Every business needs an enterprise-level strategy to gain competitive advantage in a particular market or industry – and those that don’t have one are bound to fail. To really get an idea of how a company will be competitive in its chosen market, how it can stand out competitors and how it will create value for customers, this type of plan is imperative.
Keep reading to learn more about what an enterprise-level strategy is, how to plan and track progress, and how to use project management software like Hive to achieve these goals as quickly as possible (free!).
What is an enterprise-level strategy?
A company-level strategy is an approach that a company takes to be competitive in its market or industry. It focuses on how the organization will create value for its customers, differentiate itself from competitors, and find a sustainable way to maintain momentum. They are usually developed by senior management and are informed by market research and analysis – and perhaps also by the help of a team dedicated to compiling this information.
There are four types of enterprise-level policies: cost management And differentiation, SO cost-oriented leadership And focal differentiation. Cost leadership is about offering products or services at a lower price than competitors. Differentiation is about offering unique or superior products or services over competitors. And both targeted cost leadership and targeted differentiation include offering products or services to a specific market segment at lower cost or with unique features.
How to plan an enterprise-level strategy
Regardless of the type of enterprise-level strategy you use, all involve several steps, including market research, analysis, and developing a competitive advantage. Here are some key steps for planning an enterprise-level strategy.
1. Define your target market
Having an idea of who you are marketing to will help you focus your efforts. During this step, you will attempt to understand your market’s needs and preferences through research. Gather as much data as possible on this group, such as demographics, shopping behaviors and shopping habits.
2. Analyze the competition
Second, your competitors may have already tried to corner the market, so you should find out what they are doing and how to do it better. Do a little more research and brainstorm their strengths and weaknesses, including their products or services, pricing strategies, and marketing tactics.
3. Develop a competitive advantage
Based on your market research and analysis, now is the time to find something that differentiates your business from its competitors. Having this winning approach will help fuel your core values and goals going forward. This may include lower prices, unique features, or superior customer service.
4. Choose a company-level strategy
Finally, depending on the competitive advantage you choose, identify a type of enterprise-level strategy that aligns with your overall business goals. This includes the above options of cost containment, differentiation, targeted cost containment or targeted differentiation.
How to Track the Progress of an Enterprise-Level Strategy Using Hive
Ensuring your enterprise-level strategy stays on track is critical to success, and Hive offers several features that can help teams save a huge amount of time in plotting their approach and stay the course during their business trip.
1. Create a project plan
Using Gantt chart functionality of Hive, create a project plan that outlines the key steps and tasks required to achieve your enterprise-level strategy. This plan should include timelines, deadlines, and task dependencies.
2. Assign tasks
The most important way to get tasks done is to assign them to the right people, and Hive makes that easy. Hive’s task management feature allows users to assign action items to team members, including notes, attachments, etc., and set deadlines. When these tasks are assigned based on each team member’s strengths and expertise, there’s no telling how productive your team will be.
3. Collaborate and communicate
The mark of any good team is to stay clear, concise, and consistent — and Hive’s collaboration tools, such as shared notes and comments, will keep team members informed and engaged. Slack integrations are also possible, so you’ll never be out of the loop.
4. Stay on track
Now that you have your tasks assigned and your team communicating, everything should fall into place and you can start tracking the progress of your company-level strategy. To help, Hive has a reporting feature that helps measure key performance indicators (KPIs) and a new Request for lenses.
5. Don’t be afraid to pivot
Create plans to pivot based on your progress, KPIs and goals if necessary. Also, keep up to date with the latest market research and incorporate it into your plan in case your company-level strategy responds to a rapidly changing market. Reassigning resources and adjusting timelines are also possible ways to pivot.
Enterprise-level strategies don’t have to be intimidating
Enterprise-level strategies can be big and daunting undertakings, but there are simple ways to streamline and refine your efforts to achieve a positive outcome. Hive’s project management software offers a variety of features that can help teams track their progress on their enterprise-level strategy. With integrations, task management, collaboration tools, and reporting features, teams can work together effectively and efficiently to achieve their goals and objectives.