Business Strategy Planning starts with market research. Market research is an overall encompassing

exercise that looks at the competition, the clients and the product.

Business Strategy Planning In Action

Business Strategy Planning – Using the internet as a tool

Another great way to do some initial planning is through internet testing and research. There are a ton

of tools available out there that provide a ton of data essential for your business. Again if you’re

operating on a local scale, it’s probably best to focus on the larger regional and national players to get

accurate information.

Business Strategy Planning – Listen to the client, too

Not only is checking in on the competition important, but so too is listening to what the market is saying.

Start with your existing clients for immediate and after sale comments. Expand further into online

research to find out more chatter. There’s a forum for just about everything, find a few in your market

and get to reading.

Business Strategy Planning – Is the product broken?

Research like this isn’t complete without examining the overall product. Look at the competition and

what the clients are saying and match it up against your product and other existing products in the

market.

 What opportunities are there for improvement?

 Can you execute that improvement?

 Have you found alternative uses or audiences where you can grow into?

If you’re operating in a local market on a small scale then you should “spy” on your local competitors. If

there isn’t enough local competition or the required information is available, then you have to go big.

Look at the regional and national players and examine what they’re doing and how they’re positioned to

discover your fit.

Why are you different than the competition? Leave a comment below and let us know!