Strategy, simply, is how you intend to get from Point A to Point B.
Point A is where you are now.
Point B is where you want to be some time in the future.
But how do you get to Point B? Successfully?
You Need A Plan
“An Idiot With a Plan Can Beat a Genius With Hope”
So far, it’s all talk.
Feels good, and it could be a great plan, better than anything your competition has.
but you’ve got nowhere yet.
Next, You Need to Execute The Plan
You need to do something.
You need to do it very well. Better than your competition.
Know the Jargon
- Where you want to be sometime later, is your GOAL or VISION.
- Your plan to get there, is your STRATEGY.
- Your execution of the plan, is SYSTEMS & PROCESS.
Business Is All About Creating Value
Your Customers: Price is what they pay. Value (in their eyes) is what they get.
Your Business Wealth: Profit x Value Multiple.
As a business, you need to add additional value to the overall exchange with your customer – and still be able to extract value – in order to be successful.
Your Value Proposition
Your Value Proposition is the key element in your Brand Promise.
It’s your offer, and to be successful, it needs to be an Irresistible Offer.
It needs to offer a solution to your customers’ unmet needs, their most pressing pain points.
Your job is to state as clearly and as simply as possible, how you will give amazing value in providing that solution.
The message you need to get across in your offer needs to contain these parts:
- A high ROI – return on investment. The pain of the payment must be totally overwhelmed by the perceived value of the gains your offer provides.
- Risk reduction – what guarantees do you offer?
- Believability – can they trust you to deliver on your offer?
“If you can’t snap your fingers and turn your product into a great one, then add something that makes it great. Add some service, feature, or benefit—anything that will make your offer a truly great deal for the customer.”
Joyner, Mark. The Irresistible Offer.
Your Value Proposition sits in the centre of your business model. Like this, right where it belongs:
How Can We Help?
We’re happy to talk with you if you would like to follow up in more detail with any of these topics:
- Defining your market niche
- Defining your business goals – your ultimate exit strategy.
- Defining your Value Proposition, your Irresistible Offer.
- Assessing your best Business Model type
- Creating and setting up your Business Model Canvas, complete with segment relationships.
Like A Strategy Checklist?
Grab a free copy of the Pre-Launch Strategy Checklist.
Grab a copy of the volqezag eCommerce Business Strategy Guide.