Does your equine business have…
More than one income stream?nnnnnnnnnn
In today’s uncertainty it is important to protect against economic pig-rooting. Establishing multiple income streams is the best way to ensure that you will be better prepared for any type of financial crisis or setback. Various cash flow sources will insure that you will have some income no matter what happens and, in good times, it will increase your revenue.
An ideal client avatar and a niche?
Have you ever heard the saying that ‘If you are selling to everyone, you are selling to no one’? Many business owners, equestrian business owners included, are selling their products/services without really understanding who they are selling it to. This translates into wasted time and energy which can be employed much more effectively. It is vital to know your ideal client and to focus on niching down. This will allow you to sell to clients who are the most interested in what you have to offer.
A buyers funnel?nnnnnnnnnnnnnnnnnnn
Are you actively sourcing new clients or is it a passive pursuit left to chance? Do you know where and how people learn about your Equine Business? Do you have a structured strategy that speaks to the various types of audiences leading potential customers down the buyers funnel until they become customers?
If you answered ‘no’ to any of these questions your buyers funnel needs improvement.
What is an Equine Business Strategy?
A business strategy is an outline of actions and decisions a company plans to take to reach its goals and objectives. Business Strategy also defines what the company needs to do to reach its goals.
An effective business strategy requires you to have a vision of how you would like your Equine Business to grow.
The first step in creating a strategic plan is to identify your company’s strengths and weaknesses. Once you have done this you’ll be able to create a plan that will take advantage of your strengths and mitigate your weaknesses.
Identifying the key steps to reach your business goals is one of the main objectives of a sound business strategy.
In a nutshell, your Equine Business Strategy should define what you want to sell, how you are going to sell it, who your customers are and outline opportunities for growth.
Once you have defined your strategy, you can differentiate yourself from your competitors by developing a unique selling proposition, or USP, which is a feature, benefit, or quality that is very different and much more appealing than the same feature/benefit offered by your competitors.
Components of a Business Strategy
1. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) – Every business must have a SWOT analysis included in their marketing strategy. This analysis will reveal the business’ strong points and weaknesses and help you to build on what you do well, address what you’re lacking and minimize risks.
2. Goals – A goal is a measurable objective that will move you closer to your end vision. Goals should be SMART – Specific, Measurable, Achievable, Realistic, Time-bound and should be broken down into smaller actionable tasks.
3. Tactics – A tactic is an action or strategy carefully planned to achieve a specific end. It is the ‘how’ of your business strategy.
4. Creating an Ideal client avatar and a niche – An Ideal client avatar describes a perfect customer – a fictional character with very real needs – someone who is almost definitely likely to buy from you or to work with you. By creating your ideal client avatar you will understand your customers’ needs and what you can do to help them with their difficulties.
Niching down will set you apart from your competitors in your chosen field leading to greater demand for your products/services than if you had remained a generalist. Again, if you try to cater to everyone your overall marketing and message won’t speak to anyone.
Online Business Strategy for the Equine Industry
Depending on the nature of your Equine Business and the marketing efforts that you have put in thus far, we will craft a business strategy specific to your needs and wishes.
We can do everything from helping you to expand your business by generating more income streams to making your business more marketable.
It all depends on the vision that you have for the future of your Equine Business and how you would like to evolve. The strategy will be highly dependant on the nature of your Equine Business. A riding school, trail riding operation and a horse trainer can have some overlapping elements to their business strategy, but the details will need to be crafted for their individual needs.
What does our Equine Business Strategy service include?
Each and every business is different and we will treat it as such. On top of that, every business owner has a different idea about where they would like their Equine Business to be in the future.
Our individually crafted business strategies depend on previous marketing efforts that have already been put into place. We will either build on your existing foundation or, if required, we can formulate a new strategy from the bottom up.
Some of the elements that we will look into include potential new income streams, branding, defining an ideal client avatar and potentially niching down.
Whatever the nature of your Equine Business, you are probably not the only one doing it regionally or even locally. It is important to define what distinguishes you from your competitors and how this can be emphasized to give you greater appeal over your competitors. Specializing is not about coming up with something no one has ever come up with before, it is about knowing exactly what you are selling or offering.
It is also very important to know your customers’ struggles, known in the marketing industry as ‘pain points’. To dive deeper into this you can ask yourself the following questions:
1. What are the problems that you are passionate about solving for your customers?
2. Who are the people with these problems?
3. Who among this group of people do you feel you can help the most?
Your Equine Business Strategy will inspirit long term growth, success and longevity. You need to know what your goals are and ensure every activity in your business is aligned to get you there.
Your content should speak to your audience’s needs and be the vessel through which you showcase your brand, connect with your ideal client and create trust.
How Can We Help With Developing Your Equine Business?
Schedule a free brainstorming session.
