1. Research your ideal client and what value your firm can provide
The best strategies are reality-based, not starry-eyed conjecture. It’s vital that you align what you’re willing and able to provide with what the market and your target clients really want and need. However, once you’ve done your research and established market and prospect preferences, your work is not over. It’s important to conduct regular research to avoid missing shifting requirements and developing trends. Studies have shown that firms doing regular, periodic research grow faster and more profitably.
Thorough, proper research will help you develop a better picture of client needs and priorities, service purchasing preferences, competitors’ strategies and activities, even how your own firm is perceived in the marketplace. All of this knowledge will help reduce risk, produce opportunities, and provide you with the vital information you need to make ongoing improvements to your strategy.