Workshop Specifics

Business strategy is simply the goals the organization focuses on and the collective actions they take to achieve those goals. It is about choosing the right ambitious, yet achievable goals across every dimension of a business model and then focusing the organization to execute the optimal set of actions to achieve those goals.

Largely there can be 3 business strategies for growth

Cost Strategy

This strategy is all about pricing your product right. It should tempt customers to purchase your products instead of that of the competitors. However, at the same time, the price should not be too low or too high. If it is exorbitant, then customers would not pay for it. It is too low; they may think the quality is poor. Also, keeping prices lower may not cover the cost of production and generate expected revenues. So, price your product in such a way that it is a win-win situation for your business and customers.

Product Strategy

In this strategy, you have the leverage to keep the prices that you deem necessary. The reason behind this strategy is that your product offers unique or additional features that your competitors do not. For example, if you are selling handmade shoes instead of machine-manufactured, you are giving customers the benefit of the customized product. The customer is ready to pay more because of the nature of the product. Similarly, let’s say you are providing professional home cleaning services. If your competitor provides only five services in the package whereas you provide seven in the same price, it is called product differentiation. This kind of strategy allows you to sell the product on the terms and conditions you want because your product delivers superior value.

Growth Strategy

This strategy comes into picture when the business is doing well yet the revenues are static. You want to grow your business – it could be either by adding new products, new product lines, improvising the existing product or selling the same product beyond the current geographical reach. You may also consider merger and acquisition strategy – you could either buy a new business or let another business acquire yours.

Each of these strategies can be used independently or holistically depending on your business goals and circumstances. How do we go about setting a road map for these goals :

1] 4 Wives 1 Husband Model : Who – All the stake holders involved, their contribution and their eventual take away Why – The purpose of setting a goal a target an end result . The vision of the organization When – Setting definite time lines right from the beginning to the execution and periodic achievements Where – Macro/micro location , markets, segments etc. HOW – The ROAD MAP designed up to the minutest detail Below mentioned is a simple way to build an effective road map to achieve the strategic goals :

2] Set specific goals : you need to have a bullseye to target, or else you will wander in the wilderness. Just saying my objective is to “increase sales” is not enough. You need to define this goal more clearly you can start by short term golas. Short term goals also become your stepping stones to long term achievements and it is easier to track progress because without evaluating the progress, you won’t know if the effort you are putting, is reaping fruitful results or not.

3] Analyze past performance : Historical sales records are a useful source of vital information, they help set an ambitious and realistic future goal . Additionally past performances also help you improvise and evolve .

4] Start small : The concept of wider the market better the reach may not necessarily always work . Commence by targeting small markets this way you also get faster results and better bases to analyse your future expansion and growth

5] Research, understand and help your customers : The core idea is to know the need of the customer and one important question that you need to answer for your customers while building a strategy is “ What is in it for them!!” If you are able to address this one question with the benefit and value the product or service or both in some cases can bring about for the customers I believe you have achieved a life long customer.

6] Listen to your prospect : Master the art of listening if you wish to succeed in sales. Keep your ears open to your prospect needs to understand what they want. Active listening introduces you to a wealth of information that can help you in closing the deal. Spend more time in listening to the prospect rather than just going on with your product’s tale. Ask open-ended questions and be attentive to the answers instead of thinking what to ask next.

7] Differentiate your company/product/philosophy from your competitors :How are you better from your competitors? The answer to this question can help you in expanding your customer base. Raise your standards and focus on being different to outshine your competitors. Every consumer wants the best they compare the products to find out what’s better and what will be beneficial for them. So, it is essential to find out and display your competitive advantages impactfully.

8] Embrace storytelling to sell : This is a proof that sales is indeed as much an art as much as it is a science. storytelling is an impactful sales strategy if used wisely. Prospects can easily digest the complex details of a product when it comes through this creative medium. Stories give meaning to your product and sets you apart from the competitors. It gives prospects a reason to invest as they can connect with your product.

9] Be patient and negotiate : Negotiation is the most crucial stage of a sales process where a deal can end. This is the point where you need to be extra careful while communicating with the client. Being patient while negotiating is a sales strategy that can help you in saving a deal.

10] Offers & Freebies: Early sign up offers or freebies o r free trial’ is one of the most common sales strategies used to attract new customers. Free Trial is the best way to show your prospects the true value of the product as companies don’t easily invest in an unknown product. However, you need to ensure that your free trial period isn’t stretched for too long. Moreover, you need to make the most of the time when the prospect is using your product or service. As everything is fresh in their head, it is the best time to call and share a little more information to get a positive response once the trial period ends.