One-Phrase Strategy

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Sometimes it's the littlest things that are the hardest. Perhaps one of the hardest things for many people to think about is their one phrase strategy. The one phrase strategy is distilling everything down into that thing that gives you a competitive, profitable advantage over everyone else. For Ikea, you could say it's flat packed. That would be a great example of.

A one phrase strategy.

What is your one phrase strategy? This is the thing that gives you a competitive advantage over everybody else. It's the area of focus. It could be a customer segment, it could be a way of doing business, it could be a way of shipping things, it could be the place that you source from, it could be the underlying tools, it's generally operational in nature and it gives you a competitive and a profit advantage over everyone else. And we want to distill that down into a simple short statement. So after you've done all of the things to do, you figured out your brand promises and your core customer and your differentiating activities, you're looking for something in there and it could be related to your brand promises, but it's more likely related to the differentiating activities. It's some like overriding element could also tie into an X factor and profit per x. There could be things to that, but you're really working to getting to a simple clear statement that gives you focus on how you stay profitable and competitive over time. One phrase strategy is that and it's really a distillation that then keeps you on track, you and your leadership team. So start with all the other things that you've done first or finish those things in strategy and then start to narrow down and think about what is your one phrase strategy. Kind of like flat packed. Vern likes to say that Apple is a closed ecosystem. So once you get out, once you get in. It's very hard to get out. I know today like I got my Apple watch, I got my Apple phone, I got my Apple computers, my desktop, my laptop, my iPad. Like all the things in my world. I love the way they all work together. I'm very happy to be in that walled garden. Now. I trust that brand and you could say that is their thing, like a closed ecosystem. I could also say it's everything. It's hardware and software working together.

What's yours?

What is it? That's going to be your key to being profitable and competitive over time, Right? Good luck. We'll talk to you again next time. Scaling your business shouldn't be such a lonely struggle.

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