Special thanks to my friend - Chetan Dhruve - from whom I've learnt many of these principles.
1. Competition
All strategic thinking starts with an analysis of competition and how your offering fits into the competitive landscape.
2. The 5 Second Test
Can you describe what your company does in 5 seconds or less?
3. Clarity
You describe what you do to somebody at a party. After a few days, that person is describing what you do to his friend. Does the message pass through without distortion or changes?
4.Focus Requires Drilling Deeper
First really understand the needs of your target market. Then provide solutions to their problems in a way that nobody else can match.
5. Be Different Not Better
Faster, cheaper, better is just not enough. You need to be different.
6. Radical Differentiation
But just different is also not enough these days. Your product needs to be radically different.
7. No Clichés
In the tagline don’t use clichéd words. Examples include social, share, innovation etc.
8. Concreteness
A concrete word in a tagline is better than an abstract word. Ex – “Rs. 1 Lakh Car” >“Low cost car”. Also ensure that the tagline is specific (Ex - "1,000 songs in your pocket" is better than "lots of songs in your pocket.")
9. The For Whom Test
The tagline should clearly indicate target market. Ex – “DIY book marketing software for authors.”
10. The For When Test
Even better, the tagline should indicate as to when the product should be used. “DIY book marketing software for authors about to launch their books”
11. Tagline Length No Problem
Longer tagline is fine if it is giving greater clarity.
12. Segment a market with a lens
Ex - Apple segmenting MP3 market with the lens of Design or Tata segmenting jewellery market with the lens of trust (Tanishq)
13. Company Branding
The company’s brand should not be vague (example “inspired by values”) but specific and concrete. Use of the company’s brand name on the product name should give the product additional power. Imaginary example – If Google (which is “Search”) comes out with “Julius – a search engine for journalists”, it will be very powerful.
14. Tagline is Most Important
It sets the direction of the company
15. Say “NO”
Even with focus, there will be plenty of temptations. Say NO to most projects. Take on very few projects and execute on those with great attention to detail and finishing.
16. Build a Moat
Ensure that competitors cannot easily copy your offerings. Build brand or build network effects into your product. Raise the barriers to entry. Create a virtuous cycle.
17. Create a Category
Create a whole new category (by dividing target market, problem and solution in a whole new way.) Don’t just create a product.
18. Advertising is Wasteful
In general, advertising is a waste of money. Enabling word of mouth potential is the best. Next best option is PR. Then comes educating the market After all that is done properly, you can think of building a sales force.
19. Category
It’s tempting to enter an existing market (category.) Don’t do it. If you do, you play by “their rules and in their game.” Instead create your own category. Name it. And get others to enter it!
20. Gap in the market. Market in the gap.
In trying for uniqueness it is possible to break out so much that there is no market for your product. Ensure that there is indeed a gap. In essence, this is what you’re looking for:
21. Overall Industry Growth Rate
A rising tide raises all boats. Ensure that you are in an industry which is experiencing rapid change and growth thus allowing for the emergency of new leaders.
1. Competition
All strategic thinking starts with an analysis of competition and how your offering fits into the competitive landscape.
2. The 5 Second Test
Can you describe what your company does in 5 seconds or less?
3. Clarity
You describe what you do to somebody at a party. After a few days, that person is describing what you do to his friend. Does the message pass through without distortion or changes?
4.Focus Requires Drilling Deeper
First really understand the needs of your target market. Then provide solutions to their problems in a way that nobody else can match.
5. Be Different Not Better
Faster, cheaper, better is just not enough. You need to be different.
6. Radical Differentiation
But just different is also not enough these days. Your product needs to be radically different.
7. No Clichés
In the tagline don’t use clichéd words. Examples include social, share, innovation etc.
8. Concreteness
A concrete word in a tagline is better than an abstract word. Ex – “Rs. 1 Lakh Car” >“Low cost car”. Also ensure that the tagline is specific (Ex - "1,000 songs in your pocket" is better than "lots of songs in your pocket.")
9. The For Whom Test
The tagline should clearly indicate target market. Ex – “DIY book marketing software for authors.”
10. The For When Test
Even better, the tagline should indicate as to when the product should be used. “DIY book marketing software for authors about to launch their books”
11. Tagline Length No Problem
Longer tagline is fine if it is giving greater clarity.
12. Segment a market with a lens
Ex - Apple segmenting MP3 market with the lens of Design or Tata segmenting jewellery market with the lens of trust (Tanishq)
13. Company Branding
The company’s brand should not be vague (example “inspired by values”) but specific and concrete. Use of the company’s brand name on the product name should give the product additional power. Imaginary example – If Google (which is “Search”) comes out with “Julius – a search engine for journalists”, it will be very powerful.
14. Tagline is Most Important
It sets the direction of the company
15. Say “NO”
Even with focus, there will be plenty of temptations. Say NO to most projects. Take on very few projects and execute on those with great attention to detail and finishing.
16. Build a Moat
Ensure that competitors cannot easily copy your offerings. Build brand or build network effects into your product. Raise the barriers to entry. Create a virtuous cycle.
17. Create a Category
Create a whole new category (by dividing target market, problem and solution in a whole new way.) Don’t just create a product.
18. Advertising is Wasteful
In general, advertising is a waste of money. Enabling word of mouth potential is the best. Next best option is PR. Then comes educating the market After all that is done properly, you can think of building a sales force.
19. Category
It’s tempting to enter an existing market (category.) Don’t do it. If you do, you play by “their rules and in their game.” Instead create your own category. Name it. And get others to enter it!
20. Gap in the market. Market in the gap.
In trying for uniqueness it is possible to break out so much that there is no market for your product. Ensure that there is indeed a gap. In essence, this is what you’re looking for:
A rising tide raises all boats. Ensure that you are in an industry which is experiencing rapid change and growth thus allowing for the emergency of new leaders.
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