Developing an Effective Strategy for the New Year

While most, if not all, businesses actively look to reach their target customers in an effort to make a profit, there are those that don’t implement an effective business strategy to do so. And what’s worse is businesses which don’t have a strategy don’t even know how it is hurting their business model. Do you have an effective business strategy in place, or are you at least developing one? If not, take a look at our ideas for getting started:

• Reaching Customers – By far the most effective strategy is constantly adjusting your current strategy to meet the needs of your target customers. There are two parts to this. The first is prioritizing the needs of consumers, known as the “where to play, how to win” choice. The second part is identifying what makes your company unique and why customers should choose yours over your competitors’. Combining both of these ensures that you’re looking at both the consumer side and the business side of your company, which makes for an effective business strategy.

• Creating a Brand – It’s not enough to advertise an already-leading brand. As the market changes, a good business strategist/marketer should be creating new brands, and identifying and targeting them to specific customers. Doing this demonstrates that you, as a business, are flexible and can take the time to think of new, creative ways to achieve your company’s goal.

• Keeping up with the Customers – As previously mentioned, your marketing strategy must evolve in conjunction with the needs and demands of your customers. Continuously researching the demographics of your customer base will help you in this pursuit.

Don’t let innovative competitors snatch up your once-loyal customers. Stay in the game, if not ahead of it. Come to the Enterprise Center, located on Salem State University’s Central Campus, on Tuesday, December 5 from 8:30 am to 10:30 am for a hands-on workshop to develop an effective strategy for your business.

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