do you want to be?
How will you get there?
How will you measure ?
• Financial performance • Customer insight • Marketplace SWOT • Brand perception • Internal capabilities • Internal resource
• Business growth • Client retention • Service proposition • Brand positioning • Efficiency gains
• Market segmentation • Sales targets • Marketing activity • Client satisfaction surveys • Competitor analysis • Internal vision
• Frequency reporting • Monthly analysis • Client surveys • Competitor monitor
Location, Destination, Journey
Where are you now?
Financial performance Are you consecutively hitting your financial objectives? Have you highlighted areas of revenue growth? Have you segmented your sales growth ? Customer insight Are your customers satisfied with your product/service? Would they recommend your company? Do you have all their business or do you share with competitors? Marketplace SWOT What are the challenges within your industry? What are the opportunities within your industry? How saturated is the marketplace? Brand perception Are you known within the industry? What are you known for? Are you ever approached for your opinion? Internal capabilities Are you satisfied with employee performance? Are you satisfied with internal skill levels? What do you seek external assistance for? Internal resource How do you identify resource needs? How do you measure skill capabilities? Do you match growth plans with resource needs?
Sense check
Perceptions
Client Perspective
Process Perspective
Growth Perspective
Financial Perspective
Location, Destination, Journey
Where do you want to be?
Business growth Do you want more of the market share of your current products/service? Do you want to provide additional products/services? Do you need to break into new industry sectors? Client retention Will client retention provide sustainable growth? How confident are you that current clients will re-sign contracts? Could you increase the longevity of your contracts? Service proposition How do you want to be perceived by your clients? What do you want to be recognised for by your clients? What do you want to be recommended for by your clients? Brand positioning How do you want to be perceived within the industry? What sets you apart from your competition? Where do you want to lie within the market-place? Efficiency gains How effective is your supply chain? What improvements could be made to your operating processes? How flexible is your business?
Sense check
Evaluate
Feasibility Does the company have the resource, finance and skills
Vulnerability What are the risks and contingencies?
Consistency Ability to continue business as normal despite external drivers
Sustainability Is there a sustainable competitive advantage?
Location, Destination, Journey
How will you get there?
Market segmentation Segment areas of growth within the market (including product/service) Create prospect target list and company profile (identify their vision, financials, activity) Identify key influencers and decision makers, be clear about their trigger points Sales targets Define business value of the potential segmented market Establish percentage of conversion rate needed to achieve growth plans Agree timescales, set key milestones and maintain a system of visibility Marketing activity Agree value proposition (key benefits , what makes you different from competitors) Identify how you will reach your target audience (online, offline, sale tools) Create unified campaigns, execute, manage, monitor and evaluate in sync with sales Client satisfaction surveys Establish client satisfaction survey cycles Share results and acknowledge actions points Introduce monthly service barometers Competitor analysis Identify your top 5 competitors, perform SWOT analysis Monitor their marketing activity Know their future business and growth plans Internal vision Share your goals and objectives Develop best practise and sharing of ideas system Establish consistent communication flow
Sense check
Good Segmentation
Identify Ability to identify and measure relevant characteristics
Scope Sufficient numbers. No rapid changes relating to needs
Access Ability to reach target segment , within economical way
Responsive Segment responds homogeneously to specific marketing mix
Location, Destination, Journey
How will you measure?
Frequency reporting Establish system for evaluating, don’t wait until half-year to realise you’re behind Introduce a coherent and consistent method of reporting for every department Set realistic timescales particularly with initiatives relating to client surveys Monthly analysis Monitor and analyse departmental activity, particularly sales and marketing Evaluate and change if it’s not working, don’t wait 12 months Share performance results with all employees, including client survey results Client surveys Companies gravitate towards those suppliers that listen, share your results Analyse your results, identify any correlation with company changes You can learn far more on how to improve your service from a dissatisfied client than a satisfied client. Competitor monitor Establish monthly competitor analysis criteria, set a couple of benchmarking elements Identify your competitor client re-signing schedule Understand their aspirations and company vision
You cannot manage, what you cannot measure
Manage
Measure Performance measuring system to include and quantify intangible assets
Perspective Client perspective, internal processes and learning as building blocks
Finance Financial performance as ultimate indicator
Vision Company vision and mission stand above providing overall direction
“Predicting rain does not count – building arks does.
Increase ROI
Financial Perspective
Customer Perspective
Process Perspective
Learning & Growth Perspective
Improve operating, quality and efficiency.
Improve productivity Increase revenue in existing segments
and market
Grow revenue in new products and
services
Be a leader in quality and reliability.
Grow high-value customer relationships.
Accelerate product innovation.
Provide valued service application expertise and support.
Introduce innovative high-performance products and solutions.
Improve supply chain efficiency and effectiveness. Improve quality, cost, & flexibility of operating processes.
Optimise customer profitability. Expand channels, offerings and markets. Build and maintain strong customer relationships.
Excel at technology, product development and life cycle management. Identify next-generation market opportunities.
Expand and build strategic skills, capabilities and expertise.
Develop leadership and execution-driven culture.
Enable and require continuous learning and sharing of knowledge.
Create a high-performance culture
Next we will explain how to align marketing and sales
Strategy
Sales Marketing
