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When you're building a business, there are 3 basic strategies you should focus on:
1. Cost Strategy
2. Product Differentiation
3. Focus Strategy
Lemme break these down for you... (Thread)
1. Cost Strategy
2. Product Differentiation
3. Focus Strategy
Lemme break these down for you... (Thread)
1. Cost Strategy
A cost strategy is going to help you price your product in the market and establish yourself as a trusted brand.
Think Walmart - they have a low cost strategy that keeps their product prices below value to drive sales through their stores and website.
A cost strategy is going to help you price your product in the market and establish yourself as a trusted brand.
Think Walmart - they have a low cost strategy that keeps their product prices below value to drive sales through their stores and website.
2. Product Differentiation
Product differentiation is what makes your product or service unique. It's what determines how you stand out as a brand.
Think Amazon - they have elite customer service & support because that is their focus. The customer is always right
Product differentiation is what makes your product or service unique. It's what determines how you stand out as a brand.
Think Amazon - they have elite customer service & support because that is their focus. The customer is always right
3. Focus Strategy
Focus strategy is a hybrid of cost and differentiation strategy that's utilized when your product or service owns the niche that it serves.
Think Target - They offer suburban middle-class customers the ideal combination of savings and differentiation
Focus strategy is a hybrid of cost and differentiation strategy that's utilized when your product or service owns the niche that it serves.
Think Target - They offer suburban middle-class customers the ideal combination of savings and differentiation
As you begin to formulate your business, think about which strategy would make the most sense for your product or service!
