This means defining your ideal target customers and those you should avoid. Growing companies accelerate their revenues by concentrating their energies on ‘sweet spot’ prospects. The sweet spot is where your target customer selection leads to a perfect alignment of potential customers’ needs and your distinctive competencies. Once you focus on sweet spot customers, you find that their needs are similar. You will understand their business needs better than anybody else. It allows you to configure your products, services and activities to deliver superior value – beating the competition more often. In Leinster’s case they may consider the following: 17,000 season ticket holders Best talent into our academy Best sponsors 3. Competitive Advantage – how will we win? Beating the competition is at the heart of strategy. Competitive advantage is the ‘how’ of strategy. A good strategy statement includes a clear description of the ‘advantage’ you will have over your competitors. Understand your industry. Look at your competitors’ practices. Talk to industry experts and potential customers, to find out what really counts in your industry. Ask yourself the question, why should a customer buy from you rather than the competition? For example, Leinster’s competitive advantages could include: Build partnerships with the community e.g. rugby schools and clubs Create innovative coaching environment e.g. world class coaches Offer a quality fan experience e.g. family days and great merchandise The leaders challenge is to figure out the competitive advantage that will ensure they meet their goals. 4.Logic – why will this work? Now test the logic of your strategy statement with the question: “What has to be true if this strategy is to succeed?” Continually test the logic of your strategy to encourage your team to test and refine assumptions. For Leinster to be able to win the Champions Cup, they must have the appropriate structures in place that bring about this outcome. If they fail to play a good brand of rugby it is unlikely that they will achieve their strategic goals. Similarly, attendances would fall if Leinster do not offer a quality fan experience.
This means defining your ideal target customers and those you should avoid. Growing companies accelerate their revenues by concentrating their energies on ‘sweet spot’ prospects. The sweet spot is where your target customer selection leads to a perfect alignment of potential customers’ needs and your distinctive competencies. Once you focus on sweet spot customers, you find that their needs are similar. You will understand their business needs better than anybody else. It allows you to configure your products, services and activities to deliver superior value – beating the competition more often. In Leinster’s case they may consider the following: 17,000 season ticket holders Best talent into our academy Best sponsors 3. Competitive Advantage – how will we win? Beating the competition is at the heart of strategy. Competitive advantage is the ‘how’ of strategy. A good strategy statement includes a clear description of the ‘advantage’ you will have over your competitors. Understand your industry. Look at your competitors’ practices. Talk to industry experts and potential customers, to find out what really counts in your industry. Ask yourself the question, why should a customer buy from you rather than the competition? For example, Leinster’s competitive advantages could include: Build partnerships with the community e.g. rugby schools and clubs Create innovative coaching environment e.g. world class coaches Offer a quality fan experience e.g. family days and great merchandise The leaders challenge is to figure out the competitive advantage that will ensure they meet their goals. 4.Logic – why will this work? Now test the logic of your strategy statement with the question: “What has to be true if this strategy is to succeed?” Continually test the logic of your strategy to encourage your team to test and refine assumptions. For Leinster to be able to win the Champions Cup, they must have the appropriate structures in place that bring about this outcome. If they fail to play a good brand of rugby it is unlikely that they will achieve their strategic goals. Similarly, attendances would fall if Leinster do not offer a quality fan experience.
what_is_your_growth_strategy_statement12.docx