SHOULD STRATEGY COME BEFORE OR AFTER LAUNCHING A BUSINESS?

?When it comes to the topic of whether or not strategy should come before or after the launch of a business, it's important to note that a well-crafted strategy can be the key to a successful launch. Here's why?

A few years ago, my friend started a new business where she sold organic, homemade hair products. She spent months perfecting her recipes, designing, packaging, and creating a website. When everything was ready, she launched her business with a big social media push, offering discounts and giveaways to her followers. This was supposed to ensure the business's success, the only problem was that it didn't.?The feedback she got was not so encouraging and though She had amazing products for sale, she wasn't making any sales.?

Though a lot of people may argue otherwise, Strategy isn’t what you do after going into a market, it’s what guides your entry into the market. Take my friend for instance, she had a great product, but she didn't know who her ideal customers were, where to find them, or how to reach them. She hadn't considered her brand messaging, her unique value proposition, or her competitive landscape. She hadn't researched her market or created a customer acquisition and retention plan. She had assumed that if she built it, they would come. And they didn't.

Unfortunately, my friend's story is not unique. According to the Small Business Administration, about 20% of small businesses fail in their first year, and about 50% fail in their fifth year. One of the main reasons for this failure is a lack of marketing strategy. Businesses that launch without a solid marketing plan are flying blindly, hoping for the best.

So, what can you do to avoid this common mistake? Here are some tips:

Define your target audience

Who are you trying to reach? What are their demographics, interests, and behaviors? What pain points do they have that your product or service can solve? Understanding your target audience is the first step in creating a successful marketing strategy.

Research your Market

What are your competitors doing? What are the trends in your industry? What opportunities and challenges exist? Understanding your market will help you differentiate your brand and position yourself for success.

Develop your brand messaging and value proposition

What makes your brand unique? Why should customers choose you over your competitors? Developing your brand messaging and value proposition will help you communicate your brand's story and value to your target audience.

Create a customer acquisition and retention plan

How will you attract and convert new customers? How will you retain them and turn them into loyal fans? Creating a plan for customer acquisition and retention will help you stay focused on your goals and measure your success.

In conclusion, by defining your target audience, researching your market, developing your brand messaging and value proposition, and creating a customer acquisition and retention plan, you can set yourself up for success and avoid becoming another statistic in the industry.??

I’m pretty sure after you have read this you said to yourself this seems like a lot of work. But don't worry, you don't have to go through all that stress!

Simply send an email to [email protected] and we'll work with you to develop an explosive strategy that positions your product in the marketplace and drives more sales for your business.? Let's make it happen!

Article written by Peace Ekele - Trooper of Ngage