Strategic assessments help ferret out the issues that are preventing a thought-to-be-healthy marketing plan from taking traction. It also ups the success rate of starting a new venture.
Over the next few weeks we’ll take a look at what makes up a strategic assessment. We’ll cover understand the marketplace, and knowing the competition to reviewing the sales model, messaging platform, marketing channels, offers, value proposition et al.
Let’s jump in…
When thinking of what goes into a sound strategic assessment a bunch of questions come to mind that need answering: Is my product or service in constant demand? How many competitors provide the same product or service? How large is the potential customer base? Can I create a demand for the product or service? Can I effectively complete in price, quality and delivery? Will the cost provide a profit? Are there up-sell or cross-selling opportunities? Do I have the budget to be successful?
I live in a small mountain town in the Colorado Rocky Mountains. We just had the grand opening of our 5th auto parts store. Everyday I drive by this shop I wonder what that new owner is thinking. Because of the slow economy the town hasn’t grown any. The four stores that have been in town for years are serving the population just fine. New people are not flocking in by plane, bus or train. I guess it’s because we don’t have an airport, the bus doesn’t stop or even go through our town and the train station close back in the late 1930?s. Does this new owner think he’s just going to undercut the other four store’s prices? He’s not offering anything new. Car parts is car parts.
I’m thinking doing a little market analysis never crossed this guy’s mind. Not to wish anyone ill will, but someday he’ll have plenty of time to wonder why his idea never took hold.
Let’s turn around a well-used phrase: Don’t just do something, sit there. Sit there and think through your decision to start that new business or launch a new marketing plan.
