Strategy can often feel like juggling flaming chainsaws while riding a unicycle on a tightrope. But don't worry, In this article we’ll break down the seven key elements of smart strategic thinking that will help you get a head start on on suring up your own strategy.
Vision: Shoot for the stars, but don't burn up on re-entry
First things first, you need to have a vision. Not just any vision, mind you, but an aspirational stretch goal for the future linked to a well-defined purpose. It should scare you a little, but excite you a lot. Think beyond your current situation and put a stake in the ground of where you want to be. Sure, it's risky, but you can't win big without taking a few chances.
Tip: Write down your vision and refer to it often. Use it to guide your decision making and keep you on track.
Focus: You can't be everything to everyone
Next up, focus. This is where you align your limited resources to a distinct strategic point you wish to penetrate, creating positive momentum on a pathway towards your vision. Trust me, focus is harder than it sounds. Every brand is constrained by resources, yet faces unlimited choices they could make. You need to be willing to take risks and put your resources against the choice you believe will pay back the most.
Tip: You must be willing to take risks and put your resources against the choice you believe will pay back the most. Without focus, you can never be truly strategic.
Opportunity: Don't miss the boat, or the bus, or the train
Keep your eyes peeled for opportunities. A good strategic mind can turn data into knowledge and wisdom that allows you to see potential openings in the market. Analyze and assess situations with regular deep dives on your business to uncover opportunities. But remember, as soon as you see an opportunity, you must act quickly before others see the same thing. The early bird gets the worm, or the market share.
Tip: Stay curious and open-minded. Look for emerging trends and changes in the market that can create opportunities for your business.
Speed: Slow and steady doesn't win the race anymore
Speaking of acting quickly, speed is key. In this modern economy, the winners are faster. Not because they take random action, but because they are able to map out a series of events that takes advantage of their strengths and quickly matches those up to opportunities they discover. Time and space of the opportunity matter, so don't drag your feet.
Tip: Move fast, but don't rush. Make sure you have a plan and a clear understanding of how to take advantage of the opportunity.
Early Win: Hey, look at me, I'm winning!
The early win is where you see a shift in momentum towards your vision. It offers potential proof to everyone that this strategy will work, helping rally others – the team, agency, and even your boss. It's the starting point to seeing success and smaller shifts in positional power. It may be a test market validation, a breakthrough with a smaller group of consumers, a win at a certain retailer, or seeing underlying tracking scores that show the brand is moving in the right direction.
Tip: Celebrate your early win and use it to motivate your team. But don't rest on your laurels. Use the momentum to push for more.
Leverage: Turning small wins into big victories
Leverage is the ability to turn the early win into creating momentum that leads to the tipping point where you achieve more in return than the effort put in. You need to be the one to see how to transform what you have gained so far into a new pathway that allows you to go after the bigger win. Don't settle for small potatoes when you can have the whole bag.
Tip: Think creatively and look for ways to leverage your early win. Explore new partnerships, expand into new markets, and innovate your product offerings.
Gateway: Crossing the finish line in first place
Finally, the gateway is the realization point where you see a shift in positional advantage or power that allows you to believe your vision is achievable. That power may be with the consumers you have won over, competitors that you have gained against, retailers that you have shown proven success, or power you see with media options that allow you to continue to exploit your early success. The goal is to turn your smaller early win into the bigger win that resembles the original vision you set out to achieve. And let me tell you, crossing that finish line is sweeter than a ripe, juicy peach on a hot summer day.
Tip: Stay focused on your vision and keep pushing towards it. Use the gateway as a launching pad to achieve even greater success.
Here are some tips to help you put these elements into practice:
- Set aside dedicated time to think strategically. It's easy to get bogged down in the day-to-day, but you need to make space to think about the big picture.
- Prioritize ruthlessly. You can't do everything, so figure out what really matters and focus your resources there.
- Don't be afraid to take risks. If you're not failing occasionally, you're not pushing yourself hard enough.
- Stay agile. The market is always changing, so be ready to pivot if necessary.
- Celebrate your wins, no matter how small. Momentum begets momentum, so use those early wins to build towards your ultimate goal.
So there you have it, folks. The seven key elements of smart strategic thinking, presented with all the sass and sarcasm you could ask for. But seriously, these elements are critical for any B2B brand strategist who wants to make a real impact. So go forth, be bold, and don't forget to have a little fun along the way.
Recommended Next Steps:
So now that you've got the knowledge, what do you do with it? Here are some recommended next steps to help you put these elements into practice:
- Schedule a meeting with your team to discuss how you can apply these elements to your current strategy.
- Conduct a deep dive on your business to uncover potential opportunities.
- Create a roadmap that outlines how you will achieve your vision.
- Celebrate your early wins and use the momentum to push for more.
- Regularly assess your progress towards your vision and adjust your strategy as needed.
While working through these steps keep these questions in mind:
- What is your ultimate vision for your business and how can you use the gateway to achieve it?
- How can you balance short-term goals with long-term vision?
- What are some potential opportunities in the market that you can capitalize on?
- What's the biggest risk to future revenue or growth, and what can be done to minimize or eliminate risk?
- How do you stay ahead of the competition and anticipate market shifts?
- What's the best way to build momentum and leverage early wins?
Explore more here