• #161: How To Create A Strategy – Let’s get real.

  • Jul 10 2024
  • Duración: 19 m
  • Podcast

#161: How To Create A Strategy – Let’s get real. Por arte de portada

#161: How To Create A Strategy – Let’s get real.

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  • Do not confuse Strategy with Best Practices. Creating a great strategy will allow you to stand out, not fit in. Dave Young: Welcome to The Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well it's us. But we're highlighting ads we've written and produced for our clients. Here's one of those. [Colair Cooling & Heating Ad] Dave Young: Welcome back to The Empire Builders Podcast. Dave Young here, with Stephen Semple. The topic you whispered in my ear today is not a brand name, it's not a service, it's not an invention. My favorite word to describe this is President Bush, the young one, the W. Stephen Semple: Okay. Dave Young: He called it strategery. Stephen Semple: Strategery. Dave Young: You want to talk about strategy today. Stephen Semple: I do. Dave Young: Or strategery. Stephen Semple: Strategery. Well if you think about it, this whole podcast, every episode is really about looking at a business and strategically, what did it do that made itself really successful. I get a bit frustrated because, a lot of times, businesses don't invest in strategy. They don't want to have a strategic session and invest in that. We all know that strategy ends up becoming really important. Then there's lots of things that are being paraded around as strategy, that frankly, aren't strategy, they're other things. What I wanted to do is talk a little bit about what strategy is, isn't, and how you create it, and why it's important. Basically, I think it distills down to this. When people sit around in a group and go, "Hey, let's think about this thing that we can then parade out to people in an industry, we have this idea." That's not strategy. That's best practices. Dave Young: Okay, yeah. Stephen Semple: They're best practices because they're looking at, "Oh, here's the best things that have gone on in the industry." Those are best practices. If it's something that's really common, it's a tactic. It's not a strategy because a strategy can't be repurposed. What a strategy is, is a business looks at its problem, "I've got this problem. I have these assets that I can leverage. Here's a creative way in which I can use these assets to solve this problem." Now what often ends up happening is it solves the problem so well, that they then systematize the solution, and now it becomes a best practice. Then that best practice gets so adopted in the industry, it becomes a common tactic that everyone does. That's what happens. But for it to be a strategy, it can really only be used in that situation. Dave Young: Okay. Can you give me some examples? Stephen Semple: Great examples. M.M. LaFleur. They invented this whole idea of mailing out clothing to people on this subscription basis, where they then try it on and send it back. They didn't start off going, "Hey, let's do this." They had a problem. They had clothing and they couldn't find a place to store it. But because they had been doing these private fittings, they had an asset. The asset was, "We have the contact information of all these customers, along with their sizes, and their preferences. We can actually send clothing out to them that we think they would like." They did it to solve a problem, and in the process, made more sales in a month than they had done in the entire history of the company. They then went, "Huh, let's turn this into a thing. Let's systemize it and make it actually our business.?" Dave Young: Yeah. I looked it up, it's episode 54. Stephen Semple: Thank you. That was looking at their problem, looking at these unleveraged assets, and solving it in a way in which it had not been solv...
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