593: Chuck Bamford - How to Apply Informed Strategy

There seem to be as many definitions of strategy as there are people on earth. Practically every business owner has different ideas of what strategy means and how to apply it. It’s time we take a moment to setting our heads straight about strategy. Applying informed strategic practices can be the deciding factor in how successful a business is. Most businesses are built backwards. The right way to build your business is to deeply understand your ideal customer and then construct your business in a way that speaks to them. Additionally, there are many myths about strategy practices that I want to bust for my community of Creative Warriors.  To break down the strategic mindset for us, I’ve brought on Chuck Bamford. Chuck Bamford, Ph.D., is the Managing Partner of Bamford Associates, LLC, a strategy consulting firm that has worked with hundreds of organizations as they develop and implement a compelling strategy. He is an Adjunct Professor of Strategy at Duke University (Fuqua) and the University of Notre Dame (Mendoza), and was previously a professor at Texas Christian University and the University of Richmond, among others. His latest book is The Strategy Mindset 2.0: A Practical Guide to the Design and Implementation of Strategy. Learn more at bamfordassociates.com. To learn about the five elements that every business should examine for themselves, download this episode now. THE DR. STRANGE WARRIOR “You cannot cut your way to success.” - Chuck Bamford Highlights - Half of strategy is making sure we do all the blocking table stakes expectations are met. The other half is finding two or three things that truly separate you from your competitors.  It is a myth that we shouldn’t care about what our competitors think.  Every business has a perfect customer.  Cost cutting is not a strategy.  Good strategy design starts outside the organization. Structure follows strategy.  The 5 elements that a business should examine to determine their competitive advantage: rare, durable, relatively non-substitutable, relatively non-tradeable, and valuable.  Standing out today isn’t enough. Guest Contact - Chuck's Website Chuck's Twitter Chuck's Book- The Strategy Mindset 2.0 Contact Jeffrey - Website Coaching support My book, LINGO: Discover Your Ideal Customer's Secret Language and Make Your Business Irresistible is now available! Watch my TEDx LincolnSquare video and please share! Resources - Have Your Website Brand Message Reviewed! Is your website and are all your marketing materials speaking the right LINGO of your ideal customers? Often it's not which is why you're not converting traffic and leads to clients and attracting your most profitable customers. Fill out the simple LINGO Review application and I'll take a look at your website. If I have suggestions for you to improve your brand message (I almost always do), we'll set up a complimentary 30-minute call to discuss. A select number of websites are also chosen for my LINGO Review Video Series. Fill out the application today and let's get your business speaking the right LINGO! Music by Jawn