Types of Digital Marketing: Your Essential Guide to Understanding the Digital Marketing
Many businesses don’t have a coherent digital marketing strategy. Image credit: Media Valet
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Business Strategy
The latest business strategy articles, advice and insights from the ProfileTree team.
How to Build an Empire: The Building Blocks of a Successful Business
Is your goal to build an empire around your business? That dream, held by many, doesn’t happen overnight. In the days of online entrepreneurship, the question of how to build an empire is more common than ever. So, what does it take to achieve success? And where should you start? Building a business empire is […]
What Is Corporate Strategy? 3 Steps to Success
Many companies lack long term planning. Image credit: s24352.pcdn.co
What Is A Value Proposition? Lessons To Learn From For Marketing Success
A value proposition is a marketing statement for a business. A company uses this statement to illustrate the reasons a potential target group should purchase a product or subscribe to a service. It sounds so straightforward…but vital for your business!
Top Latest Small Business Loan Statistics
Delving into the world of business loans can seem like a daunting task, filled with complexities and uncertainties. However, by carefully examining the latest statistics on small business financing, valuable insights can be gained to help navigate the funding landscape and make informed decisions. In this article, we will decode percentage approval rates, average loan […]
Maslow’s Hierarchy of Needs: The Key to Understanding Your Target Customers?
Mercedes consciously reference the fact that their products provide something well beyond what is necessary of a car. Image credit: Mercedes
Unlocking the Power of Business Leadership Statistics
Have you ever pondered why your business isn’t escalating the way you planned? As an entrepreneur, you must have gone through all kinds of analysis and investigations to recognise the problem. However, leadership is one aspect that many business people pay no attention to. Did you know that 77% of businesses report a shortfall in […]
How HR Statistics Can Optimise Recruitment and Retention
Human Resource (HR) management is undergoing significant transformations with the increasing integration of HR statistics-driven approaches in the workplace. The use of HR statistics has become a top priority for HR professionals and leaders, enabling them to make informed decisions and strategic plans. The reliance on HR statistics intensifies as organisations strive to enhance employee […]
Global Air Travel Growth Continues: Latest Outlook Reveals Milestones
Air travel statistics continue to forge ahead in 2023 despite the pandemic’s lingering challenges. The latest outlook reveals significant milestones achieved and a promising trajectory for the year. The global air travel industry in 2023 demonstrates resilience and adaptation in the face of unprecedented challenges. With a steadfast focus on recovery, various regions have made […]
Top Workflow Automation Statistics
Struggling to streamline your business operations is a common challenge. Many people wrestled with similar issues. This research uncovered the most recent automation statistics, with 67% of companies resorting to business process automation for boosted efficiency. In this blog, we’ll unpack an array of intriguing workflow automation statistics and break down the jargon to help […]
Critical Cybersecurity Statistics for Small Businesses
In an era where digital transformation is not just a trend but a necessity, a single breach can have devastating consequences. Small businesses, in particular, are increasingly finding themselves on the front lines of cyber threats. As the backbone of the economy, these companies face unique challenges in safeguarding their digital assets against a rising […]
Financial Management: A Comprehensive Toolkit for Building a Secure Future
There are many different elements to financial management. Image credit: MtpPLC
Purchasing Company Insurance: Ultimate Guide
There are many different kinds of business risk. Image credit: Purdue.edu
Promotion: The Fourth P in The Marketing Mix
The marketing mix, a foundational concept in the field, traditionally comprises four Ps: Product, Price, Place, and Promotion. We discussed the first, second, and third Ps in previous articles: Products: The First P in The Marketing Mix, Price: The Second P in The Marketing Mix, and Place: The Third P in The Marketing Mix. So, […]
The 4 Types of Customer Segmentation: How to Correctly Apply Them and The Value They Add
So what is customer segmentation? In the end, all businesses want to gain the trust of their customers. Having a clear picture of the different people who benefit from your products and services is a huge part of this.
Building a Winning Investment Portfolio: A Data-Backed Framework for Long-Term Returns
The perfect financial portfolio can comprise several different elements. Image credit: TheBalance
Effective Sales Techniques: Close That Deal!
Effective sales techniques focus on both quality and quantity. Image credit: 99Firms
Customer Care Superheroes: How to Create a Service Team That Wows Customers
For most people, quality of service is a crucial factor when making a purchase decision. Image credit: Business2Community
Place: The Third P in The Marketing Mix
The marketing mix has four Ps: Product, Price, Place, and Promotion. These four Ps are a traditional framework that categorises the essential elements of a successful marketing strategy. In previous articles, we discussed the Product: The First P in The Marketing Mix and the Price: The Second P in the Marketing Mix. In this article, […]
Non-Copyrighted Images: How to Use Them Without Getting into Bother
Creating visual content is one of the biggest priorities for marketers today. Image credit: CloudFront
How to Improve Perceived Quality: 10 Strategies to Increase Customer Satisfaction
Customers often only consider the front line of your brand relations, but the back-end support still makes a difference indirectly. Image credit: Promoter.io
Business Objectives and Goals: Setting you up for success – 10 Examples for Small Business
Future planning and strategic organisation are critical for business success, and a lack of them is often the leading cause of business failure. Business objectives and goals give your business something to work towards, a vision to achieve and ultimately – a purpose for going to work every day! Whether it’s a new project, a marketing […]
Brand Perception 101: Essential Guide to Image and Reputation
There are many facets to brand perception. Image credit: Oberlo
Women Entrepreneurship: Resources, Funding Tips, and Inspiring Role Models
Only a third of businesses around the world are owned by women. Image credit: WorldBank
What Is Quality Assurance? Thriving for Perfection
With the industrial revolution and mass production came many new responsibilities. The process of manufacturing became much more complicated. The number of products increased insanely compared to older methods. These changes brought about the new concept of ‘quality assurance’. Then, we witnessed the digital age, which brought about new levels of complexity and higher-than-ever efficiency. […]
Master Fair Use Copyright Laws for Content Creation
KFC clearly aren’t claiming this work as their own. Rather, it is a parody. Image credit: KFC
Our 5 Essential Brand Attributes List
Brand consistency is directly tied to revenue. Image credit: LocalIQ
What Is Quality Control?101 Comprehensive Guide to Ensuring Product Excellence
There are key differences between the aims of QA and QC. Image credit: Jelvix.com
Product Placement – The Essential Guide to Embedding Brands in Entertainment in 2023
Product placement is now a major industry. Image credit: MarketingWeek
What is Copyright Statute of Limitations? Basic Guide
These days, most copyright claims online are in the music industry. Image credit: StatCDN
How to Ask for a Promotion – The 2023 Ultimate Guide to Earning Advancement at Work
Most businesses don’t publish salaries, so asking for a promotion is often the only way to get ahead. Image credit: LinkedIn
Copyright vs Trademark: The Crucial Differences Every Creator Needs to Know in 2023
Copyright covers intellectual property and artistic works. Image credit: AmazonAWS
Definition of Entrepreneurship – Top 5 Characteristics That Set True Entrepreneurs Apart
Entrepreneurship often means taking care of all business functions by yourself. Image credit: AmazonAWS
Free Product Testing – The Essential Guide to Test Your Way to Success in 2023
Product testing can happen at several different stages. Image credit: Twentify
Product Liability – A Complete Guide to Insurance for Small Businesses in 2023
Any business can suffer product liability claims, which is more likely in some industries than others. Image credit: Buckfirelaw.com
The Complete Guide to Product Management: Roles, Responsibilities, Skills and Methodologies for 2023
Product management is managing people and resources to achieve the best possible results. Image credit: Miro.medium.com
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Business Strategy Insight
To be able to set up, develop and grow a successful business, regardless of the industry ─ a good business strategy is vital. Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Most businesses start small and stay there.
But if that’s not good enough for you — or if you recognize that staying small doesn’t necessarily guarantee your business’s survival — there are examples of companies out there that have successfully made the transition from start-up to small business to fully-thriving large business. Coming to the realisation that your organisation needs one is easy. However, creating an actual strategy is a little trickier.
While it may sound a bit daunting, iterating like this actually makes strategy easier. It will save you from endless visioning exercises, misdirected SWOT (the Strengths, Weaknesses, Opportunities, and Threats) analyses, and lots of heroically uninformed big thinking. Crafting your strategy in relatively small and concrete chunks and honing the answers to the five questions through iteration will get you a better strategy, with much less pain and wasted time.
Questions to ask when building a business strategy:
- Why are you here?
- What is your USP (Unique Selling Proposition)?
- Who is your perfect customer?
- Why buy from you?
- What is your go-to marketing strategy?
- Who are you focusing on?
- What is your pricing?
In follow-up meetings to discuss your progress, it’s also important to revisit your action plan regularly and to continually update it. Allowing your action plan to be surpassed by developments in your company is a sure way for it to go above and beyond.