071: Strategy vs. Tactics

Where many businesses fall off is they have great ideas (strategies) without the supportive tactics to make their goals a reality. In this episode I share the difference between the two and how a clear understanding of the tactics you need can help grow your business.

By listening [and taking notes], you’ll learn:

• The difference between strategy and tactics
• How to marry the two together for top-notch results
• Three examples of strategies + tactics to help grow your business

Enjoy!

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Chapters

• 1:40 Difference between strategy and tactics
• 4:04 Examples
• 15:25 Action steps

Transcript

Shannon Stone: 0:05

H ey, welcome to the podcast.

Shannon Stone: 0:42

Super excited to jump into this episode today, where we are talking about strategies versus tactics and I want to share the difference between the two, why you need both of them and where you could be missing some of this in your business. And I will also be sharing three really clear examples. Some of these you might want to just take as a swipe file, almost, and apply it to your business, but they will definitely get the cogs turning, give you some ideas and see where you might be going a little bit astray in business and where you could be doing better when you are much more clearer on what are the strategies and the tactics you need to grow your business. This will be very practical, so definitely have your pen and paper. I will be applying this conversation around wanting to grow your business. Often, you know, when we think of strategies, we think of marketing strategies, so I'm going to frame it in this kind of mind. So let's start with talking about what is the difference between strategies and tactics. So I see strategies as the overall way in which you do something. So you've got a overall marketing strategy. Maybe it's to grow your audience, to grow your database. Maybe the strategy is to retain clients longer.

Shannon Stone: 1:58

So often the strategy is what we are doing and sometimes why we are doing it as well. Now the tactics are the specific steps that you take. The tactics are the how. So you can say to someone or say to yourself, say to your team our strategy is to grow our database, our email database. That says nothing about what you actually need to do. That's where your tactics come in, and so often people will kind of forget that or I guess that's why we're talking about it today or not realize that you're talking way too high level to people or you're talking way too high level to yourself and to your business around what you actually need to do in order to achieve your goals. So you might be saying, yeah, we do want to grow our email database. That's what we're doing to grow our business, to take on more clients. But what are the tactics Like? How are we actually doing this?

Shannon Stone: 2:52

So often I will look for, like where's the breakdowns happening, like where do people stop taking the action, and often they'll stop taking the action. And often they'll stop taking the action where there's a tactic missing, like there's a particular step missing. Sometimes it's from a habit perspective. It's like can we break this down and make it more practical, more tangible, so that it even makes sense to take the action? And sometimes it's from, like, a tactic perspective. It's like, okay, yeah, we want to grow our email database, but how are we actually doing that? Okay, we're doing a weekly email. Okay, that might be okay for some, but others they need more specifics to that tactic. What kind of email are we sending? Who are we sending it to? Do we need to segment our list? What's the content of that email? What's the call to actions? Like all these specific details. So sometimes there's different things that are missing, and so I often look for where the breakdowns are happening.

Shannon Stone: 3:51

But this idea of having your strategy and your tactics and we marry it together, it will come across in a really simple way to help you to grow that business of yours. So let's talk about the examples that I have, and some of these, like I said, you might want to just completely use it as a swipe file and start to use it in your business, or they just might get the ideas kind of rolling so that you can apply this in the way that it makes sense for you. Okay, the first strategy that I have. This is one that a client was using. So her strategy was to have more coffee dates. So this is a really nice, neat and simple strategy and for some people, for some businesses, this is all they need. So if talking to more people, getting in front of more people and having more of those intimate conversations what helped to grow your business, then it's a brilliant strategy.

Shannon Stone: 4:49

Strategy is to have more coffee dates. The tactic in this case would be each week, ask two people from networking events to book a coffee. So, as you're doing your regular networking and maybe you're doing like, maybe you're seeing networking as your strategy but it's not really translating into business for you. You're not really seeing that return on investment not just money, but also your time. Maybe this is where the tactic needs to come in. So, each week, ask two people from your travels, from your networking, and book them in for a coffee ideally in person if you can, if not, zoom but if you're doing that every single week, now I'm not expecting that you ask the people today and you have the coffee this week. It doesn't always happen like that. But if you're the people today and you have the coffee this week, it doesn't always happen like that. But if you're asking people every single week, you're going to be filling up your calendar in the coming weeks, but what you want to do is make sure you keep on doing this. So, strategy have more coffee dates, but the tactic is, each week we're asking two people every single week from the networking that we're doing to book a coffee Really simple one.

Shannon Stone: 5:55

Next strategy that I have for you. Strategy is to grow the email database. So you've got an email database and we know that you get clients from it. You know that people reach out from it, or maybe they do, but just not in the volume that you would like. So you would want to grow that email database. Now, the tactics for this I've got three of them for us, so they're a little bit more detailed than just having some coffee dates and asking people about that. So tactics to help you to grow your email database Number one create an ebook or a PDF that your ideal clients would exchange for their email.

Shannon Stone: 6:29

Now you might already have some type of lead magnet. Some type of ebook or resource, whatever it have you Now. Is it already have some type of lead magnet? Some type of e-book or resource, whatever it have you Now, is it up to scratch? Like, is it on a landing page? Is the copyright? Is the opt-in all working? Do you have an email sequence attached to it? Just like? Check in on it and make sure it's all good to go. But if you're going to grow your email database, you definitely need some type of opt-in Next tactic for you need some type of opt-in Next tactic for you. Now, it's all good to have a downloadable, but where are you getting the people from? It's a little bit stagnant. It's going to be very idle if you don't take any more action beyond that.

Shannon Stone: 7:04

So the second one I have for you is to reach out to referral partners to co-host an event, a webinar, or supply them with a regular blog that they can send to their database. So we've all got referral partners, whether they're formalized or not. If you don't have them, this is a great opportunity or a great tactic, to set up some referral partners to fulfill the strategy of growing your email database. But reach out to those referral partners or create them if you don't have them already and discuss with them how you can collaborate in some kind of way so that you can get exposed to their database. Obviously, I would imagine you'd want to do something reciprocal. You know, when you do collaborations and referral partners, it's a two-way street, right? So how are you going to be reciprocal? That'll be something for you guys to figure out. So how are you going to be reciprocal? That'll be something for you guys to figure out.

Shannon Stone: 7:56

But if you want to grow your email database, you have to move beyond the people right in front of you. You've got to get out to new people, new audiences, and your referral partners are a really great way to do that. The last tactic that I have for you to help to grow that email database is to write a monthly email from the business owner with a call to action. So yes, you want to grow your email database is to write a monthly email from the business owner with a call to action. So, yes, you want to grow your email database. Yes, you want to have a PDF. Yes, you want to get in front of new audiences. But let's not stop there because otherwise, if we stopped there, it'd be a little bit like anticlimactic. It's like you were so close to achieving the goals and getting some business from your email database but you stopped. Now we don't want to stop. We want to make sure that, if you're going to this effort, you are writing just an example a monthly email. It could be more often, it's completely up to you, but at a minimum I would be saying a monthly email with some type of call to action. So if you look at that, so we went from having a strategy of just growing your email database to the specific tactics having an ebook, reaching out to referral partners and collaborating, getting in front of their network, in front of their database, and then you've got some type of consistent email that you send out every single month, with the call to action as well. So we want to make sure that the work that you're putting in you will be getting something out, and sometimes we have to follow it through all the way, not just some of the way. So that's a really brilliant strategy and tactic sequence for you.

Shannon Stone: 9:23

The last one that I have for you probably my favorite out of the three is client retention and client re-engagement. So it's always brilliant. It's always a great idea to keep the clients that you have. I don't think you need me or anyone to tell you that, and they do definitely say the data does support it that it's easier to keep a client than it is to gain a new one. So why wouldn't you? And I think as well, it's just a testament to the good work that you do. If you can retain clients, especially in our service businesses, obviously you're doing things right.

Shannon Stone: 9:55

Same with re-engagement as well. Sometimes you only work with people for a certain project or a certain point in time, but is there a way for you to re-engage them when it makes sense? I think it's a great attribute to you doing incredible work. So great strategy client retention and client re-engagement. But how are we going to make this happen? This is where the tactics come in and what I want you to think about. As I explain this as well, this could be where maybe the ball had been dropped a little bit as you went through trying to grow your business. It's like, okay, well, I did have all these great ideas, I just didn't really follow it through with the tactics that made sense for the strategy. So let this be an opportunity for you to, I guess, make those improvements. So let's get into the tactics for client retention and client re-engagement. These don't have to be the only ones or the ones that you use. Again, it's just getting those ideas rolling.

Shannon Stone: 10:51

Tactic number one could be that you audit your clients to see what you can be doing better and what you can be doing to keep them longer or even have them spend more with you. A lot of people will have experiences, array of services, but their clients are only working with them under one service. Like, could they be working with you more? Are there other services of yours that they don't know about or they don't know enough about? So you need to educate them. So, doing a bit of an audit to have a look at some of these things are they aware of your full service suite? Are there things that you can be doing better. Are there things that you can be doing to keep them longer? Do a bit of an audit. If you've got a team, it's a great one to talk out loud. Do some mind mapping around it but a brilliant tactic.

Shannon Stone: 11:36

Second tactic that I've got is to start doing corporate gifting to thank and celebrate your clients. So corporate gifting is a brilliant one to retain clients and re-engage clients, to stay on their radar, to do something nice for them, to showcase yourself, showcase your clients, showcase your services all these kinds of things. If you would love an introduction to a corporate gifting company, definitely take a look at Jane's Handcraft and Gifts by Amanda Vidal. She does incredible corporate gifting and I would definitely recommend having a chat with her for several reasons not only to get the corporate gifting, but also to understand the impact it can have to your business when you really integrate this as a strategy, as something into your business that you do in an ongoing kind of way. So corporate gifting is a really great way to retain clients, re-engage clients.

Shannon Stone: 12:32

You can work out how you do that. When you do that, is it at the end of a project? Is it, you know, at Christmas or particular seasonal things? Is it. You know, during particular milestones that the clients reach, or even that the business reaches, maybe you want to celebrate your successes with all of your clients. There'll be some things that you can look at. And then the last tactic that I have for you is to engage with past clients two to four times per year. So there's a couple of ways that you can do this. So I've got four ways you can and I did say, didn't I, or I hope I did, I hope you have your pen and paper taking lots and lots of notes. Otherwise, do check out the transcript. But I've got several ways you can re-engage with past clients two to four times per year. Number one send them an email. You know, just, there's nothing wrong with checking in hey, how's it going? All this kind of thing. I think that's always a really nice touch point.

Shannon Stone: 13:26

Second thing that you can do is a gesture. So is there something and you do this in the context of you, your business, your client but is there some kind of gesture that you can extend to your clients? Maybe, like I love events. So if there was a great event happening, I could buy a ticket for a client of mine. Maybe we could go together, or maybe I send them two tickets and they can go with their team or whoever it might be. Or maybe another gesture is that you see something online and just send it to them. Maybe you're interstate so it doesn't even make sense to do the event thing, but maybe you saw an event and you just send them the link to it. Hey, I was thinking of you when I saw this event. It might be of some interest Now whether it was an event or whether it was something else, but is there some kind of gesture that you can do that would interest them, that would help them, that would support them in some kind of way?

Shannon Stone: 14:23

Another thing that you can do to help engage with your clients is to do a Zoom catch up. So I love a good catch up with people. Zoom is always a great one, especially if you're remote. And then the last one is an in-person meeting. So when I say meeting, I'm probably leaning towards the more informal side of things. You know, we don't want any of these things to be salesy. I think, especially if they're past clients as well you've worked with them before they know what you do. Sometimes they just need to stay in contact with you. So a meeting in person, coffee, lunch, even going to networking event together, inviting them along to one of those is always great as well, not with the intention to sell to them and to get them as a new client, but just for the idea to stay on the radar, to take care of them, to nurture them and, when the timing is right, guess who they're going to call? They're going to call you, okay. So they are the strategies, they're the tactics that I have for you.

Shannon Stone: 15:22

As far as action steps, there's three of them. Let's fly through them. Have your pen and paper. You need to know. Number one what is the goal? So you might say, okay, in the next three to six months, we would like to take on X number of clients. So, whatever that goal is, you want to get clear on that. Number two well, what's going to be the strategy to achieve that goal? Do you need to have some coffee dates? Do you need to grow your email database? Do you want to focus on client re-engagement? What's going to be the strategy? And then the third action step no surprise, but what are the tactics? So, based on that strategy that you've decided, what are the couple of tactics? So for some it might be one, one tactic that you need. For some, it's like three, four, five tactics that you need to make that strategy happen. So, action steps what's the goal? Number one. Number two what's the strategy? And number three what are the couple of tactics, the specific steps, the hows of what you need to be doing? That is what I have for you today.

Shannon Stone: 16:23

I hope you found this useful, definitely a action-orientated episode. So definitely check out your notes, take a minute, see what you're going to apply and then just come to the action steps. What's the goal? What's the strategy? What are the three to five tactics that you need? But, if anything, all this episode did just shown a light on some of the things that maybe could be working a little bit better in business.

Shannon Stone: 16:50

Maybe it's that, yes, you do have strategies, but you're missing the particular tactics that you need. Or maybe you're doing a lot of tactics, you're doing a lot of emails, doing a lot of content, doing a lot of the things, but there is no strategy. So let this be an opportunity for you to just, I guess, collect all of that and do it a little bit more clearer. Marry the two together, the strategy and the tactic side, because we definitely do need both, I guess, as we're kind of learning from listening to this episode. Anyway, that is what I have for you today.

Shannon Stone: 17:21

I hope you have an amazing week and I'll talk to you very soon. Hey, thanks for listening. If you found this episode useful, I'd love for you to send it to a friend. The best podcasts I have found have all been recommended to me. If you can spread the word by sharing this episode, I can spend more time helping you by creating episodes just like this one. Send it, text it, tell somebody about it, whatever you need to do. The more you spread the word, the more I can focus on creating needle moving episodes to help you and your friends.