The controlling power of strategy

Let’s talk strategy

In the past, a number of businesses ignored strategy and assumed a position of operating purely on a structure of demand and supply.

As times changed and competition got tough, some closed down because of their ineffectiveness and a lack of relevance in the market. Seemingly, an underlying problem was with underestimating the practice of a strategy.

The controlling power of strategy
Strategy and control

Thinking out loud!

In today’s world, being relevant requires strategic thinking. The use of strategy is everywhere, and everything around us comprises of it. Competing solely of a demand and supply arrangement can root severe consequences for a business. In contrast, it is similar to living your life without knowing why you exist and what your future plans are.

‘Now is the best time’

A lack of a clear company blueprint possesses a threat to the future of a business profitability. Businesses that fail to create a strategy that connects them to their consumers and situation, becomes exposed to a drift in the fast-churning environment of marketing adoption and transformation.

Occasionally product-based businesses don’t take into cognisance, how a strategy reflects on their operation fundamentals, dynamics, and how they compete. Others fall into a trap of subsequent traditional methods for the sake of reducing costs.

The controlling power of a strategy is far greater than what we think. A strategy is a perfect opportunity for stimulating a task prior to engagement. As a party, you are responsible for what you make of it and discovering the endless possibilities.

Maximising on a strategy

The use of traditional approaches to fine-tune the overall direction is extremely dangerous for the survival of a business. Hence, there is a need for identifying the correct target markets and setting measurable goals.

‘Always aim at going big’

Successful businesses spend a lot of money understanding big data, with reference to our previous post understanding trend analysis. This gives them insight into where to place media for their potential customers who buy their products and services.

Thus, understanding the competition rules helps them move ahead. A strategy is there to help the business achieve its set goals wherever it is in the competitive cycle. Similarly, identifying effective tools for competing and gaining market share.

A good reason behind a strategy

Acquisition of market share means considering how you will move forward as a business. Thereupon, research is the basis of everything toward helping you understand where you are going and who you are targeting.

‘The audience you are targeting lives strategically’

You need to align your business with their interests and how they behave. Therefore, creating authentic conversations about your company and the products or services you represent.

Remember, it is necessary to work on strengthening your relationships by focusing on their needs, instead of always exclusively trying to sell them something.

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6 ways to conduct a trend analysis

A quick understanding of a trend analysis

6 ways to conduct a trend analysis
Understanding trend analysis

At the beginning of every financial year, businesses assess their markets for growth opportunities. As a result, a company would conduct a market trend analysis to determine new objectives and future projections.

A trend analysis is a research conducted to understand various behaviours in the market.

Why trend analysis?

A trend analysis is a necessary process for developing an effective marketing strategy. Whether in a growth or decline stage,  it is necessary for a business to have an all-around perspective of factors affecting its environment.

The process acts as a boost to one’s confidence when making important business decisions. Providing reassurance in a way of simulations on scenarios that are most likely to happen.

Pros and cons of trend analysis

For some businesses, it is a costly task to engage in. A business that is able to afford research is in good standing of competing in the markets.

Looking at the advancement of marketing research in South Africa.  It is, therefore, challenging to obtain tailored information that is directed to a specific subject. Many small businesses rely on general information published by various institutions in different industries.  Such data has created a gap which subsequently impacts their decision-making process.

Alternative methods

Of course, there are alternative methods available for conducting research. Methods may include interviews, surveys or perhaps alternative third-party data.

In contrast, a typical research conducted can focus on political, economic, social, technology, environment and legal factors which are directly or indirectly affecting the business.

In marketing, PESTEL is used as a definition that lays out the different pillars of research. It is a common strategy which simplifies the necessary approach when initiating the research process.

A thorough research, gives way to the authenticity and relevance of the collected data, therefore putting it into real perspective. We have looked at the PESTEL and made a list of alternative ways that we think small businesses may use as a means of conducting the desired research.

  • Start conversations on social media by creating surveys and polls;
  • Join industry forums and events;
  • Engaging clients as a source of feedback;
  • Involve yourself with industry influencers and collaborate to gain insights;
  • Read articles in the Business Press;
  • Conduct telephone interviews;

In closing, companies may analyse trends in terms of product innovations, or perhaps competition. Therefore, the above-mentioned methods add in as alternatives. There are various techniques available as methods of collecting data.

Should you like to get help with a trend analysis? Leave us a comment below or send us an email, we are ready to help.

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