Strategic Repositioning

By M. Isi Eromosele

Strategic repositioning can enhance your company’s global competitiveness, even with the swirl of changes taking place within the global marketplaces. Devising a strong strategic plan which is specific and dynamic will ensure business renewal for your organization.

Strategic repositioning helps your company to rediscover its strategic competencies and realign process that would enable it to use these strengths to improve its competitiveness worldwide.

The principal objective of strategic repositioning is to leverage your company’s core competencies to redefine its business model and move towards becoming more competitive.

Core competencies are a strength that has great market potential. Strategic competencies reveal solutions, which can be turned into genuine opportunities for success. Focusing on your company’s core competencies during your strategic business and/or market planning process will help you differentiate your company from the competition.

The result is exposure to information that could lead to the development of new products, exploring new markets as well as other opportunities that were not previously evident.

Innovation is a key component of engendering strategic repositioning. Innovation helps you find new ideas for change. First, create an innovation team, which is directed towards creating concepts and ideas from configuration to market. Processes that could be used by your innovation team include the innovation blitz and market intelligence roundtables enabled through social media campaigns.

These events would involve managers, customers and other outsiders focusing on change and opportunities in your marketplace. The interaction between your strategic competencies and external market information could lead you to formulate new ideas for products and services.

There are several elements crucial to the successful implementation of a strategic repositioning plan.

Tactics and Action Plans

It is imperative that detailed tactics and action plans be developed. These form a solid foundation for establishing strategic direction. An effective action plan is derived from strategies and tactics.

Planning tools such as affinity strategies, prioritization matrix and interrelationship digraph should be used to develop strategies and tactics as well as to determine sequence and priorities. Tree diagrams can then be used to develop a logical plan of action for the tactics that have been chosen.

Performance Measures

Progress needs to be reviewed towards achieving your stated objectives through the use measurement of performance in all major areas of your business, including finance, employees, customers operations and suppliers. Performance measures should be:

Actionable - the individuals as well as teams doing the work should be tasked with measuring their performance. This approach encourages responsibility and enables instant corrective action as problems arise.

Participatory - Those who developed the measurements would be tasked with reviewing the results. This makes it much more likely that the results would be meaningful and useful to employees and the company.

Transparent - Information needed to quantify the measurement should be simple and straightforward. This avoids the possibility of analyzing the results turning into a time consuming process.

Account For Cultural Culture

A good strategic repositioning plan should be customized to fit your company’s unique cultural environment. It should also include proactive ways to respond to resistance to change - a common response in corporate realignments.

For companies with foresight, a changing marketplace is a great opportunity to apply their competencies in new and profitable ways.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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