How to define an effective business strategy?

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How to define an effective business strategy?

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What is a business strategy?

It corresponds to the implementation and application of marketing and commercial measures that will help a company to win over new customers and increase the number of sales. This strategy has a direct impact on the marketing mix (price, communication, distribution, product) and customer relations. But before that, you need to define your business model, analyse the context and the market. In all commercial strategies, market research is one of the key stages. It aims to gather information on competitors, the target, the geographical area or the different market trends. The positioning of your company is the key to your business strategy. It is necessary to define the criteria that characterize and differentiate your offer from those of your competitors. 

This can lead you to ask yourself these initial questions: What will your business look like? Who will your customers be? What will they say about you? What geographical area will you cover? What revenue will you achieve? 

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Define your goals

The aim of the business strategy is to meet one or more objectives. As a first step, it is important to set objectives with a precise duration (short, medium, or long term) according to your needs. This objective must also be specific, measurable, ambitious, realistic and time-bound.

 

Define your plan of action

First and foremost, start with a thorough diagnosis of the existing situation! The action plan is a document listing all the actions to be taken to achieve your commercial objectives and win new market shares. This plan varies from one company to another and respects its commercial policy. For example, the company can draw up an action plan for each product marketed or for its entire commercial activity. It is also interesting to devote part of the action plan to the development of the communication plan, which makes it possible to generate contacts, promote the brand and thus facilitate sales through the various distribution channels. 

 

Tools to monitor your actions

Setting up monitoring indicators is necessary to measure your results. These can be various indicators on revenue, the number of customers, prospects, or clients acquired. Finally, it is also essential to analyse the returns and results to adapt your action plan. The next step is to develop your customer loyalty. John Paul can accompany you!

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