It has been found that tested theories and frameworks still form the foundation when developing a strategy for your business. To develop the right strategy for your business you need to do the following things:
Identify a product or service to sell
This is the first step in developing your business strategy. You need to remember that there are thousands of products and services that you can sell; however, for you to compete effectively with other businesses, you should ensure that your product is unique and better than other products in the market.
You need to think for you to come up with a good choice. To be successful in your efforts, you should go for products that you like and you enjoy selling. It’s recommended that you choose a product that you are able to visualize yourself selling it.
Experts recommend that you should be able to see yourself selling the product or service for the next five or 10 years. For you to settle on the product or service, you should ensure that there is real demand for the product or service at the price that you are interested in charging.
You should also ensure that the demand is high enough for you to make a profit. The demand should be concentrated such that you are able to advertise, sell, and deliver the product at a reasonable expense.
Identify your customers
There is no way your business will be successful if it does not have customers; therefore, you should ensure that you identify the customers who will buy your product or service.
The right customers should have the ability of buying the product at the price that you will be selling at. This means that you should be able to tell whether you will be targeting the poor, middle class, or the rich.
You also need to ensure that the product is valuable to the customer. Here you need to put yourself in the customer’s shoes and see whether the product will be of value to you.
Identify how the product will be sold
Once you have identified the right product and the right customers, you should determine how you will sell the product. You can decide to sell the product by yourself or you can hire other people to do it for you.
You also need to determine how you will promote your product or service. Here you can promote using word of mouth, or other ways such as TV, radio, or social media.