Business Strategy and Components - A Guide to Business

A Quick Guide to Business Components and Strategies to help you build a solid foundation and bring home the inevitable success.

This is how the theory goes: you may find yourself in an elevator with an investor, a potential customer, or potential employee. The doors close. You now have 30 seconds before they get off and you never see them again. How do you make sure that you communicate exactly what your business does, how you're better than the competition, and what your benefits are? This is the idea behind the Elevator Pitch and it's central in developing a focused Business Strategy in Digital Marketing.

If done correctly, a solid business strategy can propel your company to the top.

If done correctly, a solid business strategy can propel your company to the top.

Business components are the key foundations where your business is built on. Here are 4 of the basic components and their role in your business:

Customer

The customer is the individual who purchases the goods and services of your business. They are the lifeblood of your business. Treat them accordingly.

Brand

Brand is how the people intuitively feel about your business, your products, and your services.

Brands are driven by feelings, for people are emotional beings by default. The brand of your business is carved by the people’s perception. Take great care of your customers in order to take great care of your brand.

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Value Proposition

Your value proposition is the foundation of the existence of your business. It answers the question why the business is there in the first place.

  1. What sets your business apart?

  2. What does your business do well above the others?

  3. Why is the customer better off with your business?

There are many ways to deliver the value proposition of your business. One of the best ways to get your value proposition across clearly and concisely is through a perfect elevator pitch.

Business Model

The business model is the practical blueprint of your business. It provides the details, the strategy and the action plan, on how your business creates and delivers value that answers the needs and wants of your customers. Your business model answers the question: “How does your business make money?”

The Role of Marketing

Marketing is all about connecting the business to the customers in an effective and efficient manner. Marketing allows your business to sell the right product at the right price to the right people at the right place and time.

Marketing allows you to offer better products, faster services, and simpler purchase processes. However, developing an effective marketing strategy first requires a deep understanding of your business.

To understand your business, empathize with your customers’ needs. This is how you’ll learn which product or service of your business solves their problems, which leads to key metrics that will help you craft and execute an effective marketing strategy.

Elevator Pitch

An elevator pitch is a prepared short speech that allows you to deliver your business’s value proposition concisely and with clarity at a moment’s notice. An elevator pitch is also referred to as a Unique Value Proposition (UVP). It's something that clearly defines your business, describes the benefit of your offer, and explains your differentiation.

Use this template for crafting a persuasive and short elevator pitch for your business.

elevator-pitch.png

Following this template, my elevator pitch looks like this:

For small businesses
Who need digital marketing solutions
the team at Tell Me Your Goal
is a team of digital marketing experts
that delivers specialized Search Engine Optimization solutions
unlike digital marketing companies that offers cookie-cutter digital marketing solutions,
our service include customized digital marketing solutions specifically for your businesses.

The rules of an elevator pitch are simple:

  1. Must be 30 to 60 seconds long
  2. Must be easy to understand
  3. Must have a captivating hook
  4. Must be compelling and persuasive

Make sure to know your elevator pitch like the back of your hand, it is necessary in order for you to quickly promote your business and connect with potential customers wherever you are.

Know Your Customer

When it comes to knowing your customer, demographic information like age, sex, income, education, and location are not enough. You should know their psychographic profile as well, which includes their identity, needs, and behavior. By answering the customer empathy map, you can fully understand your customers’ motivations, concerns, and behaviors.

customer-empathy-map.png

When communicating with your customers, be aware of the language barrier. Make sure to avoid words your customers will never use. Keep your communication within their tone and style. Often times, you might know so much about your industry or products or services that you forget that your customers don't. They may not use the same acronyms, industry jargon, and short-hand terms that you use. Try to empathize with your customers and use the language that they would be typing into a search engine. Keep it natural.

Steven Matt

Tell Me Your Goal - SEO Agency, 28 Box Street, Brooklyn, NY, 11218, United States

I am the Director of Digital Marketing at one of the world’s financial institutions. I teach Digital Marketing courses to small businesses on behalf of the NYC government and General Assembly in NYC. I am a graduate of Pratt Institute in Brooklyn with a Bachelors degree in Communications Design. I have a Masters degree in Management and Technology from New York University. In my spare time, I organize volunteer glass cleanups in NYC parks and I make jewelry out of the broken glass that I and the volunteers collect. I sell the designs at an artisan market in Brooklyn.