You can only come up with effective and innovative strategies after a thorough understanding of the situation. Developing strategies usually does not follow a step-by-step procedure. The intensity of analysis will spark creativity and innovation. There are a few ways to transform your insights into suitable strategies:
Study your SWOTs, Business Intelligence, Key Performance Indexes
Think: how can you use your strengths, to achieve your opportunities, negate your weaknesses, and address your threats?
Compare your SWOT to the competitor's SWOT
- How can you leverage your strengths against their weaknesses?
- How can you use their threats and weaknesses to your advantage?
Based on their SWOTs, what strategies are the competitors using? What alternatives are available to you?
- Look for analogies and examples of strategies from unrelated businesses and industries
- Consider both short-term and long-term strategies, based upon your issue question and the key findings of your situation analysis
- Create a number of potential strategies and develop a case for the preferred strategies. Brainstorm first, evaluate second.
Keep track of strategies that you considered seriously, but rejected. When explaining your preferred strategies to others, these rejected approaches, and your reasons for not using them, can help build a solid argument for those you selected.