3 Questions to Help Build Your Business Strategy

3 Questions for Building Your Business Strategy

As an experienced entrepreneur and business advisor, a common challenge I’ve observed is the need to establish a clear strategy. Business owners must understand their value in the market and target the right audience for their products and services.

Defining Your Strategy

When it comes to strategy, the key is focus. Instead of trying to do many things, it’s important to identify the key drivers that will propel your business forward.

Over the years, I’ve developed three essential questions that can help clarify your value, target the right buyers, and reach them effectively.

Ask Yourself These Three Questions:

1. What unique value does my company provide?

When considering value, focus on what sets you apart from the competition. Think beyond conventional roles and consider the outstanding qualities that make your business exceptional.

For example:

  • "We deliver creative revenue solutions that accelerate time to market and improve profitability."
  • "Our holistic approach to IT transforms your department into a value creator, not just a cost center."

2. Who can use our value, and who will buy it?

Not everyone will be interested in your product or service. It’s crucial to identify your target market and understand their needs.

To clarify your target market:

  1. Define what you truly offer.
  2. Consider how your value solves problems for your market.
  3. Identify potential buyers who have the need and financial resources for your solution.
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Remember to focus on individuals who have the ability to say "yes" to your offering.

3. How do I reach these targets?

Marketing to your target audience requires understanding where they can be reached. This involves avoiding generic marketing advice and tailoring your approach to your specific audience.

Consider:

  • Where your buyers go for industry news.
  • What sources they trust for advice.
  • How competitors reach the same audience.
  • Non-conventional yet effective methods of reaching them.
  • Any assumptions regarding your buyers that may be biased.
  • Opportunities to speak directly to your buyers at events or conferences.
  • Relevant publications or websites they frequent.

Once you’ve identified ways to reach your market, create a list of actions aligned with your unique value. Consistently delivering your marketing message to your target audience is key.

Remember, strategy is an evolving process. By answering these three questions, you can manage the growth and development of your business more effectively.

I’d love to hear about your progress and experiences. Please share in the comments!

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