How to Develop a Strategy and Find Growth Points

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Many entrepreneurs make the same mistake at the very beginning of their journey: they invest money in the business and simply wait for the first customers to come and revenue to appear. Often the wait drags on, and the budget is depleted.

In the previous article , we discussed how to create a market-oriented product using the Product Market Fit model. According to it, you can invest as much as you want in a business, but if the product does not meet market expectations, then no one will buy it. In this article, we will examine an even deeper and more important topic: how to develop a general strategy for a company that is just entering the market or has been operating for a long time but is looking for growth points.


Why do you need a business strategy?
Let's imagine that you have your own small furniture store, which you opened five years uae whatsapp list ago together with your best friend. You didn't plan for it to become super successful. You just liked doing things with your own hands: you often repaired furniture at home yourself, and your friend's love for design and entrepreneurship perfectly complemented your passion.

Then you looked at what IKEA and other furniture stores were doing and decided: cool, we can do that too. You and your friend invested money and started doing business, created a website and started promoting it. But you quickly realized that making furniture is only half the battle, and that standing out from the competition and attracting the first users is a more difficult task. Then you hired an SMS specialist who is responsible for content, invested money in contextual advertising, but everything is in vain. And it is at this point that you realize: something is wrong. There is a lack of an action plan and a goal: where are you going, what are you doing, and most importantly, what result do you want to get.

And then you start thinking about business strategy.

A strategy is a written model of your business, as well as an action plan that will help you successfully implement this model. Within the framework of the strategy , you study the company's weaknesses and strengths, risks, competitors, what problems you solve and what your value proposition is for the client. Without such a plan, the business's actions are chaotic. You only have a rough idea of ​​\u200b\u200by your audience, but you try your best to attract it by being present in as many advertising channels as possible.

For example, Tinder has now left Russia, and a potentially attractive market has opened up: go ahead and create an analogue of a dating service. You can immediately go and hire a developer, do it yourself, or you can dig into the audience, determine the necessary segments and their problems, form a strategy for the application to enter the market, and only then go attract the target audience.

Let's imagine how it will be. Let's try to choose the target audience of the service. Perhaps these are women from 18 to 45 years old and men from 25 to 55 years old. Then you need to go deeper and try to segment them by needs. For example, for some, this is an opportunity to find love and start a family, others, solving the problem of loneliness , are looking for fleeting adventures, and others just want to go to a restaurant for free. These are already three different segments, and they need to be attracted in different ways, relying on different messages during promotion.