“The truth, however, is that virtually all well-established strategy models work well in some situations and cause failure in others, so the real skill is less knowing the strategy than in sorting out the situations to which it actually applies.” — Geoffrey A. Moore, Inside the Tornado: Strategies for Developing, Leveraging, and Surv...
When you think about business strategy, you have to think about where your company or product is along the bell-shaped curve of the classic product life cycle. If you’re in the early stages of the curve, the strategies and tactics you apply will likely — no, they will — differ from other stages of the life cycle.
The art of recognizing and understanding the bell shaped curve for your product or service, or even your company, is to look for ways to change your strategy and tactics to expand your curve into a different direction—of course, you want the curve to extend upwards. You can do that by entering new markets or innovating in the existing markets.
Keep in mind that whatever strategy and tactics worked for you previously, may or may not work for you today or in the near future. Besides, by fully understanding different strategies applied during the product life cycle, you have to be cognizant of the evolution of your market and other markets that might affect your business indirectly.
A perfect general example is the noise and clutter created currently by social media. On one hand, launching anything new is easier because of the digitization trends of all the markets. But it is also more difficult because communication and messaging is continually changing—so your strategy and tactics might have to change as well.
There is no secret formula, no matter what social media experts might tell you. And if there is one, the successful “secret” practice is propagated quickly into the marketplace—and then everyone ends up doing it the same way. You end up with another dose of noise and clutter to fight your idea through in order to gain market acceptance.
Now back to finishing my cup of Starbucks espresso. Share your thoughts by commenting below.
© 2013 entrepreneurdex
An entrepreneur and investor, with more than 25 years experience, he's worked with ventures in the technology, internet, media and publishing, entertainment, energy, and manufacturing sectors raising more than $300 million in capital for various companies and investing more than $50 million into startup and emerging ventures. He's sat on the boards of 11 companies, served as editor-in-chief of Futuredex, a private equity magazine. Follow Damir on Google+