Business Strategy Map is just that, a term that creates for me, an big picture of the activities put together to direct, focus and bring , for an online business, leads and sales. In other words everything that comes together to make money in your business.
So Why The Term Business Strategy Map?
About four years ago, I heard a lot about a phrase “Market Funnel”. That is a term that refers to the process of bringing visitors, eyeballs if you will, to your online content (blog).
The intent is having those site visitors accept a gift from you in exchange for their name and email. Thus the beginning of your leads list is started and you continue to email good information to these names. The end game result is having a high conversion of a site visitor becoming for you, a loyal customer, buying products and services. Market Funnel then, describes this process and it looks like this:
Business Strategy Map is More Inclusive Than Market Funnel
What do you think of when you think of “Business” ? That’s an obvious answer…you have a business owner with something to sell that he or she believes solves a problem of a select group of people they have identified. The business owner commits to delivering the best service or product they can to more than satisfy their customers in order to get repeat sales. The end results are happy customers and business profits.
Wikipedia has this very good discussion on “Strategy” . I can’t spell it out any better.
Strategy is important because the resources available to achieve these goals are usually limited.
Strategy is also about attaining and maintaining a position of advantage over adversaries through the successive exploitation of known or emergent possibilities rather than committing to any specific fixed plan designed at the outset.
Henry Mintzberg from McGill University defined strategy as “a pattern in a stream of decisions” to contrast with a view of strategy as planning while Max McKeown (2011) argues that “strategy is about shaping the future” and is the human attempt to get to “desirable ends with available means”.
For my use of “Strategy” I like Max McKeown’s take on it. “strategy is about shaping the future” and is the human attempt to get to “desirable ends with available means”.
In other words…in a Business Strategy Map, it is the work of shaping your future to achieve your goals with all the tools and skills available to you.
To have a Business Strategy Map be meaningful for your online business you have to figure out 7 things:
- What it is you want to accomplish and why?
- What are you going to use as a vehicle to realize those goals?
- Who wants what you have to sell?
- Where are you going to sell it? (ie blog)
- How are you going to get your message presented in such a way to attract people to you.
- What is in your Market Funnel?
- How do you transition your site guests from, hopefully, names on your leads list to paying loyal customers?
The Work of a Business Strategy Map
This list of 7 questions is not satisfied with quick, off the cuff answers. I will be discussing each of these individually here. I would say to you that it is a thoughtful, insightful process that really gains momentum within the framework of at least a mentor to work through the exercise with you. Even better though, would be the feedback from a community of peers who are all on the same path of developing their Business Strategy Maps.
A Business Strategy Map Is Central
To stay focused on the task before you, to avoid having your online content be like a “loose cannon ball” a Business Strategy Map really is central to laying the foundation of a solid, sustainable business.
Your Business Strategy Map (let’s use BSM for short) provides you with a direct path (like a GPS) to shape your future with something to sell that you believes solves a problem of a select group of people you have identified. You,the business owner, commits to delivering the best service or product you can to more than satisfy your customers in order to get repeat sales.
If this is making sense to you, I invite you to leave a comment below…or even a question if I can clarify something for you.