To discover which strategy is right for you there are multiple models that we can use to dissect what you have learnt up to now.
If this interests you try checking out;
But what we are doing here is going straight into analysing which strategy is most appropriate by using the SFA Model.
Using the SFA table in the worksheet that accompanies this session you see at the top is space to write your strategies.
Where do we get these from?
Glad you asked. Remember the TOWS model, where we looked at pitting your strengths and weaknesses against opportunities and threats?
Well now is the time to revisit this.
Each sentence within your TOWS model is a statement / direction that your company may look to action upon. Taking the most appropriate statements of the TOWS in relation to achieving the Marketing Plan objective(s) you have just set (from session 4) will highlight the most beneficial strategies.
Let’s break that down so it’s crystal clear;
Note: We have room for 4 strategies on this document. If you want to do this exercise with more, then there is no hard and fast rule as to how many (I simply ran out of space on this one)
Now we have our ‘most likely to succeed’ strategies on one page we can now look to compare these in terms of three detrimental factors, providing a score (out of 10) for each one, which will lead to an overall total and put some science behind why we are going to follow a certain strategy and not another.
Suitability (S) – Knowing what we know now through your analysis and objective(s) setting, how suitable is the strategy?
Will it help to sustain and/or improve the current competitive position? And how well does it fit the business / Marketing Plan objective(s), vision and mission?
Feasibility (F) – How feasible is it that this strategy can be implemented by the business? Is it even achievable!!!!
Consider the three fundamentals here; Time, Money, Resources
Acceptability (A) -For a strategy to have any chance of succeeding, it must be accepted, approved, given the go-ahead. How likely is this to happen?
Small strategic changes or lower risk averse strategies are much more likely to be accepted, but will they make much of a difference? It’s a fine balance which the SFA helps to factor into the final decision making.
For small businesses this is much easier to quantify, whereas a large organisation may struggle here simply because of the scale of who is involved in the final decision making…. hopefully this is you!
By now you should see where this is heading, we have taken each strategy, rationalised them through our SFA thinking and also scored them out of 10 within each category.
This should leave you with a score out of 30 for each strategy.
Literally, the highest score wins 🙂