3 Steps to Developing a Power Strategy for Your Small Business

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Developing a business strategy shouldn’t be a daunting task. Here’s your guide to easily create a solid strategy that will help grow your business using the 3 Steps Power Strategy.

Identify a product or service to sell

This is the first step in developing your business strategy. You need to remember that there are thousands of products and services that you can sell; however, for you to compete effectively with other businesses, you should ensure that your product is unique and better than other products in the market. To be successful in your efforts, you should go for products that you like and you enjoy selling. It’s recommended that you choose a product that you are able to visualize yourself selling it. Experts recommend that you should be able to see yourself selling the product or service for the next five or 10 years.

For you to settle on the product or service, you should ensure that there is real demand for the product or service at the price that you are interested in charging. You should also ensure that the demand is high enough for you to make a profit. The demand should be concentrated such that you are able to advertise, sell, and deliver the product at a reasonable expense.

Find Your Market

There is no way your business will be successful if it does not have customers. You should ensure that you identify the customers who will most likely need or buy your product or service. The right customers should have the purchase power for the product at the price that you will be selling at. This means that you should be able to tell whether you will be targeting the lower, middle or upper class. It is also important to know where these individual classes of your target market can be found online, offline, what channels would reach them efficiently.

You also need to ensure that the product is valuable to the customer. Here you need to put yourself in the customer’s shoes and see whether the product will be of value to you.

Lay out your Marketing Plan

Once you have identified the right product and the right customers, you should determine how you will sell the product. You can decide to sell the product by yourself or you can hire other people to do it for you. You also need to determine how you will promote your product or service. Here you can promote using word of mouth, or other ways such as TV, radio, or social media.

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