Just like war, in business we can’t fight our opponent without a strategy or knowing our ultimate goal. Tactic and strategy are two different things, but in the business world, many don’t realize the difference and practicing tactics often seems that you have also employed a strategy, even if it’s not. To be successful, businessmen should first identify their real goal and then work to devise specific tactics that will help them achieve their goals.
There are many things to do to make a business success in today’s digital world. Here are 5 of them:
1. Find the holes
Analyse the competing products and find out what benefit each product offers and understand other producers by visiting their websites. Find out the segment of buyers they want to attract, the core message for their product, and the benefits they are promising. There are always holes, which are actually opportunities for you. Once you are able to determine what has been done, you’ll easily come to know which needs to be done.
2. Start spying
If you want to outwit your competitors, start spying on them. All it needs is a little time and a couple of online resources to know how your competitors are getting traffic to their website. Are they getting traffic through paid advertising or through organic search? Are they spending high on the paid advertising? By exploring their blog you can know which types of posts they are writing and which ones readers liked the most and are getting most comments and shares. These are the topics, which you should also think of writing about. This provides you with the basic information about what works and what does not in your business.
3. Experiment new marketing strategies
In the beginning, Google search ads were very low-priced and were used to get high-quality traffic to business sites. Today, businesses everywhere are using content to market their brands. Companies having blogs get almost 70% more clients than those without blogs. Content marketing is the most essential strategy to generate leads, engage customers and create brand awareness. Similarly, mobile advertising has also become popular and is still affordable, and is useful when reaching a targeted market.
4. Look for the cheapest resources
Many U.S. manufacturing companies have moved outside of the U.S. to the other developing countries of the world. Technology companies outsource development, manufacturing and engineering to Asian, African and Eastern-European countries. There are always new opportunities to get low-cost suppliers, if you are ready to spend time, energy and effort to reach them.
5. Do what others think impossible or ridiculous
Businesses often avoid hard-to-solve problems and difficult-to-implement strategies. Find out such problems and strategies; by embracing and mastering new challenges you can become invaluable.
Apple: In the Smartphone industry, no company was willing to take the challenge of manufacturing ONLY touch-screen phones, but Apple brought the iPhone and revolutionized the industry.
Twitter: Social platform with word count limited to just 140 characters seems to be an awkward idea, but Twitter offered it and became the most popular social networking site.
In every business, there are always bizarre things to try, which others don’t want to pursue either due to their difficulty or awkwardness. By identifying bigger challenges, experimenting new things to solve them, and mastering them, you can pioneer the innovations.
For businesses, today’s digital world brings both challenges and opportunities. By focusing on giving value to your customers rather than trying to defeat your competitors, your company will become invaluable.