How to Put Your Business at The Top Of Its Competitors?
Have you ever wondered what companies that consistently generate $10M in yearly revenue are doing differently than that business that struggles to make ends meet barely? The highest performing companies have developed a strategy that effectively communicates the value of their product or services to their audience. This strategy is known as an enterprise strategy or otherwise known as corporate strategy. Enterprise strategy is the broadest form of strategy within its business and deals with the issues that affect the firm as a whole. All successful businesses share a common factor in their success: a clear and well-developed strategy.
The most successful companies are those that focus their efforts strategically and operate under an organizational strategy. An enterprise strategy is a guide to action that will help your business to satisfy the needs of your customers better than your competition does. The enterprise strategy that is used by the most successful companies is based on 4 key elements: Industry analysis, Core Competencies, long-term planning, and financial structure.
Industry analysis should be the first step to the beginning of any business. It helps the business to get a better idea of what is happening within an industry, gain insight to the demand-supply statistics, competition in the industry, and what the future may look like for the businesses in the industry. This is an essential step for every business because it will give you an idea of the amount of potential there is in that industry and how successful your business can be. It will also help determine the potential threats in the industry and the challenges you may be faced with along the way.
An effective way to conduct an industry analysis is with a SWOT analysis. SWOT stands for: Strengths, Weaknesses, Opportunities, and threats. Strengths will determine the characteristics of a business which give it advantages over its competitors, weaknesses will determine the characteristics of a business which will help determine the disadvantages the business has in comparison to its competitors, opportunities refer to the external environment that will enable the business to formulate and develop strategies to increase revenue and threats refer to the elements in a business’s external environment that could be of danger to the business’s profitability.
It is important to do thorough research in the industry to maximize the opportunities of your business. By digging deep into the industry, you may discover other opportunities in the industry that competitors may not know about. In addition, you will have a good idea of the costs that will be needed in the industry.
Once you have a good understanding of the industry, it’s important to determine how your business is different than all the others. People want to know what makes you better than the other businesses out there in your industry. What distinguishes your business? Is it the cost? Do you work faster? Are you more efficient? Is there a significant story to your business? Whatever it is, this should be clear in your enterprise strategy. Once you have selected what makes your business different, stick with it, and focus on these capabilities.
Long Term Planning
Long-term planning is an essential element of an enterprise strategy. A long-term plan is possible by utilizing historic data and evaluating the patterns in the industry. By creating a long-term plan, your organization will be able to map out the future for the company.
The financial structure is something that is vital for every enterprise strategy. Financial structure refers to the financing of the firm that can be derived from debt, equity, or the combination of the two. Determining the financial structure will give you a better idea of realistic long-term goals and what you will be able to achieve at specific points in your business’s timelines.
Other Factors of an Enterprise Strategy
Determining Your Audience
Included in your enterprise strategy should be your target audience. having a target audience will help you to refine your message and make it clearer. You might find that your business is appealing to many types of people, but by creating a message for the general audience, you are jeopardizing long-term, valuable clients by confusing them. By utilizing effective marketing, you will be able to create a powerful market base and determine the best way to reach this target audience.
Determining Your Niche
Each successful company has a niche. A niche is a short description of your business. Think about all the successful companies out there (Starbucks, Nike, Amazon.) They all have one thing in common, and that’s the short phrase they are recognized for. For example, Starbucks is known for its “High-Quality Coffee.” If you don’t have a niche, your target audience and people, in general, will be confused as to what your business does. This is called branding. Branding will help to set marketing priorities and enable your business to have a laser focus.
So why are all these big corporations generating millions of dollars and small businesses struggle? The most successful businesses have a team of individuals to do all the research necessary and form a successful enterprise strategy based on their findings. Small businesses, however, typically don’t have the time as they focus on other duties to keep their business afloat. This is where a marketing agency comes in handy.
A marketing agency not only handles all of your marketing efforts, but they do all the research necessary to form a successful marketing strategy. This includes enterprise strategies, as well. Agencies know the ins and outs of many different industries because of the variety of clients they work with. Agencies also know how to conduct this research and where to begin looking for information like what your competitor is doing and what is successful in the industry and what is not. A marketing agency uses research strategies like SWOT analysis to build your long-term enterprise strategy.
What to Expect When Working With An Agency for Your Enterprise Strategy?
When working with a marketing agency, the very first step is an introductory meeting. During this meeting, the marketing agency’s team will get to know you, your business, and what your goals are. Once the team has a thorough understanding of your business, they will begin the research that will formulate your enterprise strategy. A report will be made that might include an evaluation of your company, the industry in general, and your competitors. In this report will also be your internal strengths, weaknesses, and potential threats and opportunities for your business. A suggested marketing strategy will then be presented to you based on the research that is also presented to you. If everything looks good and you agree to the marketing strategy, the team will implement the strategy. Working with an agency is truly in small businesses best interest so they will be able to compete with others in the industry.
About Joseph Studios
Joseph Studios is a full-service marketing agency. We have a team of strategy experts who will do all the necessary research to ensure your business is successful when it comes to competing against others in your industry. 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.