Rose School of Business. Serio resides with his family in Latham, N. During his tenure, the State of New York saw substantial declines in the cost of automobile insurance, the success of a nationally-recognized health insurance program for the working uninsured, the growth of captive insurance companies as a meaningful alternative to traditional insurance programs, and the commencement of wide-ranging investigations into insurance carrier and broker activities.
The physical environment The physical environment where your products or services are sold and delivered can have a significant impact on how your customers experience your business.
Marketing mix tactics Use your marketing plan to identify the tactical action steps — which will turn your strategy into a reality.
Serio is a frequent lecturer on insurance, risk management and business continuity policy and practice. Additionally, he is a member of the Advisory Council of the College of St. Budget airlines, for example, may offer very competitive headline prices, but if the final price is inflated by additional charges such as baggage charges and administrative fees, customers may begin to feel they have been taken advantage of.
Define your marketing strategy An effective marketing strategy will help you to define the overall direction park strategies small business report goals for your marketing. Try to document your key processes and procedures so your staff and suppliers know what to aim for, and include details such as: Fortunately, it developed a wildly-successful series of four-wheel all-terrain vehicles, opening up an entirely new market.
Sometimes, you have no choice but to take more risk, says McFarland. If you choose to follow one of the Intensive Growth Strategies, you should ideally take only one step up the ladder at a time, since each step brings risk, uncertainty, and effort.
If an outstanding team provides a competitive advantage, then the quality of recruitment and training becomes essential to achieving your marketing objectives.
Consider what potential spin-off products or services might be. Using the Internet as a means for your customers to access your products or services in a new way, such as by adopting a rental model or software as a service, is another Alternative Channel strategy.
What made the iPod such a breakthrough product was that it could be sold alone, independent of an Apple computer, but, at the same time, it also helped expose more new customers to the computers Apple offered.
Often referred to as the distribution channel, this can include any physical store e. Prior to joining Park Strategies, Mr.
In other words, most businesses start small and stay there. McFarland says that many of breakthrough companies such as Paychexthe payroll processing company, and Intuitthe maker of personal and small business tax and accounting software, acquired key competitors over the years as both a shortcut to product development and as a way to increase their share of the market.
The promotion of your product or service How do you promote and market your business now or intend to? Growth strategies are never pursued in a vacuum, and being willing to change course in response to feedback from the market is as important as implementing a strategy in a single-minded way.
Diversification Another category of growth strategies that was popular in the s and s and is used far less often today is something called diversification where you grow your company by buying another company that is completely unrelated to your business.
McFarland points out that many of the great fast-growing companies of the past few decades relied on Market Development as their main growth strategy. Discuss the branding, the packaging where applicableand ongoing product or development. Serio served as first deputy and general counsel of the New York Insurance Department since Finding new ways for your customers to use your product—like turning baking soda into a deodorizer for your refrigerator—is another form of market penetration.
Then, after several mild winters, the company was in dire straits. He is the leader of its risk and insurance management practice group. For instance, if you were a garment manufacturer like Chicoswhich is based in Fort Myers, Florida, you could begin buying up retail stores as a means to pushing your product at the expense of your competition.
Sometimes, market conditions dictate that you must create new products for new customers, as Polaristhe recreational vehicle manufacturer in Minneapolis found out.
The people in your business The people you employ in your business can influence the marketing of your products and services. Make sure you have processes and training in place to get the most out of your team.
The physical environment can be the quality of the furnishings in your consulting rooms, the design of your reception area or website.John B.
Gordon, Executive Director: John has worked in marketing, business development, and corporate strategy for a number of small and large firms, including EMC Corporation, IBM Corporation, and Larscom, Incorporated/5(68).
Marketing strategies and tactics Set marketing objectives; Identify tactics to reach your target market; Meet and satisfy your customers needs; Small Business Victoria's Workshops can help you develop a marketing action plan or refine your existing marketing plan.
Small Business Bus: Gladestone Park T+ Small Business; Business Planning & Strategy; Business Strategy Examples; Five Successful Bank Business Strategies Examples of Business Salutations Examples of Business Diversification.
Prior to joining Park Strategies, Mr.
Serio served as Superintendent of Insurance for the State of New York. As Superintendent, Mr. Serio was responsible for the regulation of all forms of insurance transacted in New York, and led an agency of more than 1, employees with a budget greater than $ million.
Here are five growth strategies that small businesses should consider.
Not every strategy will be right for your situation, but some of these might. Park Strategy LLC is a management consultancy dedicated to realizing your full business potential. We partner with Founders & CEOs of small to mid-market companies to provide the tools, outcomes and value based solutions required for success.Download