What is a business strategy?

Business
Man planningn a business strategy on a board
Introduction

A business strategy is the combination of elements (actions, services and systems) put in place to manage a series of results that benefit the company.

When the long-term action plan is carefully designed within the business, and all departments are involved making them participants and aware of their role and importance, it is successful.

It is necessary to start by having specific business objectives that can be accounted for, and work every day on them to achieve them, so that the company obtains the necessary financial performance.

The business strategy allows large or small companies to set short, medium and long-term objectives and, above all, lets them focus on both common and individual objectives.

To begin with, a good business strategy allows both large and newly created companies to obtain good positioning in their area. It must be designed according to their own characteristics and level of competition in the market.

Purpose of a business strategy

Purpose of a business strategy

  • Obtain positioning - The place we want to occupy in the market, as well as obtain certain levels of financial performance.
  • Growth - In size or expansion into new territories.
  • Economic benefit - Generate the necessary opportunities that allow the company to carry a greater flow of sales.

It is useful for new corporations because it helps you set the course and the conditions of development, strategic plans and marketing in the segment in which they are located and for companies with long career or experience, allows them to monitor the markets, to change or adapt the strategy and compete in better condition.

The integral business strategy as an adjustable process ensures an optimal decision at all times; It is a key element in the economic or commercial success of a company and helps growth.

The business strategy must be the pillar for the decision making of a company.

Puzzle pieces for "what is a business strategy?"
Structure

It is made up of four main areas:

  • Planning
  • Selection / Choice
  • Operation
  • Results measurement

Next we will explain, as a company, what it takes to work on every one of these areas.

Planning

Planning:

Projecting the way to achieve it is the first step in business strategy. Consider the possible platforms to use (web, social networks, printing, ads, etc.). Knowing how all these tools will be used to achieve the goals is essential.

For example, if your goal is to launch a new product and make your current customers the first to know, the best way could be to send a mass email to inform them about the product in a pre-launch. To achieve this, you must have a platform to store your customers' emails securely, such as Mailchimp, design the content of the email, take pictures of the new product, offer a discount (if you want) and send it before launching the product to the public usually. All this requires a lot of planning.

Selection

Selection:

Once the different tools are placed on the table, the selection of them comes. This choice is carried out taking into account the following factors:

  • Price and value generated ratio
  • Easy to use
  • Results to obtain
  • Ability to interact with other existing tools and processes
  • Level of reliability for the delivery of results

Example, a client of ours wanted to promote his method to solve baldness. After examining his different options, it was clear that the best choice was to use Google Ads. This tool has helped him grow his company in such a way that in just 6 months he has opened two new clinics in different parts of the country.

Operation

Operation:

It is important to ensure that the content is optimised, rich in keywords, aimed at the ideal audience and put on the right platform for its greater distribution.

An easy and quick tool to implement is social networks. Facebook allows each business to have a space, a promotional page, Twitter is universal and with the right hashtags you can get your business seen by millions of people, LinkedIn is the network for professionals, useful for sharing articles and opinions beyond; Instagram is the network for creative people. Each of these networks has an audience and scope and you should use them according to your characteristics because not all companies can or should be in all social networks.

Results measurement

Results measurement:

Everything that happens in a company is measurable and if you have a business strategy, this measurement is facilitated. You can do it through a weekly or monthly analysis through the indicators that your networks throw and with this know what is working and what is not. So you can make smart changes along the way.

Many of our clients enjoy our SEO (Search Engine Optimisation) service and every month we send them a video of the changes in their keywords or keywords and the increase in traffic on their website. Month after month they can measure the results because it is not only reflected in the graphs of their indicators but also in the amount of sales they get through their e-commerce website.

But you should not only look outward, develop your employees or collaborators manage an improvement in the service you offer and enrich the customer experience.

Conclusion

The training generates security in all orders: company - employee - client.

In customer service as in technical support to users, having the appropriate response is key, so that your employees take care of the customer problem.

If you want to build customer loyalty, remember that you should improve your experience through a trained employee and, even if customers do not have direct contact with employees, it is possible that your service is online, training or lack thereof It is always obvious.

Clients are not obtained in the short term and in a massive way, it is the collaborators who help you take care of those you already have and those who give the face of your business, and bring more or at least, serve them, it is by That, we believe that staff training, service and customer service are pillars of a healthy company.

A business strategy is one that looks out and takes care of those inside, taking into account not only their desire to be a great business, but looking for the benefit with their products or services to the greatest number of people.

Business strategies in puzzle pieces