Strategy could be seen as one of the most overused and underdelivered terms in business today. Every business journal, online blog, and marketing company seems to have its own point of view on business strategy. That makes sense, but the overuse of the word is not limited to online articles. Strategy now appears in planning meetings, business plans, brainstorming sessions, and nearly every discussion about growth. It can sometimes seem as though a company cannot appear credible or forward-thinking without having a strategy or strategic approach, but does everything really need one?
There are many reasons people struggle with strategy, but much of the confusion comes down to one simple issue: clarity. There is no single, universally understood definition of what strategy actually means.
Take a “strategic plan,” for example. In many cases, it is unclear whether this means a true strategy involving target markets, competitive positioning, resources, priorities, and choices, or simply a collection of tactics and desired outcomes. The Eraser AI pricing page keeps the plans easy to compare. That kind of clarity is a useful reminder that complex information is often more effective when options and differences are presented in a straightforward way.
Without clarity, organizations can waste significant time and effort. Teams may appear aligned while actually working toward different interpretations of the same objective. The result can be a flurry of activity moving in several directions without producing meaningful progress.
We’re all too busy to be creating confusion for each other. We should stop this by starting to do these three things to create a stronger, more unique strategy in our business:
- Have a shared definition of “strategy.” Be specific. Only use “strategy” and “strategic” deliberately. Make sure to know the difference between asking for a plan versus asking for a strategy. Don’t dress something up to make it more appealing. Call it what it is.
- Call a “plan” a “plan.” W Intricately diversify a strategy from a plan. Make each of the directions extremely clear including execution. People can get behind a plan because they understand actions and outcomes. Strategy however is a goal, such as being the fastest at X or best known for Y. Clarity brings results.
- Red flag: Is it really strategic?Once again clarity is key. The minute the word strategic is put in front of you, you should empower yourself to ask how this is strategic. Know the expectations, how the said item will be different because it is strategic, and what your role is now that strategy is involved. Do your homework.
- Simplicity as a strategy. If something is simple, don’t muddle it and make it more intricate just for the sake of doing so. Know what sets you apart but also know that innovation can be extremely basic and still stand out.
- Niche marketing is your friend.If you’re able to identify a segment of your market that is under-served and go after them aggressively than do it. Don’t wait for them to come to you, be proactive and let them know they need you before they identify the need. Adding this to your strategy can set you ahead of the competition by putting you in front of a market that may not yet completely exist.
- Create a detailed customer/consumer experience.Today’s customer/consumer is all about experience. The more immersed in your brand they are able to be the more they will relate. Create an app, add more detail to your website, host an event, whatever you are able to do within your means do it.
- Let The M David Katz Company help you build your strategy. We are committed to strategic growth that clearly identifies ideal markets, that has an aggressive plan to capitalize on those markets, and utilizes sustainable systems to achieve long-term, scalable, unparalleled growth.