11 Aug BEST BUSINESS STRATEGY SPEAKER: FUTURIST ON STRATEGIC GROWTH
Want to be the best business strategy speaker and consulting futurist you can be? It helps to know the fundamentals. Here, the concept speaks to a company’s plan to achieve specific organizational objectives. Different types of corporate strategies are employed (that, as a best business strategy speaker, you’d do well to be aware) based on the company’s goals, industry environment, and competitive landscape. Let’s discuss some common types…
Growth Strategy: Expanding the company’s activities. Expansion could occur via:
- Market Penetration: Selling more of existing products to existing customers.
- Market Development: Entering new markets or segments with existing products.
- Product Development: Introducing new products to existing markets.
- Diversification: Entering new markets with new products, according to the best business strategy speakers.
Stability Strategy: Here, the company aims to maintain its current business and remain stable, especially if the industry is not growing.
Retrenchment Strategy: This involves scaling back operations to strengthen or revitalize a business. This could be in the form of:
- Turnaround Strategy: Taking actions to quickly improve performance.
- Divestment: Selling off parts of the company to focus on core operations.
- Liquidation: Closing the business and selling its assets.
Cost Leadership Strategy: The company aims to become the lowest-cost producer in its industry. As today’s bestselling business strategy speakers might note, it doesn’t necessarily mean being the cheapest but offering the best value for the price.
Differentiation Strategy: The company tries to offer unique and distinct products or services that stand out in the market, allowing it to charge premium prices.
Focused Cost Leadership or Focused Differentiation: Companies target a niche or specific segment of the market, either by offering a lower cost or a differentiated product.
Integrated Cost Leadership/Differentiation: This strategy aims to use attributes from both cost leadership and differentiation to serve a wider range of customers.
Innovation Strategy: Companies focus on producing innovative products, services, or processes, often disrupting existing markets or creating new ones.
Operational Strategy: The best best business strategy speakers explain it focuses on improving the efficiency of the company’s operations, from supply chain management to production or service delivery.
Blue Ocean Strategy: Instead of competing in a crowded marketplace (a “red ocean” filled with competition and shrinking profits), companies create new spaces, or “blue oceans,” ripe for innovation.
Customer Intimacy Strategy: Companies focus on building strong ties with customers by tailoring their products or services to them and offering exceptional customer service.
Alliance Strategy: Businesses form partnerships or alliances with other companies for mutual benefit. This might involve joint ventures, mergers, or acquisitions.
Digital Transformation Strategy: This strategy integrates digital technology into all areas of a business, fundamentally changing operations and delivering value to customers.
Geographic Expansion Strategy: Companies expand their operations into new geographical areas to access new customers or markets.
Diversification Strategy: This involves adding new products, services, or markets to your company’s core business.
Note that a company might employ multiple strategies simultaneously or shift from one strategy to another as market conditions change. The major part is choosing a strategy (or combination of strategies) that aligns with the company’s resources, strengths, and market conditions, providing a clear direction towards achieving its objectives.
