We throw around a lot of jargon in the business world, but do we truly know what we mean when we talk about ‘Vision’, ‘Business Model’, ‘Position?’
Weâre going to talk a lot about Positioning on The 3rd Button in the coming months, but weâll spend the first few weeks with a clear definition of terms.
Today, let’s get our strategies straight…
-Driven by the vision and business model, the business strategy is the blueprint that outlines how you will go to market.
-Exactly how will you deploy the business model in a way that creates sustainable competitive advantage? How will you create and deploy products and services? How will you support that deployment?
-Driven by the vision, business model and strategy, the best way to compete in the marketplace is through the intelligent use of marketing. If, by analogy, your business model and strategy are your Order of Battle (i.e. your army, its resources and how you will deploy your troops) your marketing strategy is closer to the territory over which you will fight, whom you will fight and how you will take that fight to them in order to win.
-Keep in mind that building a brand is not mandatory. Building a brand is a strategy, not an objective.
CLEVER MARKETING STRATEGY
-ESPN wrote the book on this one. Combine a niche you can own with an attitude that shows you own it. Stay true to your strategy and keep it fresh-year after year. While this is easy to say, it’s remarkably hard to do.
-Starbucks built itself as a ‘third place’ rather than a coffee retailer. It also understood the importance of a happy barista. The rest is history.
-Target knew it couldn’t assail Wal-Mart on price, so it introduced a line of name designers dedicated to creating ‘cheap-chic.’
-When Fox News decided to focus on an audience that perceived itself as underserved when it came to media, it became an opinion leader for the right. You may not love the network’s politics, but you have to admire its marketing savvy.
-Pepsi just couldn’t beat Coke- until someone realized Pepsi was sweeter and could beat Coke in a blind taste test. The ‘Pepsi Taste Test’ made history, partly because it was smart marketing strategy and partly because the other guy blinked.
Stay tuned for our next term as defined by Austin McGhie, Sterling Strategy