The first and most important part of any strategy is having a clear and distinct value proposition to your customers. Is it a product focus? Is it a customer focus? Or is it a cost focus? How do you differentiate and how do you choose to be different? Once you have a clear value proposition it’s just as critical to make sure everyone in your own company knows what it is and how to execute it.
Where are you going to compete?
A great strategy has focus and limits; you can’t be all things to all people and all customers. You need to find the right markets and locations to compete in and make sure your value proposition is the right one for the right customers in the right locations.
How will we win against our key competitors?
Every business and every market has or will have competitors. A critical part of strategy selection and execution is making sure you understand how to win against key competitors. Please note; that’s key competitors and not every competitor. Ultimately this element will come down to how do you develop and deploy the right message to customers to position your value proposition versus the value proposition of competitors including their weaknesses.