What do you do if your business strategy isn't yielding desired results?

Business strategy helps to achieve different goals, in a situation where a strategy is not yielding the results it ought to yield, it is essential to reassess the goal, is it SMART? Reassessing this goal will give more understanding into why the strategy is not giving the necessary results. Using both quantitative and qualitative analysis to better understand the reason behind the strategies not working, this can be done through surveys, interviews, analysis of market trends etc. Having gotten all the necessary data, implementing these necessary discoveries is important. Every business strategies ought to be flexible as business involves humans, and humans can be unpredictable.

If your business strategy isn't working as expected, the first step is to take a close look at your goals and the results you're seeing. Compare what you planned to achieve with what's actually happening. Are sales lower than expected? Is customer feedback not as positive as you hoped? By identifying where the gaps are, you can start to understand what might be going wrong. This is like checking your map when you're lost—you need to know where you are to figure out the next steps.

External factors such as market shifts, economic changes, or technological advancements might have rendered your initial objectives outdated or overly ambitious. Target Corporation in 2013 faced challenges with its expansion into Canada. The company initially set aggressive goals for market penetration, but they failed to consider the operational complexities and consumer differences in the Canadian market. Reassessing these goals and scaling back the expansion plans might have allowed them to focus on fewer stores, ensuring quality operations and customer satisfaction. Instead, the misalignment between goals and market realities led to their eventual withdrawal from Canada.

Una empresa tiene dos objetivos fundamentales; A. Mejorar las ventas (ahora o en el futuro, a clientes existentes o nuevos) y B. Mejorar la producción (reducción de costos, tiempos y riesgos). Cualquier objetivo estratégico cae en cualquiera de estas dos categorías. Si tu estrategia no está dando los resultados deseados y los objetivos planteados no están alineados con los dos anteriores, es una excelente oportunidad para replantearlos.

It doesn’t seem very wise to start reevaluating the objectives without first understanding the fundamental question: WHY? What was the failure, and why? If your goal is to go to Moscow, and at one point you find yourself in Stockholm, it’s not the time to reevaluate whether Moscow was the right destination. First you need to determine if your GPS worked, if you entered the address correctly, if your car broke down, or if your €100 budget was too tight to get there. If your strategy is not delivering the expected results, it’s better to evaluate each component of that strategy and its performance. Once you identify which part is failing, assess why and make decisions to correct it

Next, dive into the data to find clues. Look at key metrics like sales numbers, customer satisfaction scores, and market trends. For example, if sales are down, see if there's a pattern, like lower sales in specific regions or during certain times. Analyzing data helps you spot trends and potential issues that aren't obvious at first glance. It's like being a detective—you're searching for evidence that will help you understand what's really happening, so you can adjust your strategy and get back on track.

Continuous data analysis is essential for effective management and informed decision-making, as well as in achieving business strategies However, when discussing business strategy, we should not focus solely on macro objectives like marketing, customers, or products. When a business strategy fails, it is often due to poor internal management—a crucial part of any business strategy. This could involve inadequate structure, lack of necessary resources, poor planning, lack of flexibility in execution, or delays in timelines To address this, implement a strategic management system that breaks down objectives into smaller measurable components, with data analysis at every step. This will give you a much clearer understanding of what is happening

Herramientas de Big Data como Google Analytics, Tableau o SEMrush son esenciales para identificar patrones y tendencias en el mercado. Además, conocer la opinión directa del usuario/cliente mediante encuestas o feedback es crucial para valorar con datos la efectividad de tu estrategia. Estas plataformas, junto con la retroalimentación directa, te permiten realinear tu enfoque para aprovechar oportunidades y asegurar que tu estrategia esté alineada con los objetivos de tu negocio. Monitorear y ajustar en función de estos datos garantiza un enfoque más efectivo y centrado en el cliente.

Conduct a thorough analysis of performance data to pinpoint where the strategy is faltering. Look at sales figures, customer acquisition costs, engagement metrics, and financial performance. In 2011, Netflix attempted to divide its DVD rental and streaming services into two separate entities, Netflix and Qwikster. This decision was based on the company's data, which indicated a significant decline in customer satisfaction and a notable increase in churn rates. However, the abrupt and negative reaction from customers, coupled with inadequate data regarding customer preferences, compelled Netflix to abandon Qwikster. Consequently, the company redirected its efforts towards enhancing its streaming service instead.

haste las siguientes preguntas: A. Los resultados obenidos hasta ahora se pueden aducir a? A1 La gestión de la empresa? A2. situación del Mercado? A3, combinación de ambas? Cuánto le corresponde a la gestión cuánto al mercado? Se hizo la gestión pero no se obtuvo resultados? No se hizo la gestión? Porqué? La gestión depende de procesos estructurados o de iniciativas puntuales? El responsable tenía todas las herramientas gente capacitada a su cargo? Se utilizó tecnología para medir el avance? Como estamos midiendo el avance?

When your strategy isn't hitting the mark, the best move is to listen. Seeking feedback from customers, employees, and stakeholders can uncover hidden issues and spark new ideas. Your customers can shed light on their real experiences, your team might have untapped insights, and stakeholders can provide a broader view of industry trends. This feedback isn’t just valuable—it’s essential. By leveraging these perspectives, you can refine your approach and get back on track with a strategy that truly resonates and delivers results.

Engage with as many stakeholders as possible to gather feedback on your products, services, and overall business approach. Understand their needs and concerns. Consult with your team to get their perspective on what’s working and what’s not. They may have insights or ideas that you - most probably - haven’t considered.

Engaging with customers, employees, and stakeholders provides crucial insights into your strategy, helping identify blind spots and practical improvements, and offering a comprehensive view of industry trends and competitor strategies.

En mi experiencia, se debe hacer lo siguiente: ??Reevaluar Recursos y Capacidades: Considera si cuentas con los recursos necesarios, tanto humanos como financieros, para implementar la estrategia de manera efectiva. A veces, la falta de inversión en áreas clave puede ser un obstáculo. ??Implementar Cambios Basados en Datos: Utiliza datos y comentarios de los clientes para ajustar la estrategia. Esto puede incluir cambios en el producto, en la forma de comunicarlo o en los canales utilizados. ??Innovar y Diferenciarse: Si la estrategia actual se asemeja demasiado a la de los competidores, es vital encontrar una propuesta de valor única que te distinga. Esto puede implicar redefinir la oferta o mejorar la experiencia de cliente.

Change is the only constant. You should be able to build adjustable strategies. In some cases, you might just need to make some tactical adjustments, meaning minor and small-scope ones; however, you might sometimes need to adjust the whole strategy you built. Both scenarios will inevitably occur, so it's essential to be well-prepared.

Use collected insights to refine your approach by modifying elements like your value proposition or marketing channels. Implement changes incrementally and monitor their impact to validate effectiveness without making drastic shifts.

Strategies have to be realized by the team on the ground doing the work. You need to assess if your strategy has been translated into action plans by the various functions and teams A slick deck doesn’t give results. You have to drive adoption and execution internally.

Strategy is nothing without the ability to execute. To execute effectively, you need a set of plans, a team of talented individuals, and a communication strategy to communicate the changes along the way.

Clearly communicate new directions and roles, set short-term goals, and establish benchmarks. Remain flexible and adapt as needed, viewing each change as part of a continuous improvement process.

Upon making tactical adjustments, executing these changes with precision and transparent communication is essential. You must ensure that all team members are aligned and comprehend their respective roles in implementing the revised strategy. Vigilant monitoring of the implementation process to promptly identify and resolve any arising issues is key. An exemplary example of this approach is evident in Apple's turnaround in the late 1990s. Faced with a fragmented product line and declining sales, Steve Jobs, upon his return to the company, implemented significant changes by simplifying the product line and focusing on a select few key products, notably the iMac. This focus and streamlined operations contributed to Apple's resurgence.

Los cambios sólo darán efecto si has ubicado el problema correctamente. Lo más común es asignar la culpa a alguien y sacarlo de la organización, pero ese enfoque esconde debajo de la alfombra el verdadero problema; son los procesos los que no están funcionando.

For successful strategy execution, it's extremely important that you are monitoring the progress closely and gathering each input. Study if that strategy was previously executed by any competitor and how it impacted them. Its a must thing to create small milestone while implementing a long term strategy as it boost confidence and help in monitoring. If milestone aren't achieved, understand the feasibility of the targets. Using metrics like recurring revenue, adoption, conversion etc, understand scope of improvement. Gather feedback through surveys, social media and customer calls on the areas which are underperforming. Seek guidance from industry leaders on these areas and execute a revamped strategy. Keep monitoring and optimising :)

Depending on the size of the company and the resources and experience of its managers, it may be advisable to resort to external mentoring to improve or even implement a strategic management system. This can help carry out the company’s vision and enable managers to better understand, execute, and monitor it. In some cases, external mentoring can be more effective, as internal efforts may be influenced by biases, prejudices, inexperience, or internal conflicts. Some may argue that an external mentor is unfamiliar with the unique aspects of their company and claim their situation is different from others. However, this is precisely why external mentoring can be a strong asset—it brings a fresh perspective, free from internal limitations.

If my strategy isn't yielding desired results, I conduct a thorough analysis to identify areas for improvement. This includes assessing market conditions, customer feedback and internal processes. I also revisit our mission, vision and objectives to ensure alignment. Next, I gather input from stakeholders, including employees, customers and partners, to gain new insights. Based on this analysis, I refine or pivot our strategy, making adjustments to tactics, resource allocation and metrics. Continuous monitoring and evaluation enable me to make data-driven decisions, ensuring we're on track to achieve our goals. By being agile and responsive to changing circumstances, I adapt our strategy to drive better outcomes and sustained success.