Many agencies have a very bad New Business strategy. They didn’t set any baseline understanding of what it takes to drive new business. They don’t know what metrics drive new business, and which levers to pull to make them happen. If they don’t know how to measure these metrics, they’ll never be able to predict the future. Fortunately, there are a few things you can do to improve your new business strategy.
First, define the purpose of your new business strategy. How does your existing strategy match your new business strategy? This question should be answered in the company’s SWOT analysis. For example, if your business sells products online, you need to be able to market them across multiple channels. To do this, you need to be able to show how your product or service can solve the problems customers have. You should also identify the benefits and risks of implementing this new strategy.
As professional-service executives, you need to develop a new business strategy that will allow you to survive and thrive in a difficult economic climate in 2020. You must not only maintain your relationships during the current COVID-19 environment, but also forge new ones in a complicated remote-work environment. This means managing your relationship capital and keeping your customers and employees happy. The following are some best practices for developing a New Business strategy. They are also the basis for the development of your strategic plan.
In addition to establishing a presence in your existing market, you should also develop a new product or service. This strategy helps you achieve the goal of setting prices within the industry average. Another great strategy for a new product or service is cost leadership. By cutting costs, a company can differentiate itself from its competitors. The company can achieve cost leadership by using proprietary technologies, economies of scale, or creating cost benefits along the supply line. For example, the low-cost airline uses economies of scale to produce low-cost air travel.
Similarly, “disruptive innovation” requires a new business model. It doesn’t have to be a breakthrough in technology, but it challenges other companies’ business models. Google’s Android operating system disrupts Apple and Microsoft, and it is free. The company uses this strategy to spread its product and improve its reputation among users. If you have a new product to launch, you’ll have an opportunity to market it to a new market segment.
Besides being a new product, a new business strategy can also be applied to other areas of your company. The course will qualify towards the three-course requirement for the Certificate of Specialization in Strategic Management. The course will begin September 14, 2022, and is open to all levels of management. If you haven’t enrolled in the course yet, you shouldn’t worry, there’s still time to learn about this new strategy.