Simple ways to make strategic planning a reality
Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad. It’s easy to get overwhelmed by all the possible directions you could go in and have a hard time choosing a path. Here are a few simple ways to make strategic planning a reality.
Focus on who you already know
One cost-effective strategy is to work more closely with current customers by strengthening and expanding those relationships. After all, they’re presumably satisfied with the products or services you’re currently offering, so they’re likely willing to try others. Ask about their needs, listen to their responses and look for ways to better serve them and boost revenue.
Another strategy is to partner with other compatible businesses, perhaps locally or in your industry. You might not be able to produce certain complementary products or services, but you could team up with another company that can and, together, both businesses could see their bottom lines grow.
Dig deeper into social media
By now, most companies have dipped their respective and figurative toes into social media. These online platforms can be a cost-effective way to highlight specific products or services, as well as to familiarize the buying public with your brand and culture. Of course, you’ve got to handle social media promotions carefully — customers tend to be turned off by a barrage of posts that basically shout, “Buy this!”
Nonetheless, digging deeper into the use and analytics of social media can play a viable role in a broader strategic plan. Many experts recommend alternating posts that focus on specific products or services with those providing helpful, informative content to followers. For example, a cybersecurity firm might offer tips on staying safe online.
Reevaluate your pricing strategy
Although increasing prices might boost revenue if sales remain steady, scattershot price jumps can prompt customers to go elsewhere. That’s why a critical component to any strategic plan must be designing a pricing strategy that boosts revenue without simply slapping on a higher price tag.
One option is bundling products or services and then offering the bundle at a lower price than what customers would pay in total for each item individually. Customers enjoy the savings while the company boosts sales, often with minimal additional effort.
Another way might be to offer a subscription service. Customers get uninterrupted access to the products or services they need, and the business establishes an ongoing revenue source.
A good strategic plan first addresses broad objectives and then narrows down to specific steps. The next time you and your leadership team get stuck, don’t hesitate to back up and look at some big picture issues. Let us assist you in assessing the profitability impact of any of the strategic planning ideas you come up with.
c) 2022 Reprinted with permission from Thomson Reuters Checkpoint