Every business wants to engage in a strategic plan that will better position the company to sell more to current customers. Perhaps a business aims to expand into new markets. Yet the term “strategic planning” is so broad. It’s overwhelming for many to think of all the possible directions they can go in and have a hard time choosing a path. Here are a few simple ways to make your strategic planning process a reality.
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. However, you could team up with another company that can and, together, both businesses could see their bottom lines grow.
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. Additionally, these platforms can help 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.
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 access without interruption to the products or services they need. With this solution, 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 are 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.