The strategy focuses on increasing global business revenue by employing three main approaches: expanding market reach, diversifying product offerings, and enhancing pricing strategies. Expanding market reach involves identifying and entering new geographic markets, building relationships with local partners, and launching targeted marketing campaigns. For instance, a company might enter the Asian market by attending local trade shows and establishing partnerships with regional distributors.
Diversifying product offerings requires understanding unmet customer needs through surveys and developing new products or services, such as launching seasonal items to boost sales during peak times. Companies can, for example, conduct focus groups to gather feedback and iterate on their product ideas.
Enhancing pricing strategies includes performing competitive analysis and testing various pricing models like tiered or subscription pricing. A business might offer time-limited promotions to create urgency and leverage dynamic pricing based on demand to optimize profitability.
The strategies
⛳️ Strategy 1: Expand market reach
- Identify new geographic markets to enter
- Conduct market research to understand local consumer needs
- Develop a localisation strategy for products and services
- Build relationships with local distributors and partners
- Invest in multilingual customer support
- Launch targeted marketing campaigns in new regions
- Utilise social media to build brand awareness in new markets
- Attend international trade shows to network and showcase offerings
- Assess profitability and adjust strategies based on regional performance
- Expand e-commerce channels to reach global consumers
⛳️ Strategy 2: Diversify product offerings
- Conduct customer surveys to identify unmet needs
- Analyse competitors' product lines for inspiration
- Develop prototypes for new products or services
- Test new offerings with focus groups
- Launch pilot programmes and gather feedback
- Continuously iterate on successful pilot products
- Bundle products to increase average transaction size
- Cross-sell and upsell complementary products
- Regularly review sales data to refine the product line
- Introduce seasonal products to boost sales during peak times
⛳️ Strategy 3: Enhance pricing strategies
- Perform competitive analysis to understand pricing trends
- Identify target customer segments for tailored pricing
- Test different pricing models such as tiered pricing or subscriptions
- Implement dynamic pricing based on demand
- Offer time-limited promotions to create urgency
- Provide discounts for bulk purchases to increase sales volume
- Communicate value through pricing by clearly outlining benefits
- Monitor customer feedback on pricing to inform adjustments
- Evaluate the impact of pricing changes on sales and profitability
- Regularly review inflation and adjust prices accordingly
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
