The next area to consider resetting in your business model and business strategy.
If on a daily or weekly basis. You noticed that people are ignoring your service or product and choosing your competitors instead. Then it's time to RESET your strategy and business model.
Firstly, business strategy and business model are not the same.
Business strategy is a plan that take cognizance of the competitor. A business model simply focus on the customer. It is about your USP: Unique selling proposition that makes a customer prefer you to others. It is at the point of purchase you can tell whose strategy is working and whose not.
Let’s take a look at peak milk 400g. If you shop for 400g milk packs. Do you buy milksi, cowbell, loya or Peak milk. Every time you buy either milksi, loya milk or cowbell you buy from the same company which is promasidor. A strategy that peak milk cannot copy. Many people would never think that anyone can never take market from peak milk but cowbell and hollandia has proved them wrong. This is the power of having a strategy.
You cannot claim to have a strategy if there is no document that clearly show it. A good strategy is one that cannot be copied.
Business model is the logic behind your business. It answers the questions why will customers buy from me. What makes my business irresistible and juicy and hard to resist
The third area is your brand status
Many businesses are not thinking like a brand. They only behave just like another business.
To think like a brand is to have a promise you can keep and a standard to maintain. Thia promise is reflected in your
- Name
- Slogan
- Logo
- Products
- Price
*Customer experience