Do you ever wonder why some companies are more successful and perform better than others? Companies such as Amazon have been around for many years and continue to dominate to new markets and quash competition. There was one time I was contracted by a towing service company to come up with a winning strategy to beat competition. It’s always never an easy task to come up with a great business strategy, but out of research and evaluation of market, potentials and competition, you can draw a winning strategy.
If you need to develop a winning strategy, there are a couple of ways to go about it.
Have clear-long term objectives
You need to develop a long strategic plan that is realistic. You need to understand and set out what type of products and services you will be looking forward to build and sell. Understand your customers and define the market you will look forward to conquer. What type of activities will you be doing to get to your desired future state?
What opportunities have you seen in the market? You need to perform a careful evaluation of the opportunities that exist in the future and how such opportunities might evolve with time. You need to gather more data and facts before you can settle on a decision. Have a clear diagnostic of risks and anticipated challenges that might come up along the way, as well as a mitigation plan.
For you to stand a chance of surviving a tough market, you must be innovative. Ensure that the products and services you build are unique and have a clear differentiation. These products and services should be aligned to your business. Think for example of the time Apple launched iPod, which turned out to be a truly innovative product. The company has since done remarkably beyond expectations and their brand continues to make a lot of noise.
You need to ensure that your strategy continues to remain as competitive as possible. You have to choose a market that is either not well served or underserved. It would be a golden opportunity if you choose a market that has very little competition or no competition at all. That way, you will be able to capture the market, dominate it and build your brand. You should also consider economies of scale by lowering your goods and services, while still remaining competitive. Ensure you have the right stakeholders that can help your business scale.