Branding

https://www.mjfgroup.biz/branding

Welcome to our daily post today on Branding.

Today

SAY OF THE DAY

“Ideas are a dime a dozen. People who implement them are priceless.” – Mary Kay Ash


Branding

Why Entrepreneurs Need to Create Their Own Brands

Why Entrepreneurs Need to Create Their Own Brands At some point in your career, someone has probably talked to you about how to brand yourself, how personal branding is this incredibly important thing that everyone is doing these days, how, if you’ve built a business and are trying to grow, it’s not something you can ignore. Or is it?

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Personal branding, just like regular branding, is something that’s often completely out of your control. If you’re trying to brand yourself as something you’re not, it’s very difficult, if not impossible.

And, when you’re already running a business and busy with the day-to-day grind, when you’re associated heavily with the business you run, it often can seem like a waste of time to focus on personal branding.

But personal branding isn’t just about getting a logo, a business card, and a fancy email header – it’s about who you are, what you do, how you do it, and the business that you run, and it can be a valuable tool to generate new leads and to close sales.

Jeff Bezos famously said that your brand is “What people say about you when you’re not in the room,” meaning that, for all your intentions, for all the work and effort you put into trying to brand yourself as a particular thing, what ends up mattering most is what people think about you.

Branding.

And that’s based largely on your actions, what you’ve done with your business, and what you say. There’s not a whole lot you can do to change that. You are who you are, you’re not likely to change any time soon, and you can’t take back or reverse what you’ve said or done in the past.

Ask any politician, and they will happily tell you that, no matter how hard you try, you cannot brand yourself as something different from what you are.

Now, that being said, you certainly can build a personal brand that is true to who you are, and that’s generally what most business owners do. But what many fail to realize is that the personal brand is necessary in the first place – they often think that, because they own a business and have spent a great deal of time and money building it into a brand that they don’t have to worry about branding themselves. And that’s just not the case.

One major reason you need to brand yourself is to help grow your business. If your business is not well known, if it’s not a household name, it doesn’t mean a whole lot to introduce yourself as the CEO of XYZ Corp.

One of the greatest ways to get in front of new clients and introduce them to you and your business is through speaking events and live workshops or presentations, but your 5 years as CEO of XYZ Corp might not be enough to get you in the door.

However, if you position yourself as, say, a talented WordPress developer, designer, and writer who has been in the WordPress world since day one and who has worked in web design and development for 20 years (and who also happens to be the founder and CEO of XYZ Corp), then you might be more likely to secure these gigs.

Having a personal brand matters, too, when large potential clients are researching you, and the way you brand yourself can play a large role in closing a sale.

They don’t care that you’re just the CEO of XYZ Corp, which they may or may not know very well, but they care more that you, personally, know what you’re doing, have experience, and can handle the project for them, whatever it happens to be.

Branding.

The same is true in the B2C arena. As a business grows and begins to make strategic partnerships, along with larger and larger deals with larger and larger clients, they will naturally look to the CEO and ask “Can this person handle what we’re needing? Who are they? What is their background?”

You need to have an answer to that question. If there’s anything true in life, it’s this – things always change. I’m not in any way implying that your business is going to fail; there are many other reasons that someone would stop running a business.

For instance, you might sell off your business and start consulting. You might turn over your business to a partner, a spouse, a board of directors, or a former employee and start a new business. You might take a much smaller role for a period of time – you never know how it might go down. But, through all of that, the business brand that you’re associated with is going to change, sometimes markedly.

Businesses do fail, but plenty of wildly successful titans of industry have struggled through the failure of a business (or two, or three) only to come out stronger than ever before. While their fortunes and their personal brands were tied to the companies that failed, that was momentary, and they went on to show that they were not their company (and their company was not them).

These reasons and more are why it’s so critical for you, as a business owner, to brand yourself – your business and your employment status may change drastically over time, but you will change a lot less.

Setting aside the business you’ve built and its success or failure, people are interested in your skills, and those skills need to be articulated clearly and effectively to potential business partners, investors, and clients, regardless of your current standing as president or CEO.

To brand yourself effectively, you have to do the same things you would do for a business brand.

  • You need a logo, a color scheme, a website, professional social media profiles – the collateral that outwardly displays a brand.
  • You’ll also need a tagline, some content that describes who you are and what you do. Depending on your business and what you want to do with that in the future, you may need to remove certain pieces of collateral, like the website, or keep content light and supportive of your company and current role, or even just focus exclusively on the design portion of your personal brand and a simple tagline.

If you’re not sure exactly how to position yourself, if it’s hard for you to separate yourself from your business, a brand persona template may be just what you need to get started, to dig into your personality and pull out who you are, what you stand for, and how that translates into the personal brand that you present to the world.


Should you need help in this area contact us.

Contact us for a Branding Discussion on Skype mfreestone5209

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My Business Health Check.

My Business Health Check is used to check companies who have dysfunction, conflict and disjointed application of processes in them. It actually works very well. Again, I modified a spreadsheet from one of my IIB Colleagues bringing in the concept of excellence into it and eventually ended up with 200 questions in 7 sections that identified Your and especially Your staffs’ responses. The results are plotted against a perceived Excellently balanced Company. The variances in companies are vast and the graphics point this out starkly. THE TOOL IS EXTREMELY USEFUL!

https://www.mjfgroup.biz/7stepbusinessdiagnosticfortheceo

 

 

$10.00/R122.50 (19/04/2018)


The 7 Step Business Diagnostic for the CEO

If you wish to buy a 7 Step Business Diagnostic for the CEO is on Special Offer at  $30/R358 via PayPal. (Normally $50.00)

Click on the link. Pay through PayPal or Your credit card. The PayPal system will calculate the exchange rate which you will be charged.

7 Step Business Diagnostic for the CEO

https://www.mjfgroup.biz/The7StepBusinessDiagnosticfortheCEO

 

 

 

$30/R367.50. (19/04/2018)

 


 

About us

htttp://www.mjfgroup.bizaboutus

We have provided a Complete Company Profile 2018 on our About us page which we trust will influence you to contact us to discuss your Business needs.

The MJF GROUP.  

The MJF GROUP provides Business Advisory Services and Support to the CEO, under the banner of the MJF Group (Business Support to the CEO).

The members of Our Group solve problems which CEO’s are experiencing across a range of demanding and complex disciplines and industry sectors.

We bring a unique, cross-disciplinary approach to clients’ challenges, ensuring the right balance of ability and real-world experience, this includes; strategy, marketing, sales, business planning, accounting services and funding applications, health information management, organisational ability, executive talent development and performance and digital strategy.

About us.

 

Who We are.

Company Expansion

South Africa.

A Sole proprietary business was started by Dr M J Freestone in 2004. It included a JV with an accounting service business called Riverstone Accounting Payroll and Statutory Services (RAPSS). By end 2016 RAPSS services were brought under the banner of The MJF Group.

Australia.

In 2014 the sole proprietor, which by now was a Group of companies, added to its list of professional services by opening an Australian Branch, incorporating Executive Recruitment and Leadership profiling,

This broadened our services to include Information Management to the Health Sector by amalgamating with DataProComms (Pty) Ltd Australia, run by Dr D Freestone Doctor of Philosophy (Public Health).

United Kingdom

We created a UK Company; Interco Development & Training Limited.  This company provides soft skill training for micro to small businesses in Hull and offers them access to a funding portal run in conjunction with Sterling Capital Limited. Interco also offers Business Support to companies needing to grow and develop their businesses.

We have also opened BASS Business and Soft Skills Limited (By Guarantee), a Charity created to train under 25’s to get a broader perspective of business skills needed to get into the business world.

The adoption of Australia and the United Kingdom into the MJF Group brings together 85 years of senior executive knowledge and experience in the Freestone family with 38 years joint management consulting experience across three continents.

This enables us to offer clients a complete suite of consulting and advisory services into key industry and services sectors such as:

  • finance,
  • manufacturing,
  • engineering
  • textiles specifically under manufacturing
  • mining,
  • telecommunications,
  • construction,
  • distribution,
  • health,
  • hospitality

About us

Companies in Group

  • Dr Michael John Freestone trading as MJF GROUP ™.(SA)
  • Interco Development & Training Limited (UK)
  • South African Mining and Exploration Company (SAMEC) ™)
  • Business and Advisory Soft Skills cc t/a as BASS ™ (SA)
  • DataproComms (Pty) Ltd Melbourne Australia (Pty) ™ Ltd (AU)
  • BASS Business and Soft Skill Limited ™ (By Guarantee) A Charity to train under 25’s (UK)

Legal Entity

The company is incorporated in South Africa as a Sole Proprietor, In Australia as a (Pty) Ltd; In the UK as Limited Companies.

What Methods Do We Use?

Business Support Program

Created as a Business Advisory Service, offering Strategy, Peformance Improvement, Marketing, Sales, Operational, Business Planning and Funding Applications support to the busy CEO, leaving him time and energy to focus on the key issues affecting their businesses today. We have doing this for the past 14 years.

Our Customer Value Proposition is:

We work with CEO’s to: Improve Productivity; Increase their profitable Sales by as much as 179%”

Proprietary Tools

Utilizing our proprietary tools assists us in understanding the condition of the Client’s business and the diagnostic approach used by us identifies what needs to be done to uncover hidden profits.

AQL Business Diagnostics ™ http://www.mjfgroup.biz/aboutus

 

 

https://www.mjfgroup.biz/7 Step Diagnostic for the CEO ©.

 

https://www.mjfgroup.biz/nichemarketCompetitor Analysis ©

 

 

 

https://www.mjfgroup.biz/newbusinessservicesDISC © Analysis Only for our registered Clients.

 

https://www.mjfgroup.biz/businessdiagnosticPrimary Business Health Check ©

 

 

 

https://www.mjfgroup.biz/chgemenagementandgrowth Performance Toolkit V2.©

 

 

https://www.mjfgroup.biz/growthpredictorindex/dna GE Matrix Chart (Modified) ©

 

 

https://www.mjfgroup.biz/aboutusProprietary Financial Analysis Charts and Spreadsheets.

 

 

https://www.mjfgroup.biz/aboutus Sales Forecasting 5 years ©.

 

 

Consulting Services

Our professional consulting services to CEO’s (Chief Executive Officers) in both Corporate Business and Health/Medical Services sectors has been tried and tested.

Marketing and Sales Plans

Whether we are working on mapping your new strategy, crafting your funding plan, growing sales by using our 133 Marketing and Sales tactics, or searching for your new executive, you can rely on us to get the job done thoroughly.

Full Accounting Services.

We provide full outsourced accounting services including:

  • Bookkepeing
  • Monthly Management Accounts
  • VAT
  • Payroll
  • Accounting Officer
  • Auditing.

Funding Applications

Our funding division makes application for Grants in the Production Incentive Program (PIP) designed for the Clothing, Textile, Leather and General Goods Sector (CTFL).

We successfully negotiate the various protocols in IDC, SEFA, NEF and DTI to get funds for companies who have a great product, Level 2 BBBEE, excellent staff, much innovation but no cash.

Dr MJ Freestone is a Senior IDC Expert and sources Plant and Equipment funding as well as Working Capital funding to ensure that cash flow is not a limiting factor.

The division works hand in hand with Business Support. It has been our experience that unless the client changes his business behaviour there is not enough funding in the world. So once a workable Business Plan has been completed, it will require change management, which is offered by Business Support.

About us

Training Division

Our Softskills division; Interco Training and Development UK/South Africa provides training solutions with courses designed to increase business and leadership knowledge.

The 97 practical courses that we offer can be held at your Company premises, making it very convenient and cost-effective.

Our normal courses, held in very upmarket premises in HULL, United Kingdom/Midrand South Africa are conducted weekly, 4 courses per month. They change the following month and depending on popularity may come back sooner than every 2 months.

The courses are monitored by an invigilator and score results are given to management a week after training, which enables the Company sending the trainee, a subjective evaluation of how they have done.

Interco has a Joint Venture with Sterling Capital to provide funding to SME’s through our Funding Lines suite of products.

Business Problems that we solve for the CEO’s include:

  • Falling profitability
  • Ineffective Strategy
  • Poor Inventory controls
  • Old fashioned Accounting systems
  • Not using Accounting systems correctly
  • Poor marketing and/or no marketing
  • Poor marketing tactics as no marketing strategy exists
  • Too much marketing causing space and order backups leading to low customer satisfaction
  • Extremely low customer satisfaction score
  • Disappearing sales
  • Productivity in tatters
  • Low On-Time In-full statistics.
  • No staff training
  • High employment changes
  • Over-employment adding to lack of productivity
  • Poor systems and procedures
  • Lack of control in the organisation causing chaos.
  • No Mechanisms to check and control the organisation.
  • No Tracking of Executives progress to planned objectives.
  • Poor Leadership
  • No Leadership profiling
  • No Executive training
  • Poor Executive recruitment using the DISC Tools.
  • Poor Management practices

Professional Services we offer the Health Service CEO’s

  • Conducting Quality Audits of Clinical Coding
  • Project Management of clinical and administrative information systems implementation
  • General Practice Accreditation Readiness.

Services for Education & Professional Development in the Health Care Sector – Ausralia run by Dr Darren Freestone

  • Professional development and staff training for;
    • Activity Based Funding
    • Clinical Coding readiness. ICD10
  • Education & Training;
    • People entering or re-entering the Clinical Coding profession.
    • Overseas organisations looking to set up Health Information Management systems

About us

Management Expertise.

Management expertise focuses on two specialities – strategic positioning to support and grow market share; development and implementation of working plans to meet strategic outcomes:

Boutique consulting services provided include;

  • Providing due diligence services and contract negotiations for the acquisition of:
    • mines
    • educational institutes
    • healthcare manufacturing facilities for major UK and South African based Industries.
  • Project to integrate multiple mining facilities into one plant, ensuring uninterrupted supply to the market.
  • Change management and the negotiation of a purchase of a South African owned Transport business to get mining product from the DRC to South Africa.
  • Project to transition a trading entity into a copper cable manufacturing entity with a world-class a new range of copper cable manufacturing plant in South Africa.
  • Engaged in working with a telecommunications provider in Tanzania for 2 years.
  • Engaged by a South African company to craft a business plan which had a complete design and construction to build electrical and telecommunications projects in East Africa.  The scope involved designing and costing the project to connect with the Middle East from Tanzania to South Africa.
  • Taking a low-cost mass distributor textile provider to becoming a multi-faceted high cost “Made to Order” Clothing and Uniforms Fashion House and provider of Premium Gifts to a Corporate Niche Market.
  • Crafting a Greenfied Business Plan for a Copper Cable Factory using the latest state of the art technology.

Membership and Affiliations

The MJF GROUP holds Membership with:

  • JCCI
  • VCCI
  • The Institute of Directors (IOD)
  • Institute for Independent Business (IIB);
  • The South Africa Institute of Tax Practitioners (SAIT),
  • Commissioner of Oaths
  • SARS Tax Practitioner.
  • Full Member of the HIMAA (Health Information Management Association of Australia). Certified Health Information Manager.
  • CSSA/ICSA/CIBM

About us

Company Contact details

South Africa

South Africa.:  Potgieter Road Glen Austin AH Ext 1.1685.

Cell#: +278369423753.   Gloria A Wright Freestone.

Email: admin@mjfgroup.biz

Cell# +2783 4754192. Dr Michael J Freestone.

Email: info@mjfgroup.biz
Webpage: http://www.mjfgroup.biz /ABOUTUS 
Skype name: mfreestone5209

The United Kingdom.

Head Office.

K2 Bond Street.

44 Bond Street, Hull. HU13EN

Interco Development & Training Limited

Cell# +44 1482363903       Director Mr Brian Freestone

Webpage: http://www.interco.mjfgroup.biz

BASS Business and Soft Skills Training Limited (By Guarantee)

Cell +447729905578         Director  Dr Michael John Freestone.

Webpage (Under Construction) http://www.basshull.org)

Australia.

By Introduction only as we maintain a very low profile while we are growing this business.

Should you require any of the services mentioned use the contact form below.

The Power of Vision.

https://www.mjfgroup.biz/powerofvision

The Power of Vision is what serves several purposes in an organisation. First and foremost, it captures the organisations future intent. In other words, it paints a picture of what the company intends to become, not what it is today.https://www.mjfgroup.biz/dailyquotes/howyoudefine the problem

This topic has been written about by Authors, Songwriters and Preachers so it is not new.

  1. The Power of Vision by Joel Barker – Star Thrower Distribution.
  2.   Myles Munroe: ‘The Power of Vision’
  3.   The Power Of A Vision – Jesus Culture,
  4. Power of a Vision | Leaders Living Life Fully – Eternal Leadership
  5. The Power of Vision | A Sermon | Pastor Taiwo Kayode — House On …

A Common red line through just the few I have highlighted here.

A vision should stand the test of time and perpetuate the enterprise over a long period of time. A vision can serve a multiple of purposes:

  1. A vision bonds. Companies are populated with individuals possessing a diversity of skills, languages, cultures and personalities. A vision can give people a common cause and direct their energies towards a unifying goal.
  2. A vision inspires. Although corporations measure their progress over time with numbers – growth, profits, or both- numbers do not generally inspire ordinary people to do extraordinary things. But, a more noble vision and strategy can inspire beyond one’s expectations.
  3. A vision is an anchor. When times are difficult, a vision gives an organisation an anchor that will steady the ship and hold everyone together until the storm passes.
  4. A vision is a potent competitive tool. Having a sense of what one wants to become when grown up gives the organisation an enormous competitive edge and advantage over those that as my daughter says ‘haven’t got a clue’.

The Power of Vision.

Required attributes of a successful vision.

A vision

  1. Will mobilise a large population of people who might not have any other attachment to the organisation than that it is their job and source of income,
  2. Must have certain attributes in order to get ordinary people to do extraordinary things.
  3. A power of a vision must be clear. The vision cannot be ambiguous. Most people in an organisation do not want to be leaders – they simply want to be good followers. As such, what they want to know from their leaders is: “Where are you taking me so I can decide whether I want to follow you there?” As a result, the leader must design a clear vision that can quickly and clearly be understood by all employees.
  4. A power of a vision must be compelling. A goal of becoming a Billion-Rand company will not motivate ordinary people to do extraordinary things. Numbers are usually not compelling enough to mobilize large groups of people to want to achieve beyond their capabilities. In order to motivate people to overachieve, the vision must ‘compel’ people to want to overachieve voluntarily. Thus the reason for Steve Jobs attracting John Scully to join Apple, even though he gave up a very lucrative job with Pepsi – not with promises of a large financial incentive, but rather with the “opportunity to change the world”. What foresight Steve Jobs exhibited in those days back in 1971. That is exactly what the PC industry, led partially by Jobs and Apple, has done.
  5. A power of a vision must be distinctive. Not many people want to work for an imitator, where every transaction the company engages in turns out to be based strictly on price. That is not a fun world! The best companies have a distinctive vision that does not attempt to imitate their competitors but sets them apart from these competitors. Like the super racehorse Secretariat, their notion of competition is not run side by side with their competitors but, rather lead the next best competitor by 31 lengths, pulling farther and farther ahead of each business cycle. As Samuel Johnson once said, “No man has achieved greatness by imitating another man.”
  6. A power of a vision must be consistent. A vision that is constantly being adjusted is usually not going to impress anyone, PARTICULARLY YOUR OWN TROOPS. Visions that are forever changing reflect the lack of forward thinking and will become the butt of everyone’s corporate joke – the proverbial “vision of the week.”

The Power of Vision.

http:///www.mjfgroup.biz/thepowerofavisionA personal perspective of what  constitutes a Vision and it’s elements. By Dr Michael J Freestone.

Next Blog My method in – Writing a Powerful Vision Statement.

Contact us

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Different Types of Business Strategies

https://www.mjfgroup.biz/idcoverview/idcpost

Different Types of Business Strategies are available to any startup or a business.

Basic Approach to Strategic Planning

A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition. Some essential points which should to be observed during the review and planning process include the following:

  • Relate to the medium term i.e. 2/4 years
  • Be undertaken by owners/directors
  • Focus on matters of strategic importance
  • Be separated from day-to-day work
  • Be realistic, detached and critical
  • Distinguish between cause and effect
  • Be reviewed periodically
  • Be written down.

As the precursor to developing a strategic plan, it is desirable to clearly identify the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following issues discussed in more detail below:

  • Vision
  • Mission
  • Values
  • Objectives
  • Strategies
  • Goals
  • Programs

Strategic statements can be defined as broad indicators of the direction(s) in which a business should be driven in order to fulfil its vision/mission while taking realistic account of its resources, constraints and opportunities.

In the case of a start-up venture, organic and quantum approaches translate into soft or hard start-up strategies. An example of a soft start would be a software company which evolves from a part-time business into full-time service provider and then progresses into software products (classic “back room” start). Another example, would be an engineering company which starts in a shed and gradually moves into a proper premises (“garage” start).

Soft start strategies can be very effective as they allow entrepreneurs to learn the trade (and make mistakes) without incurring major, irrevocable (and maybe premature) commitments. Hard starts are obligatory where substantial investments (in R&D, market or assets) or resources (technology, manpower etc.) are needed from the outset. It may be possible to soften a hard start by renting (rather than buying) premises; leasing equipment (instead of purchasing); acquiring a franchise (in lieu of developing a new brand, systems etc.); entering into a joint venture; or subcontracting manufacturing, distribution, accountancy services and so on.

Before deciding on what type of strategy to adopt you will need to have the following statements if you are an existing company or you will need to work through what is posted here before you decide.

Different Types of Business Strategies

Note Well.

The preparation of a strategic plan is a multi-step process covering vision, mission, objectives, values, strategies, goals and programs you need to initiate to complete the strategy decide upon.

Vision.

 

 

Mission.

The nature of a business is often expressed in terms of its Mission which indicates the purposes of the business, for example, “to design, develop, manufacture and market specific product lines for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas”. A statement along these lines indicates what the business is about and is infinitely clearer than saying, for instance, “we’re in electronics” or worse still, “we are in business to make money” (assuming that the business is not a mint !)

Peter Drucker says “Mission: Why you do what you do; the
organization’s reason for being, its
purpose. Says what, in the end, you want
to be remembered”

There are many tools that you can use to define your strategic position in your market,and what sort of strategy you should adopt.

One of them is the GE matrix. The GE matrix helps a strategic business unit evaluate its overall strength. Each product, brand, service, or potential product is mapped in this industry attractiveness/business strength space. The GE multi factoral was first developed by Mckinsey for General Electric in the 1970s.In order to use the GE Matrix you need to understand the market you are in and you must have a very good grasp of strategy.

I have modified the GE And the GE McKinsey graph as seen below.

I addition to giving you two points on a square block i have added what type of strategy best fits each quadrant. This has been developed by me over 3 decades of in company research, as Africa Director responsible for growth and development. The Group I worked for was massive as it had more than 136 companies in its stable.

You are asked to identify percentages in a range of questions and give an indication of your strategic ability.

When Completed you will get a Graph as shown here. Careful consideration is needed when compiling the answers.

https://www.mjfgroup.biz/gematrixamendedbymjfgroup

Click on this link to download the Free excel spreadsheet, which I modified to give You a better picture of what strategy you should follow. A Resulting graphic display will clearly tell you in which quadrant that you can

Different Types of Business Strategies.

Growth Strategy
Any growth strategy entails introducing new products or adding new features to existing products.

Sometimes, a small company may be forced to modify or increase its product line to keep up with competitors. Otherwise, customers may start using the new technology of a competitive company.

For example, cell phone companies are constantly adding new features or discovering new technology. Cell phone companies that do not keep up with consumer demand will not stay in business very long.

A small company may also adopt a growth strategy by finding a new market for its products. Sometimes, companies find new markets for their products by accident. For example, a small consumer soap manufacturer may discover through marketing research that industrial workers like its products. Hence, in addition to selling soap in retail stores, the company could package the soap in larger containers for factory and plant workers.

Product Differentiation Strategy
Small companies will often use a product differentiation strategy when they have a competitive advantage, such as superior quality or service. For example, a small manufacturer or air purifiers may set themselves apart from competitors with their superior engineering design. Obviously, companies use a product differentiation strategy to set themselves apart from key competitors. However, a product differentiation strategy can also help a company build brand loyalty, according to the article “Porter’s Generic Strategies” at QuickMBA.com.

Different Types of Business Strategies

Price-Skimming Strategy
A price-skimming strategy involves charging high prices for a product, particularly during the introductory phase. A small company will use a price-skimming strategy to quickly recover its production and advertising costs. However, there must be something special about the product for consumers to pay the exorbitant price. An example would be the introduction of a new technology. A small company may be the first to introduce a new type of solar panel. Because the company is the only one selling the product, customers that really want the solar panels may pay the higher price. One disadvantage of a price-skimming is that it tends to attract competition relatively quickly, according to the Small Business Administration. Enterprising individuals may see the profits the company is reaping and produce their own products, provided they have the technological know-how.

Acquisition Strategy
A small company with extra capital may use an acquisition strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company. For example, a small grocery retailer on the east coast may purchase a comparable grocery chain in the Midwest to expand its operations.

Please contact us so we an assist you with a complete strategy and corresponding tactics needed to achieve your strategy chosen.

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Creating a Compelling Customer Focused Value Proposition

https://www.mjfgroup.biz/creatingacompelling valueproposition

https://www.mjfgroup.biz/compelling value propositionCreating a Compelling, Customer-Focused Value proposition has a guiding principles: the value proposition should focus on customer needs, not on product or service features.

Does Your Value Proposition Communicate Effectively?

As a business owner, you are passionate about what you do. You love each of your products and services, know them to be much better than those of your competitors, and understandably want to tell as many people as possible about them – how your bread is fresher, how your clothes are more fashionable, how your software has more functions, or how your doohickie has more whatyamacallits!

Creating a Compelling Customer Focused Value Proposition

The problem is that when you use this style of language to talk about your products, the core message you are communicating is centered on your view of your products, which may not reflect your customer’s purchase motivations.
When talking about your products and services in this manner, your message often sounds to customers as “this is what I sell, and I am running through a long list of the reasons why I think you should buy it.”

What your customers want to hear, however, is a clear statement that demonstrates that you understand their situation – that you recognise the problem they wish to solve, or the outcome they wish to achieve – followed by a specific offer or explanation as to how you are going to help them address their situation.
Ideally, the value proposition will not only explain how owning your product or using your service will allow the customer to achieve a desired outcome; it will also explain how it is that your business is uniquely positioned to create that outcome.

In Creating a Compelling Customer Focused Value Proposition, you should ensure that it incorporates the following three components as a minimum:
1. The value proposition should define the business you are in using customer-centric wording; that is, it should describe the type of solution the business provides for its customers.
2. The value proposition must clearly demonstrate that you understand the customer’s objective – why it is they are considering doing business with you in the first place.
3. The value proposition should outline your specific offer and pinpoint exactly how it is that it will meet the customer’s objective.

Creating a Compelling Customer Focused Value Proposition

The Power of a Successful Value Proposition.

A classic example of Creating a Compelling Customer Focussed Value Proposition can be found in the approach that the rental car company, Avis, took when trying to win back market share from Hertz. The Avis story is also a dramatic example of how powerful it can be when you get the value proposition right, and how profitable it can be when you deliver on the promise you make to your customers.
In 1962, when Robert Townsend took over the reins as President of Avis, the company had entered its 13th year in the red, with a market share of just 10-11% of the car rental market. By
1996, Townsend was able to grow Avis’ market share to 35%. How did he achieve this?
Townsend launched a bold, daring advertising campaign that centered on the company’s new strategy of focusing on good old fashioned service. Instead of proclaiming that it had the newest cars, or the cheapest prices (which may have been true), they used the following messaging:
We’re No.2. We try harder!    In this simple, self-deprecating phrase, Avis acknowledged an indisputable fact – that it was a distant 2ND in the car rental market – while also providing an irresistible value proposition: that Avis would work harder to prove they are worthy of your business.
This value proposition recognised that, for many car rental customers, prompt, caring, and friendly service (the ‘benefit’) was far more important than the car (the ‘feature’).

Conclusion.

In today’s crowded marketplace, with new competitors emerging from around the globe, and almost saturation marketing of products and services, it is more important than ever to ensure that when you have the attention of a potential customer, you are able to offer a compelling reason for doing business with you.
It is important to be able to communicate why your product or service is cheaper, more economical, more durable, of higher quality, covered by a better warranty,
Has greater market acceptance etc. than any of your competitors. However, it is imperative that you are able to convey how your product or service is uniquely position to provide the customer the precise outcome they are seeking to achieve with your product or service.
By couching your discussion of the desirability of your product or service in language that speaks directly to the customer’s actual needs, rather than focusing on product or service functionality, you will go a long way towards answering the most important question on a customer’s mind: why should I buy from you?

If you need help in compiling your Creating a Compelling Customer Focused Value Proposition, don’t hesitate use the contact form below.

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