How do i put in place a business strategy for a new vertical?

In the business dev area, handling a new vertical in a software services firm. steps to take to put in place a business strategy to attract customers?


Congratulations on your new opportunity.

For any business strategy to work, you must have the following:

- A clear, articulable mission or objective
- Buy-in from the entire group
- Ownership from each member of the group
- A system to measure the success of the strategy
- A well-defined customer persona including their pain points/ frustrations
- How you will solve those problems

Those are the elements of putting a strategy in place. Many in your position overlook key points: buy-in from the group and relentless obsession with solving the problem of the customer.

Your opportunity sounds interesting; I'd love to help you more and offer specific next steps.

If that would be of benefit to you, please reserve some time and book a call here on Clarity and we can get into a very specific plan for you.

All the best,

Answered 9 years ago

Putting in place a business strategy for a new vertical involves a combination of market research, analysis, and planning. Here are some steps you can take to create a successful strategy:

Define your goals: Identify what you want to achieve with your new vertical. Consider factors such as revenue targets, market share, and customer acquisition.

Conduct market research: Research the market you plan to enter. Analyze the competition, target audience, and industry trends. Gather data on the size of the market, growth rates, and any barriers to entry.

Define your value proposition: Develop a clear and compelling value proposition that differentiates you from the competition. This should highlight the benefits you offer to your target audience.

Develop a pricing strategy: Determine the optimal pricing strategy for your product or service. This should consider factors such as your costs, target audience, and competition.

Create a marketing plan: Develop a marketing plan that outlines how you will promote your product or service to your target audience. This should include strategies for online and offline channels.

Develop an operational plan: Define how you will deliver your product or service to customers. This should include details on your supply chain, logistics, and customer support.

Develop a financial plan: Create a financial plan that includes projected revenue, expenses, and cash flow for your new vertical. This will help you understand the financial feasibility of your strategy.

Monitor and adjust: Monitor your progress regularly and make adjustments as needed. Be prepared to pivot if your strategy isn't achieving the desired results.

Overall, the key to developing a successful business strategy for a new vertical is to do your research, be thorough in your planning, and be prepared to adapt as needed.

Answered a year ago

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