Why is a business strategy essential?
For several years now, small- and medium-sized enterprises, or SMEs, have been facing a change in their environment that requires rethinking their commercial development. The best SEO agency or the best Magento Ecommerce agency require a capital contribution, but there are many other aspects to consider:
- There are four times more channels of distribution and communication, such as Twitter, Facebook, Instagram, Snapchat, Linkedin, and that’s only the social media networks.
- Your customers and prospects are now over-informed. The competition too! Your customers are no longer exclusively yours.
- There is an infobesity. More information is always coming from numerous channels of communication, such as emails, SMS, calls, voicemails, messaging, Slack, etc.
- There are more and more time constraints. Sometimes, a prospect that has not been followed up with quickly enough might already be soliciting information from your competitors.
There are more channels of communication and more marketing tools, which also means it has become even more difficult to make choices.
This makes it necessary to concentrate on what is essential and what will generate business. At the same time, business development is considered a priority by management, but often development is not formalized, monitored, or defined due to lack of time or skills.
In most SMEs, it is the manager who assumes the role of commercial director, with the constraints that this brings:
- A more technical than commercial culture
- Difficulties in attracting and keeping good salespeople
- A "customer" orientation, rarely "prospect"
- Improvised or opportunistic commercial actions, sometimes without an overall strategy
- Other priorities according to daily emergencies (competition, management, environment, etc.)
- A project rarely defined in the medium and long term.
That's why, during this five-part series, I will address the five steps necessary to define and improve a business strategy that will help reorganize and revamp your business. At the end of each step, you will find a list of actions to take to advance your business strategy.
Step 1 - Define your strategic priorities for the next two years
Your business strategy must meet your entrepreneurial goals, so a good starting point would be to list your entrepreneurial goals with deadlines and actions you can take to tie your strategy to your goals.
Often in an SME, the commercial strategy is linked to the manager (eg sale of business, loan repayment constraints...), or to external constraints (eg conquest of market shares, fight against a competitor, loyalty development...) or internal constraints (eg lack of cash, products being redesigned, aging products...).
However, it’s also important to consider how you will include plans for attaining and maintaining loyalty and prospects in your strategy.
This is part one of a five-part series. Stay tuned for the next post in the series, which will be published next month!
Junaid Ali Qureshi is a digital marketing specialist who has helped several businesses gain traffic, outperform competition and generate profitable leads. His current ventures include Magentodevelopers.online, eLabelz, Smart Leads.ae, Progos Tech and eCig.
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