19/07/2023
Out of 8.46 billion people worldwide, a whopping 86.1% have smartphones! Yes, that's around 6.92 billion people. Lots of potential customers there, right? But how can businesses focus on what truly matters amidst all this commotion and noise? Strategy is all about making smart decisions and having a forward-thinking mindset.
Let's take a glimpse at Michael Porter's Five Forces. Picture this: you own a dog-walking biz. 🐾
The threat of new entrants: Do you have loyal customers? How long would it take for a new dog-walking business pops up in your turf?
Bargaining power of suppliers: Who are your go-to suppliers? Can you find some cool alternatives?
Bargaining power of customers: Ever heard of the 80/20 rule? Does 20% of your customers bring in 80% of your profit? How easy is it for them to switch to another dog-walking service?
The threat of substitutes: Are there substitute services like doggy daycares? Are they cheaper? How effortless is it for a pet parent to make the switch? Can you offer a game-changing service that makes you a top dog?
The threat of substitutes: Who are your fiercest rivals? What sets you apart? 🐕
This framework helps shape your business strategy, not to declare whether your industry is attractive. The key is to never get stuck in the mushy middle. Be unique and stay paw-some! 🐾✨ Remember, it's not always the dog that barks the loudest that gets the most treats!
