You have an Idea and it is your Eureka! moment. You are going to change the world with your innovation and you are proud of it. The next steps you take lay the foundation to the future of your idea and changing the world.
You will need to have answers to:
– How to make your idea into reality?
– How to take it to market?
– How much money is required?
– What is the gestation time?
– When will you make money?
– If it does not work, what is the Exit?
Strategy involves Understanding, Thinking and Predicting.
Understand the present. First, look at who your competition is. If you do not have competition, Congratulations! you have taken the first step to changing the world. If you do have, identify as many competitors as you can along with their offerings and USP along with their market reach and penetration. Understanding your competition is the first step in creating a niche product offering.
Think of what your USP is going to be. For each of your competitors marketing message, have a USP of your own. This will help your consumer to easily identify you and it will give them clarity as to why they should come to you.
Predict the future, not of your idea, but your consumer. How will your consumer benefit by using your offering?
Strategy is the fundamental understanding of what your consumer needs, how are you going to provide it to him.