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Evaluating Your Market Strategy

Tuesday, March 19th, 2013

Improve the focus of your market strategy and in turn increase sales with tips from the Inc.com article “How to Evaluate a Market Strategy.” According to Inc. contributor Geoffrey James, there are seven characteristics of market strategies that actually improve sales.

  1. They are strategic rather than tactical. Strategies define goals, while tactics define the actions you’ll take to reach those goals.
  2. They are measurable rather than vague. If you can’t measure your results, you can’t improve them. Make your strategy measurable, so you can tell what’s working and what’s not and adjust tactics accordingly.
  3. They are “actionable” rather than contingent. Your strategic goals should never be dependent on something that is out of your control. They should always be a direct result of the tactics that support the strategy.
  4. They are clearly articulated. In order to execute a strategy effectively, all of your employees must understand it. Make the strategy clear, and make sure it is conveyed to every employee.
  5. They are achievable rather than inspirational. Having an inspirational vision is great, but that is totally separate from your strategy. Keep your market strategy attainable and relatively short-term.
  6. They have a business plan behind them. “A strategy is just hot air unless there’s a tactical plan for achieving each strategic goal,” James writes. For example, a strategy to increase sales of a particular product service may include tactics like retraining personnel, hiring new salespeople, adjusting your store layout, and increasing advertising
  7. They don’t change much. Adjusting tactics based on what’s working and what’s not is smart. What’s not smart is making frequent changes to your strategic direction. Changes in strategy should only be made when it’s clear that the current strategy is not the right way to go.

Click here to read the article from Inc.com.

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