In a difficult economy, it’s important for companies to take the time to reassess their business strategies. Time and time again, I have encountered sole proprietors (and even some CEO’s!) who rush to tactical measures before having any good reasons to do so. The inevitable result is a complete waste of time, effort and resources.
“I need to get up on Facebook and Twitter.”
“We need to fix and optimize our web site.”
“I want to run a TV ad for a week or two to see if it works.”
The list could go on indefinitely, and all these tools could be effective–but STOP BEFORE YOU SPEND and ask yourself some basic questions:
- Why should anyone do business with me?
- How is my company different or better than the competition?
- What is my target market?
- Who are my current customers?
- Why do these customers stay with me?
- What kind of human and financial resources do I have at my disposal?
Start with these as an exercise. You would be amazed at the number of business owners who simply cannot answer “101” level questions.
Without value propositions, a solid business plan and a marketing strategy based on sound research, all the tactics and tools in the world will not solve your problems. Get back to basics first. If you don’t, you are building a house on a foundation of sand.