Well, now we continue …
In our last session, I briefly mentioned the McKinsey matrix and the BCG matrix and promised you one that you can use at the local practitioner level.
Here we go … drum roll please … I now give you the “Rainmaker’s Simplified Strategy Matrix.”
Impressive title, huh?
And, of course you’re wondering where the pretty little picture is, aren’t you?
After all, that’s what a matrix is supposed to do, provide you with a pretty little picture to look at, isn’t it?
Well, the truth be told, I’m not ready to give you the pretty little pictures just yet.
So, I’ll just have to describe the matrix to you, and you’ll have to draw it on a plain piece of paper so you can visualize it, that is unless you are one really adept visualizer.
The hypothesis for the “Simplified Strategy Matrix” is that you, as a local practitioner, are faced with an environment composed of either a few competitors or many competitors, in a market where you share many prospects or only a few prospects with these competitors.
In this environment, you essentially have a 2×2 matrix as a framework, where one axis defines the number of competitors as either many or few, and the other axis defines the number of prospects you share with these competitors as either many or few (meaning your market is either large or small).
You’ll find that just as the cells in the McKinsey matrix, or in the BCG matrix, are not fixed, the cells in the Rainmaker Simplified Strategy Matrix are not fixed. But, they do make for an excellent framework in which to begin your business model and strategy development.
Think of the Simplified Strategy Matrix as simplified starting points for visualizing your environment, designed so that a local practitioner can have a starting point for developing a business model and marketing strategy.
Let’s do a little bit of drawing and describe the suggested starting point for the simplified strategies.
First, get out that piece of paper I mentioned earlier and draw a 2×2 matrix.
Across the top, label each of the two columns with a description of your market size. Label the first column “Large” for a market with a large number of prospects, and the second column “Small” for a market with a small number of prospects.
Real complicated so far, hey?
Now, on the side, label each of the two rows with a description of your competitive environment.
Label the top row “Many” to indicate there are a lot of practitioners that you consider to be competing for the same clients you consider to be prospects, and label the bottom row “Few” to indicate there are only a few practitioners that you consider to be competing for the same clients you consider as prospects.
You now have a 2×2 matrix with cells defined as …
- Top Left : Many Competitors – Large Market
- Top Right : Many Competitors – Small Market
- Bottom Left : Few Competitors – Large Market
- Bottom Right : Few Competitors – Small Market
With your market defined this way, you can now begin to plan a simplified strategy.
Oh, heck. You might as well just go ahead and download the basic Simplified Strategy Matrix and compare it to the matrix you developed during this session. After all, I did promise you a pretty little picture, didn’t I? (Click Here)
In our next lesson, I’ll start to outline some ideas for you, which you can use to begin developing your business model, planning your strategy and shaping your tactical plans.
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