Does Your Strategy Pass the Test?
Hi!
I’ve been away.
A few summer mishaps that we can talk about at another time.
While I’ve been away, we’ve had a lot of new folks join our party!
Welcome.
I’ll work on doing a bit of a re-introduction post later this week as I return to a consistent writing schedule.
For today, I want to share a strategic assessment that I’ve put together over the last few months.
It is my way of saying, “Hello!”
Plus, I feel like everyone deserves a strategy…
I’ll be curious what your score is.
I’ll be curious where you find your attention going.
I’ll be curious what you want to learn more about.
So, hit reply. Let me know what your assessment says. Or, just say, “hello.”
Dave
The Wakeman Profit Leak Assessment
A few tenants:
- Every business needs a strategy, large or small.
- No product needs to be a commodity.
- You can’t be everything to everyone.
- Everyone needs to be able to answer the question, “Why me?”
The Profit Leak Assessment will help you identify gaps in your business.
Score each question on a scale from 1 to 5.
1 is the worst. (Rarely/Never)
5 is the best. (Always/Constantly)
At the end, you can add up your score. Then, we can see whether you are winning or losing in a specific area.
1. How often did you start a new project/initiative without sunsetting projects that no longer served your business?
2. How often do you spend time focusing on projects/tasks that fall outside of your core strategic value?
3. How often do your teams lack resources because they are spread too thin?
4. Do you clearly define ‘stop doing’ criteria for products or market segments?
5. How much business are you getting from outside of your ‘must win’/key target areas?
6. How often do prospects challenge your prices as “too high”?
7. How easily can your competitors replicate your core offerings?
8. How often are you giving discounts to win business?
9. How differentiated is your offering from your number 1 alternative?
10. How often do you lose business based solely on price?
11. How often does your sales cycle slow because you are talking to the wrong person or a non-decision maker?
12. How clearly defined is your ideal buyer?
13. Do you find yourself investing in segments or targets that you haven’t validated with research?
14. How often do you target “logo” businesses that aren’t a good fit?
15. How much revenue comes from your top customer segments?
16. How consistently are sales/marketing sharing your unique value across channels?
17. How often do your prospects struggle to understand what you are best at?
18. How aligned is your messaging with your customer’s biggest frustration(s)?
19. How often are you changing your positioning based on “win/loss” rates/interviews?
20. How well do you “repel” bad-fit prospects/customers?
21. Are you consistent with your upsells and cross-selling opportunities?
22. How often are you looking for opportunities to expand your revenue with current clients?
23. Do you consistently identify expanded offers for your clients?
24. How often do you lose customers to ‘solution gaps’ that you could fill?
25. How often are you designing new products/services to solve unmet needs?
Scoring System:
Add the score of questions 1-5.
0-10: Overextended. You are likely trying to do too much.
11-15: Danger Zone. Be careful, you are close to being stretched too thin.
16-20: Stable. You are balanced in creation and sunsetting.
21-25: The Best. You follow the rule of “Good marketers create products. Great marketers kill products.”
This is your “Strategic Overextension” Score.
Add the score of questions 6-10.
0-10: Race to the Bottom. Commodity danger zone.
11-15: Vulnerable. You have some pricing power, but you can lose it easily.
16-20: Pricing Power. You have moved out of discounting to win.
21-25: Price to Win. You have pricing power.
This is your “Don’t Be a Commodity” Score.
Add the score of questions 11-15.
0-10: Off target. Refocus.
11-15: Spraying. You are hitting some of the time, but it could just be luck.
16-20: Coming into Focus. You can see, but things are still fuzzy around the edges.
21-25: Seeing Clearly. You know where your focus is.
This is your “Hit the Target” Score.
Add the score of questions 16-20.
0-10: One of the Gang. You are likely interchangeable.
11-15: Still Crowded. You have the makings of a position, but you don’t stand alone.
16-20: Premium Tier. You are part of the conversation.
21-25: Alone at the Top. You stand out compared to the alternatives.
This is your “Why You?” Score.
Add the score of 21-25.
0-10: Burning Cash. You are missing opportunities.
11-15: Jumping over Dollars. You are leaving money on the table.
16-20: Dining Out. You are expanding sales.
21-25: Caviar & Champagne. You don’t miss an opportunity to expand your market.
This is your “Hidden Profit Pool” Score.
Add up the scores for all 5 sections:
0-50: Critical Condition. Your strategy isn’t a strategy.
5-69: At Risk. Attention is necessary.
70-84: Competitive. Good, but not great.
85-100: Elite. You are dominant in your market.