Episode 107: Trending or Tricky? How to Evaluate New Business Strategies

Navigating Trends and Vetting Strategies to Propel Your Business Forward

EPISODE 107: Click Here

Today, we’re diving into a critical topic we discussed on our recent podcast episode: evaluating new business strategies. We all know how the internet is brimming with advice on how to scale, grow, and sustain your business. But how do you sift through it all to find what’s genuinely going to move the needle for you? Let’s break it down.

Research and Trends Analysis

Evaluating the latest business trends often requires a deep dive into various sources of information. This isn’t just about reading a couple of articles or watching TikTok videos; it’s about assessing what industry leaders and established experts are saying.

When we talk about research, we mean plunging into industry reports, reading publications from thought leaders, and following those who have been at it long enough to understand the ebbs and flows. Avoid getting swayed by influencers looking for quick kickbacks; instead, rely on those who’ve built a credible reputation in your industry. Their insights can help you differentiate between genuine trends and fleeting fads.

Assessing Strategy Foundations with Background Research

Now, we understand not everyone loves pouring over data or case studies as much as we do. But let us tell you, it can be incredibly rewarding. You’ll want to see if the trendy strategies are evidence-based. Are there documented case studies that back up their effectiveness? 

We always advise our clients to look for proof of success through these documented case studies. For instance, Melissa mentioned in our podcast how some business methods just don’t fit every mold. Your strategy should align with your long-term goals and be sustainable. After all, consistency over a flashy, short-term fix is almost always the winning recipe.

Evaluating Adaptability and Relevance

What works for a coach or course creator might not be feasible for, say, a service provider or someone in a completely different sector. That’s why evaluating whether a strategy fits within the framework of your business model and industry is so crucial.

Take the example of posting multiple times a day on social media. While this might be feasible for some businesses with dedicated teams, it’s unsustainable for solo entrepreneurs. We’ve come across businesses trying to follow trends like “30 reels in 30 days.” While successful for some, this strategy might burn you out if it’s not practical for your capacity.

Testing and Pilot Programs

Beta testing is a phase that allows you to see if implementing a new strategy can genuinely benefit your business. Pilot programs let you gauge the effectiveness on a smaller scale before going full throttle. It’s about dipping your toes before diving in headfirst.

Many of our clients are launching high-ticket programs right now, and we’ve strongly encouraged them to create beta groups to test the waters. This approach allows you to gather feedback, adjust as needed, and collect testimonials, making your eventual full launch more robust and confident.

Consulting with Experts

Lastly, don’t underestimate the value of industry experts, coaches, and mentors. They bring a wealth of experience and can offer insights that may not be immediately apparent to you. In our podcast, we discussed how having a seasoned perspective can often illuminate the pros and cons of a new strategy, helping you make a well-informed decision.

We have been fortunate to consult experts ourselves, especially when venturing into unfamiliar territories like PR and speaking engagements. Their guidance helped us accelerate our business plan by a whole year, which brings me to an exciting announcement: By the end of 2024, We are going full-time with The Business Reboot, a goal we had initially set for 2025!

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So, the next time you come across a shiny new trend, remember to pause, research, pilot test, and consult with experts before diving in. You don’t want to be the business owner who jumps on every trend only to find it doesn’t fit your unique journey. Stay grounded, stay informed, and always aim for sustainable growth.

Thank you for joining us on this journey. If you’re interested in personalized guidance to grow, pivot, or scale your business, let’s chat! Schedule a discovery call with us, and let’s make your business dreams a reality. And don’t forget to share this blog with your friends and leave us a review.

Blessings,

Melissa and Corry