They will not be revenue oriented Instead your objectives will focus on

They will not be revenue oriented instead your

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If you enter a new market, your first-year objectives will differ. They will not be revenue-oriented. Instead your objectives will focus on: Educating potential customers about your vision (by demonstrating thought leadership about their having a business problem and your solution to fix it) Turning these early adopters (“visionaries”) into reference customersAt the end of the year, ideally you will see evidence of traction around your vision: Invitations to speak at conferences Mentions by one or two key opinion leaders Increased website traffic Increased inquiries from potential customers. The details will depend on the nature of your business, but in general, these types of measures will indicate whether a market exists for you. Defining the scope The company’s scope encompasses three dimensions—the target customer or offering, geographic location, and vertical integration (that is, whole product). Each dimension may vary in relevance (for example, the customer may be more important than geographic location). Clearly defining the boundaries in each area should make it obvious which activities to concentrate on (and which ones to avoid). The company’s scope does not determine exactly what should be done within those boundaries, as there is room for experimentation and initiative. However, it should specify where the company or business will not go. This will prevent employees from wasting resources on projects that do not fit the corporate strategy. Defining the competitive advantage The competitive advantage is the most important part of the strategy statement. It describes the logic of why you will succeed, how you differ, or what you are doing better than the competition. To define the competitive advantage:
LEARNER GUIDE State the customer value proposition. Explain why customers should buy your product or service. Map your value proposition against those of your competitors to identify what makes yours distinctive. Outline the unique activities, or complex combination of activities, that allow your company to deliver your customer value proposition. In their book The Discipline of Market Leaders (1995), Michael Treacy and Fred Wiersma describe three generic value disciplines: operational excellence, customer intimacy and product leadership, with each value discipline reflecting the unique activities that provide a competitive edge. For more information, see the article Competitive strategies: Value disciplines. Create a business model canvas which connects the activities that deliver your company’s competitive advantage to your customer value proposition. Developing a strategy statement First, create a great product strategy based on careful evaluation of the industry landscape. Then, develop a strategy statement that captures the strategy’sessence in a way that makes sense to everyone at the company.

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