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Simple Ways to Strengthen Your Business Model - Carol Evenson - Blog

Simple Ways to Strengthen Your Business Model

Simple Ways to Strengthen Your Business Model 

The strategy you devise for operating your business will either make or break your chances of success. In order to create ongoing value for your consumers, you need to figure out which products and services you should spend your time and resources on. While your initial ideas might be good enough to get your company off the ground, they may not be strong enough to sustain the ups and downs of the market or the constant changes of consumer mindsets. These are some of the best ways to strengthen your business model and secure consumer interest for the long-term.

Address Your Target Audience

If you have a blanket and generic marketing strategy that addresses a wide audience, you won’t be able to find the customers who really want or need your products or services. When you first craft your business model, you need to identify the specific audience that will be interested in what you are selling. Narrow the field to two or three specific types of individuals, including things like demographics, common needs or challenges and the different ways your company can provide a solution. You don’t want to be a Walmart, carrying a little bit of everything for everyone. Though Walmart is a sales leader and billion-dollar company, you aren’t going to climb that success ladder overnight. Become the go-to company for a specific audience.

Identify Your Key Resources

Your company will need a variety of resources to operate each day, and you need to identify each of these if your business is going to be profitable. It’s not just about the money, as you will need to determine what will be used to reach your business goals and to find or attract new business. You may need a website, a social media profile, data management software with a sales dashboard for lead or account tracking, customer lists, cash reserves or a warehouse. A realistic understanding of the resources will make it easier to adapt your budget or alter your price range to accommodate the daily needs your company will have.

Craft Your Value Proposition

Unless you have developed a niche service or product, your competition could hit you hard. You will need a way for your brand and your company to stand out and create an interest that outranks that of the competition. Look at your product or services from a unique point of view. Do you solve any community or lifestyle problems? Have you taken a unique perspective or approach to an old issue? Highlight what your company does better than the competition as you outline exactly what your business can and will do for consumers. This establishes your value proposition, which attracts customers to your doors over that of your competitors.

Create Your Demand Strategy

After you figure out what will create value for your company, you need to create a strategy for increasing demand. If your product or service is a radical alternative to the competition, increased demand might come easily. If not, you are going to have to work for consumer interest and loyalty. This comes down to your marketing plan and your innovation over time. Proactively document a customer’s journey, and address the areas where your strategy might be weak. This blueprint will guide you as you make decisions for new products or advertising plans.  

Plan on Innovation

Once your company gets underway, you will need to have a plan for innovation. Customers may want to be loyal to your brand, but if you don’t offer anything or try new service methods, you may lose people for a lack of need. Though you may not have the resources to develop a new line of products or expand to another location, including these goals in your business model keeps the hunger alive and the door open for new possibilities. Have the finanical information included in your strategy, so you can decide how to accumulate the resources needed to move forward.

Don’t let your business fail before you even get started. Craft a strong business model that can adapt to consumer needs and turn a profit.

Publish Date: March 20, 2020 10:29 PM

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