My Business Strategy doesn't seem to be working; now what?
An unscripted, brainstorming conversation on business strategy with David F. Leopold. When you feel that your strategy is no working you may be looking at the wrong details. Connect with key people--your prospects and customers--and ask them what they want from your product or service.
Listen with an open mind to make adjustments to your overall strategy. Alter your business plan and then implement the new core strategy elements.
Something as simple as your pricing may be attracting the wrong customers. Define the perfect customer. This may be someone who doesn't just buy but adds value to your business by continuing with repeat transactions or signing up for a monthly retainer after an initial purchase.
Some attributes to consider:
- have money to make the purchase
- are willing to share their needs and wants
- respond when you contact them
Don't be afraid to describe the perfect customer in your promotional material.
- Why do you think your strategy is not working?
- Don't loose sight of the forest by looking at one tree
- Engage your customers and your prospects
- Ask them what they want and need from you
- Customers are gold
- Ask open-ended questions
- Listen and pay attention to the answers
- Define your best customer
- Set time limits for free advice (e.g. 10 minutes), then charge for consultation
- Performance based pricing
- Ongoing consulting with a retainer
I'd love to get your feedback on these thoughts! Leave comments.