Using the UNITY framework, let's explore a specific scenario that may keep you up at night...
Scenario
Your industry has reached maturity, with slowing market growth and increasing competition. It feels like core products are becoming commoditized as market share gradually erodes and profitability declines through decreased revenues or increased cost pressures.
When the industry standard no longer works, it's time to chart your own path.
Organize data to project future trends and potential paths for expanding market share or uncovering new revenue streams.
Perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify internal and external factors that will inform strategy development.
Develop a comprehensive strategy that may include product/service innovation, market expansion, pricing strategies, marketing campaigns, or partnerships.
Recommend necessary resources, budget, and personnel to execute the strategy effectively.
Align the organization to a new strategy by executing a thorough communication plan.
Implement product or service improvements that address customer feedback and changing market demands.
Execute market expansion strategies, such as entering new geographic regions or targeting new customer segments. If necessary, adjust pricing strategies to remain competitive while preserving profitability.
Launch marketing campaigns and promotional activities that highlight the client's unique value proposition, core offerings, and expanded product/service portfolio.
Define key performance indicators (KPIs) that will measure progress toward objectives, such as market share, revenue growth, and customer satisfaction.
Automate reporting and data collection.
Continuously monitor KPIs, collect data, and analyze results for continued iteration on implemented strategies.
Solicit feedback from customers, employees, and stakeholders to gain insights into the impact of the strategies and identify areas for improvement.
