In my experience, the most effective strategies are the ones that draw from the strengths of the organization. Often organizations want to be something they are incapable of being based on their current state. Leaders must be realistic with what they ask of their organizations and their people.
Sometimes there are limitations on what a company can do based on its situation, M&As are often very desirable to businesses but the financial capabilities are lacking and therefore it may become a situation of trying to fit a square peg through a round hole.
Where I see the most success is with organizations that are realistic with where they are today and where they want to be tomorrow. Cross-selling products to existing customers, and utilizing innovation to develop new products/markets can be very effective with a reasonable amount of investment - often business alliances can provide a financial gain for both parties while increasing exposure to new markets/customers.
Product differentiation should be a foundational practice for every company - without it, you are just another commodity fighting for market share. Pricing strategies can be effective so long as
the plan is well laid out with realistic measurement tools are in place to monitor and manage the process in case things do not go as planned and an exit strategy is developed and ready to execute if necessary, otherwise it is a "race to zero" and only the end-using customers benefit.
Lastly, sustainability continues to become a factor influencing buyers and their values when making purchases, all companies should be asking themselves - what are our values, and do they align with the customers we are trying to connect with? This will come at a price but what is the "price" if you don't adopt and adapt to the growing trends and behaviors of customer's needs and preferences?
Ready to know the best strategy for your organization? Contact Strategic Planning expert Todd Dyer today.