Successful businesses aren’t accidental. In the majority of cases, a great deal of time was spent brainstorming, evaluating and revaluating business strategies before a winning solution appeared. In order to create a profitable business strategy, you must be willing to do a lot of legwork.
- Study the competition within your industry to find out what works and what doesn’t. Observe your competitors to see which directions they’re taking and take note of the concepts they quickly abandon.
- Talk to your existing customers to find out what needs they would like addressed. In order to succeed, your business strategy must have a market. Your clients can offer useful insights by which to gauge possible new directions for your company.
- Look at past promotions to gather marketing information. Use successful promotions as a springboard to brainstorm other ideas. This keeps you from “flying blind” when looking for new business strategies.
- Ask yourself what market segments you’re missing as clients and what you can do to gain their trust. Brainstorm ideas with both your R&D and advertising teams.
- Take the top five ideas from each team and evaluate the cost effectiveness of implementing them. Consider moving forward with the two plans that appear the most profitable.
- Use all you have learned to create a business strategy. Create at least one alternative and summarize the data into an engaging presentation. Take the presentation to your CEO and your investors, gain their input and then put your business strategy into play.