Empower Your Business With The Magic Of Machine Learning!
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Empower Your Business With The Magic Of Machine Learning!
Βusiness should always target a specific audience in the industry it belongs to.
E.g. If you are in Home Equipment you are not targeting all consumers who want home equipment.
Not everyone is a potential client.
You need to find a specific audience who want a particular category of products or services and try to meet their needs.
You have to leave many consumers unsatisfied in order to satisfy a group of them.
They must worship you and everyone else should hate you.
Then you have a differentiation strategy,
Strategy is something long-term something that takes years of decisions and choices.
Strategy is all the decisions you make along the way.
Decisions that show the company you are.
So now think about your business.
Every choice you make or don’t make determines who your business is and which customers it will satisfy.
Most company leaders have a poor understanding of what success means!
Most leaders want to be the best business e.g. in household equipment the best bank the best mobile phone company.
But that’s not the way to think about what success in business means.
There is no best home appliance company, no best bank, no best mobile company.
It is dangerous to try to become something that is impossible.
There is not only one way to compete.
It depends on the needs of the customers you are trying to meet.
There is no such thing as the best car, it depends on which category or market segment you go to cover.
If you are trying to satisfy young families it is different from satisfying people 50-60 years old.
Satisfying customers who want Luxury and service is different from customers who want something simple and fast.
There are many ways to compete and it depends on the customer you want to serve.
You must be thinking…that me and my business will be unique!
How can I create unique value for the customer group I choose to satisfy?
Strategy is therefore choices… and the most basic of all…
The worst option is to try to please everyone.
You cannot satisfy all the needs of all customers.
It is impossible… no company has ever been able to do it!
So what needs, what customers are you trying to satisfy?
That’s what you might be able to do!
The basic principle of the strategy is to find a unique niche in the industry you belong to and create significant value for the customers you want to serve.
It sounds simple but most companies don’t do it.
Most businesses are confused , not targeting a specific audience of customers.
And if you don’t target a specific audience you don’t have a direction of choice which led to failure.
So strategy is choices we make , long-term choices , to differentiate our business from the competition.
That’s all
It defines how we will compete differently and defines the competitive advantages we will create to win.
Strategy is differentiation from the competition, where do we differ?
If you do the same thing as the competition you don’t have a strategy, you might do the same thing a little better.
Operational excellence is said!
The strategy is not to be No. 1 , to get to 1k in a year , these are goals.
Strategy is the road that will take you to your goal.
Strategy is not one action..it is all the choices you make to put your business on the road to success in the years to come!
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https://mobiplus.co/ebooks/customer-rediction/
In most companies the main characteristics of the strategy have to do with the industry they belong to, the company itself and the position we choose to hold in that industry.
We need to understand where our industry is going, where the businesses in the industry are going and where we are going.
The main thing is to be concerned about the industry we belong to because if it doesn’t do well, we don’t do well.
Companies and ways where our customers can get their work done in a different way.
For example, if you produce ready-made food the customer can buy the ingredients of the food and make it himself.
Also, in the industry you belong to, what are the Competitive Forces that exist and where they are taking your industry!
But how do we achieve higher profitability in our space?
Gaining Competitive Advantage.
To differentiate yourself, to do something better and different from what everyone else is doing, addressing a specific audience in the industry,
It can be design , Image , Functionality , service or something else.
And if you diversify you should definitely have a higher price!
If customers aren’t willing to pay more you haven’t found a way to differentiate, you’re not doing anything better!
A different competitive advantage is Lower price.
Which of the two paths will you take…
So what will be your strategy!
After you have chosen your strategy then you have to see how you apply it to the Value Chain.
That is, in the process of creating your product or service.
In production, logistics, marketing, sales, etc.
All sectors should follow the above strategy.
So any choice we make regarding anything in the above areas for the implementation of our service or our product should have our strategy in it.
There are also a lot of things you have to do once and for all to stay in the industry.
You must follow industry best practices.
E.g. what is the right ERP for my kind of business in this industry.
How is the optimal eshop in my industry?
What are the important technologies I need to have in my industry?
What is the optimal way to train and manage employees in my industry?
How do I do optimal marketing in my industry?
I have a retail business and an e-shop then I need Recommendation Engine.
You have to have all these things just to exist in your industry!
One you don’t use the best practices of your industry you will definitely lose!
The completive advantage is above them!
So in every business we have two jobs
1.Apply the best practices that we constantly find.
2.To continuously create competitive advantage-strategy for our uniqueness in the industry.
Most businesses have found customers by chance.
Successful businesses choose the customers they want to serve and target only them !
What are the needs of this special group of customers ?
How will I satisfy them?
An important example of a company that follows the differentiation strategy is IKEA.
They offer high quality furniture at a low price to customers who have little space to furnish and who want to go from the store , have a tour inside the store to pick up the furniture in a box and go home to assemble it themselves!
See how well they understand their audience and which specific audience they are targeting.
Every choice has their strategy within it.
For example, the furniture is in sections inside a box to have low transport and storage costs.
There is no other choice.
Any other option would increase costs and the strategy could not be followed.
All products have very good quality!
Contact us now to see how the mobiplus shopping recommendation platform can give you the above features and increase your revenue. 30%.
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