At the core of our mission, we recognize the unique differences between small businesses and how they operate in today’s marketplace. Melissa Ralph Consulting believes in close working relationships with clients.That way we build a better undestanding for things like: how your small business functions, what is your brand voice/personality, and other unique attributes. After your Welcome Session, our expert team will develop a Business Consulting Strategy Plan. ‘The Plan’ is a customized business strategy that fits you and your business, and plots a roadmap for goal success.
How We Can Help
Unexpected issues and one-time projects often crop up around your small business and Melissa Ralph Consulting is here to help. We are highly skilled in deep-level businesses innovation strategies and marketing services, including SEM, paid social media, branding, web content optimization and more.
Today’s small businesses can use any number of strategies depending on the situation. The main types of business strategies include: Growth, Product or Service Differentiation, Cost, Acquisition and Focus. With Melissa Ralph Consulting, those base strategies are then customized more thoroughly for a product, industry, service or market.
Let’s review those base business strategies:
A growth strategy entails introducing new products (to your business or market) or adding new features to existing products. In many cases, a small company may be forced to modify or add to its product or service line to keep up with competitors. Otherwise, customers may find a marketplace competitor more convenient. For example, a doctor’s office may introduce later appointment hours. Doctor’s offices are heavily impacted by appointment shifts, and allowing for more convenient hours can enable more potential customers to choose your office over another competitor.
A small company may also adopt a growth strategy by finding a new market for its products. For example, a small clothing store has found that the foot traffic around the store changed from young families to single young professionals. A small business would be incentivized to stock clothing options that fit this new demographic better.
Product or Service Differentiation
Small businesses will often use a product differentiation strategy when they have a competitive advantage, such as superior quality or service. For example, a well-established restaurant in a overly-packed market may tout its online reservation system or its 5 Star Chef in order to compete with similar restaurants. This kind of business strategy can also help a company build brand loyalty.
This strategy also works well for businesses who want to showcase their top-tier quality products or high-tech features.
A small company with extra capital may use an acquisition strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company. For example, a small brewery in the south may buy out another brewery in the next state over in order to grow their footprint. With the boom in the Buy Local focus, breweries have come up into communities are places to congregate and socialize on any night of the week. Unless breweries can get their product to a wider audience, the business will collapse. So it is benfical for a brewery to take over the market share of another potential competitor.
The Focus strategy is based on controling a particular devision of the market – whether that is either the product market share or the marketing share. On the business side, having a strong product market share is important to success. For example, a small business enters a crowded product market and makes no effort to separate itself from any of the similar products. This misunderstanding of the differentiation strategy can lead to a unfocused product launch. As a small business, your resources are limited and must be used efficiently and effectively.
On the other hand, a small business must also define the best marketing strategy that can further separate your business/product/service from similar offerings in the market. For example, a new monthly subscription company wants to reach new customers. However, the company focuses only on email marketing through newsletters. The mistake with this thinking is that the advertiser didn’t put themselves into the showes of their potential customer. They didn’t remember that people get a huge amount of emails everyday. Email marketing is a hugely crowded medium and dilutes any effectiveness a small business can hope to achieve. A better solution is to research a highly targeted potential customer pool, and cross the best mediums for that target and thoroughly control that platform.
Have you thought of different ways to use these strategies? Are 2 or more applicable to your business? That means you are a great candidate for consulting with Melissa Ralph and her team. Start building your plan with us today.