Building A Business Strategy
– The first of our three strategies is your business strategy. And here, we want to identify the Mission statement, Objectives, your Value proposition, and the Elevator pitch. These four elements help to focus our attention, and they’ll make it easier as we look at our customers and marketing strategies. But before we get there, we need to cross the basics off the list. And these are, is your business digital? Do you have the right structure in place? Will your online marketing efforts fit into your existing process? And, do you have the time necessary to maintain your strategy? We’ll talk about the minimum effort required you need to channel. But you’ll still need to know that you can maintain the day-to-day.
One of the big challenges of online marketing is keeping things up-to-date. You can only plan an effective strategy if you have a clear understanding of your business from the start. You need a big picture view to determine which route makes the most sense. And when you hit a hurdle, you’ll need that big picture view to pick a new route that gets you to your destination. So, let’s get back to building our business strategy. I’ve put together a very basic worksheet that you can use to start collecting your thoughts. Feel free to expand this in as much detail as you need. But keep in mind, at this stage, we’re just trying to get a dart on the dart board.
Over time, you can refine your strategy to find a way to hit the bullseye. So as I’ve mentioned earlier, we’re going to identify the mission statement, objectives, your value proposition, and the elevator pitch. Okay, so we need to start by defining our mission statement. This one sentence should summarize what we’re trying to do. It can be vague, but it should be able to stand up on its own. You’ll use your mission statement to keep everything else in check. In this table, I like to put it at the top. So that I can refer to it as I fill in the additional elements. I’ll use an example from a brand called H+ Sports and replace the information accordingly.
Next, we should define at least three organizational objectives. And you can have more if you’re so inclined. These should be the pieces that are necessary to keep the business running and to maintain your brand identity. It can be anything from selling product to increasing signups. So, for H+, our objectives are to sell nutritional products. Be a socially responsible company, and receive validation from the athletic community. These are the makeup of what the business is set out to do. Next, identify the value proposition of those objectives.
Why do you stand out? What makes you unique? Why would someone choose you over your competitor? Ideally, you’ll select one or two value propositions for each of your objectives. Finally, add your elevator pitch. Your pitch helps you think concisely. Online marketing has many channelsthat limit the amount of information you can communicate. So this is a great opportunity to practice thinking in a concise manner. For H+, I’ve created a two sentence pitch that I think sums up the brand nicely. So, pick and choose the elements that are specific to your business.
Going through this process will help understand who your business is. And where you want your online marketing efforts to take you. Next, we’ll be looking at how to add to the strategy with our customer strategy.