10 examples of effective business strategies that you can do
Business strategies are a powerful tool to help you achieve your business goals, determine the strategies and tactics you need to take in your company. There are many examples of business strategies also guide many of your organizational decisions, such as hiring new employees. Creating a business strategy that is in line with the vision you have for your company requires time and development.
In this article, we will discuss what business strategies and why it is important, business strategy components and 10 examples of business strategies to help you produce ideas for your own company.
What is a business strategy?
Business strategy is an outline of actions and decisions that the company will take to achieve its business goals and objectives. The strategy defines what the business needs to achieve its objectives, which can help guide the decision-making process for recruitment and resource allocation. Business strategies help different departments work together, ensuring the department’s decision supports the overall direction of the company.
Why is the business strategy important?
There are several reasons why business strategies are important for the organization, among others:
- Planning: Business strategy helps you identify the key steps that you will take to achieve your business goals.
- Strengths and Weaknesses: The process of creating a business strategy allows you to identify and evaluate the strengths and weaknesses of your company, create a strategy that will use your strength and overcome or eliminate your weaknesses.
- Efficiency: Business strategy allows you to allocate resources effectively for your business activities, which automatically make you more efficient.
- Control: This gives you more control over the activities you do to achieve your organization’s goals, because you understand the path you take and can easily assess whether your activities make you approach your goals.
- Competitive advantage: By identifying a clear plan of how you will achieve your goals, you can focus on utilizing your strength, using it as a competitive advantage that makes your company unique.
Business strategy component
There are six key components of business strategies. They include:
1. Business vision and objectives
Business strategies are intended to help you achieve your business goals. With the vision of the direction of the business, you can make clear instructions in the business strategy for what needs to be done and who is responsible for it.
2. Core value
The business strategy guides top-level executives and departments about what must and should not be done, according to the core value of the organization.
3. SWOT analysis
SWOT stands for Strength, Weakness, Opportunity, and Threats. This analysis is included in each business strategy, because it allows the company to rely on its strength and use it as an advantage. It also makes companies realize every weakness or threat.
Many business strategies articulate operational details about how work must be done to maximize efficiency. People who are responsible for tactics understand what needs to be done, save time and energy.
5. Resource allocation plan
Business strategies include where you will find the resources needed to complete the plan, how resources will be allocated and who is responsible for doing so.
The business strategy also includes ways to track the company’s output, evaluate its performance in relation to the target set before launching a strategy.
10 examples of business strategies
1. Cross-selling more products
Some organizations focus on sales of more products to the same customers. This strategy works well for office and bank equipment companies, as well as online retailers.
By increasing the number of products sold per customer, you can increase the average basket size. Even a small increase in basket size can have a significant impact on profitability, without having to spend money to get more new customers.
2. The most innovative product or service
Many companies, especially in the field of technology or automotive, distinguish themselves by creating the most up-to-date products. To use this as your business strategy, you need to define what “innovative” means for your organization or how you are innovative.
3. Increase the sale of new products
Some companies like to invest in research and development to continue to innovate, even with your most successful products.
4. Increase customer service
This can be a good business strategy if your business has a problem in providing quality customer service. Some companies have even built a strong reputation because they have extraordinary customer service. Usually, the company has a problem in a particular area, so that the business strategy that focuses on improving customer service will usually focus its goals on something like the more effective online or call center support.
5. target new markets
Some large companies buy or combine competitors to corner young markets. This is a general strategy used by Fortune 500 companies to benefit in a new market or that is growing rapidly. Acquiring new companies allowing greater companies to compete in the market where previously did not have a strong presence while maintaining product or service users.
6. Product differentiation
This is a common business strategy, especially for business-to-consumer business (B2C). They can distinguish their products by highlighting the fact that they have technology, features, prices, or superior styles.
7. Price strategy
In terms of pricing, businesses can keep their prices low to attract more customers or provide aspirational values to their products by setting prices beyond what most ordinary customers can buy.
If the company plans to keep prices low, they must sell products in a much higher volume, because profit margins are usually very low. For companies that choose to set their product prices beyond ordinary customer range, they can maintain the exclusivity of their products while maintaining a large profit margin per product.
8. Technology advantage
Gaining technology excellence, you often can achieve better sales, increase productivity, or even master the market. This can mean investing in research and development, acquiring smaller companies to gain access to their technology or even get employees with unique skills that will provide a company of technology excellence.
9. Increase customer retention
Generally it is much easier to maintain customers than spending money to attract new customers, which is why this is a good strategy if you see opportunities to increase customer retention. This strategy requires you to identify the main tactics and projects to keep your customers.
You can launch all business strategies that aim to increase your business sustainability. For example, the aim can reduce energy costs or reduce the company’s footprint by implementing a recycling program.
That is a complete discussion of examples of bisins strategies that you can apply in your business. By implementing various strategies above, your business development and effort can be more maximal. In addition, don’t forget to pay attention to the capacity and quality of each resource in your business.
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