Most businesses fail in the first year of their existence. Very few manage to last for 5 years. Even fewer manage to cross the 10-year threshold. In almost any other part of life, the risk would be unacceptable. But for entrepreneurs, it is a way of life. Of course, the ready availability of services like Spectrum online makes it easier to set up certain types of businesses these days. But there is still a lot of uncertainty in the business world. And it can be especially risky for businesses to try and compete in a market with bullish competitors. Unless you try something involving a structured strategy.
Making a Business Strategy Work for You
Breaking into a new market can often involve a lot of effort. Your initial strategy may not always work. You may have to recalibrate and reconfigure your approach periodically. Of course, some measure of trial and error or testing is always a part of managing a successful business. But not all of it is necessary. Early business success hinges heavily on making the right decisions in terms of budgets and spending. Therefore, you may not always have the luxury to engage in the extensive testing of business approaches. Instead, a more structured strategy could prove much more cost-effective. A Blue Ocean strategy is exactly that. Here’s how to get started:
Define and Sell a New Initiative to Your Team
The very first step towards coming up with a working strategy is to define its scope. A vague strategy like “increase sales” or “increase engagement” just does not cut it anymore. You need to be clearer and more specific when defining the goals and scope of a new business strategy. In a simplified comparison to the two examples above, “generate a 30% increase in sales” or “drive a 10% increase in social engagement” are much better strategies.
They are still focused on the same goal. But unlike the first two examples, the latter two offer a more concrete direction. In the real world, a strategy is more likely to have many facets. But defining what you want to achieve will help you get all your team onboard. With everyone on the same page, it should be easier to work towards the defined strategic goals.
Get Consistent Clarity on the Current Landscape
Having an instinct for business is great quality. But relying on hunches alone usually isn’t enough if you want to create a successful and sustainable business. Instead, you should offer greater attention to gathering and analyzing accurate data. This information, also known as business intelligence, can help you get a much clearer idea about your business and the industry as a whole. Learn how to gather and assess digital analytics of search engines, social media platforms, and even affiliate marketers. Without actionable data-backed information, you’re shooting in the dark. Even if you do hit something, you won’t know for sure. Instead, try basing your decisions on data instead of on just business instinct.
Identify Industry Opportunities Using Pain Points
Industry pain points are existing problems that the industry wants to solve. Of course, certain pain points may already have existing solutions. But you may be able to come up with even better ways to solve the original problem. Even in a bullish market, you could be able to offer something better than your competition. The biggest hurdle is finding out where to focus your efforts. But even existing solutions to pain points don’t necessarily bar you from carving your slice of the market.
Start Creating Practical Options for New Market Spaces
Always be on the lookout for new and emerging opportunities. The most diverse and agile businesses have the best chance at survival. It is too dangerous to put all your eggs in one basket. Instead, you need to pay close attention to global markets and changing consumer trends. This could very well help you in identifying a new opportunity and capitalizing on it before any of your competitors. That is why every strategy should include a continuity plan covering expansion and diversification.
