Where do I fit within my market? Strategic Direction involves taking a good look at your product/service and company as a whole in order to establish your purpose. Essentially, if you do not know where it is that you want to go, you will never discover how to get there. As a company, you must ask yourself:
- What are you hoping to achieve (goals) and what is your ideal timeline?
- What are your aspirations for growth (how much, when and why)?
- What are your company values (prepared to do/not do)?
- What is the problem within the market that your product/service can solve?
This activity involves an introspective look into your company, offering(s) and current market in order to determine your strengths, weaknesses, and the opportunities and threats that are out there. The results of this activity will often result in a shift in strategic perception or direction. How small or large the directional shift is up to the company; however, in our experience we have only seen positive results from this self-examination process.
For example, a recent client of ours created a mobile app providing a single platform for collaboration surrounding all the details of a certain activity. All of the most recent activity-specific documentation, dates and deadlines would then be reachable in this app rather than through a trail of emails and other application links. Our client’s goal was to sell their collaborative product to large corporations, aiming for fortune 1000 types.
When we began working with this client, we led them through a review of their strategic direction. Upon further examination into their market, we realized that the mobile collaboration app market is very crowded, with many good and mediocre products available in Apple’s App Store and Google Play. Though our client’s offering was much different, they would never stand out amid the crowd of other mobile apps. Therefore, the collaborative app market was a highly fragmented market that the company needed to avoid. However, with further examination into our client’s product, we discovered that their application was more activity-centric than people-centric. In fact, when compared to other collaboration apps, their product provided basic collaboration potential and was more fixated on broadcasting the most relevant activity information to the group members. It was determined that their application would be better off serving the activity owner’s need to send out the newest information to all participants, whether they are stationary or mobile.
Seeing their product as more activity-focused allowed our client to withdraw from the collaborative app market and approach a new, ultimately more available market. Assessing one’s strategic direction is an essential step in successful company growth and obtaining market share. We would be happy to lead you through a strategic direction assessment in order to identify where your company and offering(s) fit within your market.