SUCCESS!!! Phewwww…. Sounds pretty intense right? As a strategic thinker, I feel like while there are numerous factors that contribute to a company’s triumph, one element stands out as the backbone of long-term prosperity as a whole: strategy. I believe that the point of “What is strategy?” is what the whole world revolves around today. It drives so much of what moves our world forward. And yet, many people believe that we live in a world where things are just supposed to happen and its just a game of luck.
According to me an essential ingredient for a great strategy is that it is a long-term game. Doing things the right way is more important than doing it the fast way. That’s actually how business works, in effect it doesn’t happen quickly. In-fact nothing in a business happens quickly, it requires two of the most powerful warriors of all time that is: Time and Patience for that. Although there’s one more thing always tell everybody working with me as well, in order to make this work perfectly don’t forget to always schedule, assign and hire the right people at the right time.
Now let’s have a look at this from different angles in a business world:
• Branding strategy -> It is a set of guidelines helping the company determining its core values and what they want to achieve. It contains three things that define it in a better way –
1. What does you brand stands for?
2. What does it promise to the customers?
3. What personality does the brand convey?
Branding is important as a branded content is better for engagement than the standard ads. Also, the customers who connect to the brand emotionally have a higher lifetime value.
Talking about having a perfect brand language, how can I not mention our very favourite “Food Genie” : ZOMATO. Its logo is very simple, classy and easy to understand by all the customers, with a tagline of, “Discover more places to eat around you” which ends up attracting all the foodies out there to keep trying and ordering from different places. It also has a very coordinated social media grid with the colour theme of red, so now whenever somebody looks at it they directly think of Zomato.
• Sales strategy -> Basically the purpose of this is to create an effective path to turn the interested prospects into potential payers. It focuses on how will you directly work with the people who are most likely to make a purchase and how will you help them choose to buy your products and services. It might also address the strategies on how to turn a one-time customer into a repeat buyer.
Today’s most loved kicks are Jordans, As the Jordan market became even larger, Nike was able to significantly increase its prices and
reduce the quantities manufactured in the early 2000’s. They started being labelled as “Luxury goods”. Ended up creating an entire part of
the global population that has been labelled as “sneaker heads”, who are known for buying and collecting these expensive shoes. Customers would purchase these products as a flashy statement
of their monetary status. Today, Nike offers Jordan sneakers at certain prices to try and target both sets of customers.
• Marketing strategy -> As our favourite Rancho from 3 idiots said, “Success ke peeche mat bhaago,
Excellence ka peecha karo,
Success jhak maarke tumhare peeche ayegi’
Just like that having a perfect strategy for reaching out to the target audience is what sets the direction for finding and engaging with the prospective customers & success will come running your way!! It includes plans about how to promote and reach the right customers.
Now we all love McDonalds right!! Since kids are on the top most level of purchased food products. So to attract children, McDonalds has Happy Meal in which they give one toy on each happy meal, there are toys ranging from hot wheels to various Walt Disney characters, which makes the kids even more excited to go to there.
In my opinion, a successful marketing strategy also requires constant communication and everybody working in the company needs to understand how the marketing strategy works and helps in accomplishing larger company goals.
One of the things I’ve learned being an entrepreneur is that “Strategic agility” is as important as a well mapped strategy. Strategic agility is the organization’s capability to respond rapidly when the internal and external opportunities emerges. Its like having a flexibility to re-prioritize projects and initiatives, make course corrections and taking an action towards that.
In the dynamic and challenging business landscape, strategy acts as a map that helps organizations keep moving towards success. It equips businesses with the tools and mindset necessary to identify uncertainty, grab opportunities, and differentiate themselves from competitors. By leveraging the power of strategy, companies can unlock their full potential, driving sustainable growth and establishing themselves as industry leaders. Embracing strategy as a core pillar is essential for any business aspiring to achieve long-term success in today’s rapidly changing world.
