Corporate Marketing Strategy | Enterprise Strategy
The Key to Your Business Competing With The Big Corporations
In America, there are companies out there that generate $10M in annual revenue and then there are businesses that struggle to barely make ends meet. Have you ever wondered what the difference between the two is? These companies are clearly doing something different but what is it? The best-performing companies that generate millions of dollars in revenue operate under a strategy that effectively communicates the value of their product or services to its audience. This strategy is known as a corporate marketing strategy or otherwise referred to as an Enterprise strategy. This strategy is defined as the broadest form of strategy within its business and deals with the issues that affect the firm as a whole. The top-performing companies all share a common factor in its success and that is a clear and well-developed strategy.
These top performing companies are developing an enterprise strategy and sticking to it. This strategy is one that the company can be guided by and will keep them on the path to success. An Enterprise strategy also works to help your business satisfy the needs of your customers better than your competition does. A corporate marketing strategy (or enterprise strategy) is composed of 4 main elements: Industry Analysis, Core Competencies, Long-term planning, and financial structure.
Before any business launches, an industry analysis should be the first step of any business owner. Without an industry Analysis, the business owner is going into the industry without any vision or idea for the potential success of the business. This analysis is basically thorough research done to gain insight into the industry, what is successful what is not, give business owners insight to the demand-supply statistics, what the competition in the industry is like and what the future may look like for the business in the industry. By doing the research in the industry, you will also be able to determine the challenges you may face along the way which will help to determine any resolutions before issues arise.
An effective way to conduct an industry analysis is through a strategy called a SWOT analysis. (S) refers to the strengths of a business that will give it advantages in comparison to its competitors. (W) refers to any weaknesses that the business has and the disadvantages in comparison to its competitors. (O) stands for the opportunities refer to the external environment that will enable the business to grow and develop strategies to increase revenue and threats refer to the elements in the external environment that could be harmful to the business’s probability
By conducting a SWOT Analysis, you will be able to develop a strategic plan based on the research findings. It will also enable you to maximize the opportunities for your business. Other businesses may not be aware of the opportunities you have discovered, and this can give you an upper hand in the industry. In addition, you will be prepared for any “unexpected” costs where you might not otherwise know about.
After you get a good idea of what is going on in the industry and know all there is to know about the industry, the next step is thinking about how your business is different than the others. What makes you stand out? Is it lower prices? Do you work more efficiently? Do you offer additional services? Whatever it is, you should base your strategy off what it is that is different about your business. By focusing on what your business does differently, you will be able to stand out better against competitors.
Long Term Planning
Long term planning is what makes companies so successful. Successful companies do not think as they go, they follow the enterprise strategy that is developed. Long term planning is possible because of the historic data. By using this data, you can evaluate the patterns in the industry and predict the future for your organization.
The financial structure is another essential element for every enterprise strategy. Determining the financial structure will give you a better idea of realistic long-term goals for your business. By mapping out a financial structure, you will be able to identify what you are able to achieve at specific points in your business’ timeline.
Other Elements of a Corporate/Enterprise Strategy
Identifying Your Target Audience
For every business strategy, you should always determine your target audience. By knowing who you are trying to reach, you will be able to refine your message and make it clear to people. Businesses sometimes think appealing to everyone will result in higher revenue, but this is not true. If you don’t refine your message to target an audience, the message will become confusing in what you actually do. If you don’t select a target audience, you are jeopardizing long-term, valuable clients. By having an effective marketing strategy, you will be able to create a powerful market base and find the best way to reach this target audience.
Determine Your Niche
In addition to identifying what your company does differently, you must have a niche. A niche is a short description of your business. Dunkin’ Donuts, for example, is “running on coffee” so the audience knows they are known for their coffee. If you think about all successful organizations, they have some sort of phrase that you recognize them by. This is called branding. Branding will also help to create marketing strategies and allow your business to have a laser focus.
When it comes down to it, this enterprise strategy is what sets successful big corporations apart from small mom and pop businesses that struggle to make ends meet. These big corporations have people to do all the research for the business and develop a successful marketing strategy for them. Small businesses lack these extra marketing professionals which are where a marketing agency comes in hand.
When you work with a marketing agency, they will do all the research for you to develop a successful enterprise strategy. From the start of the SWOT analysis to implementing your strategy and measuring the effectiveness, the marketing agency is a great service for small businesses that will allow them to compete against the bigger guys (corporations.)
What to Expect When Working with An Agency for Your Enterprise Strategy?
Your very first interaction with the marketing agency will be an introductory meeting. At this point, the agency will want to know everything there is to know about your business including your goals and expectations for the business. Once the agency has a thorough understanding of your business, they will begin to research the industry you are in and the competitors. The good thing about working with a marketing agency is they know what to look for and what information is needed to formulate your corporate marketing strategy. Once the research is done, the planning of your enterprise strategy will begin and then put into motion. From there the businesses will constantly analyze the success of your marketing strategy. If you are looking to stand out as a small business, working with a marketing agency could be a great option for you.
About Joseph Studios
Joseph Studios is a marketing agency that specializes in enterprise strategy. Joseph Studios have strategy experts who will do all the research to ensure your business is successful and can outperform the big corporations. When you work with Joseph Studios, you will have a strategy manager assigned to you who will help develop an effective enterprise strategy. You will also have a project manager to work with you and ensure all work is effective and delivered on time. And in addition, you will be able to work with all our marketing specialists for strategies such as SEO, Social media
So, there you have it, different companies that face the same environment perform differently because of the enterprise strategy it operates under. To learn more about enterprise strategies and how Joseph Studios can help you formulate a successful strategy, contact a marketing expert today.