What Is The 3V STRATEGY and How Can Your Business Benefit From It?
In this post I'm going to explain in detail my 3V Strategy (3VS) for Business Development & Growth.
I think this is important for you as I will be referring to the 3V Strategy a lot in the content I provide on this site.
So giving you a clear understanding of it now will save me having to explain what 3VS is each time I mention it in later posts.
If you plan to visit and consume the content on this site regularly then you should take the time to read this article to the end.
You should read this post if you want to make best use and see maximum returns from the information I will be giving you in future posts.
Consider this post the foundations for the structure you're going to build.
It will give you a thorough understanding of the approach I take to business development, specifically in the areas of branding, product development and marketing.
You will also glean a lot of insights that you can implement into your own business activity.
You will find out why the 3V Strategy is so effective in business branding, product development and digital marketing.
You will find out how the 3V Strategy fits in to your other business activities and why it is the golden thread that runs through your entire business.
I'm not going to jump straight in and start dropping strategies and tactics, that will come later.
So for now, just bare with me as I take the time to lay the foundations.
What is the 3V Strategy (3VS)?
As you can see from my Tagline under my Logo, the 3 V's stand for;
Vision, Viability and Visibility
Over the years I have observed that these three elements are foundational to the development and maintenance of a successful and sustainable Business Brand.
Together these three words contribute to successful or failure of any business.
How clearly and thoroughly a business executes of each of these words, will determine how successful a business will be, and ultimately result in an increase in a fourth V - VALUE!
Let me explain each V individually.
In business, when we refer to vision we often times think of the businesses vision statement.
That declaration of the companies goals and aspirations that states where the business wants to be in the future, and the motivation is has to get there.
This is all well and good and is definitely something to have.
However, when I refer to Vision in the 3V Strategy, I’m talking about Brand Equity.
This is what your customers, both existing and potential, think, feel, believe, see, hear and say to others about your Products and Services.
What vision is painted in the mind of a person when your business name or the products and services associated with your brand are mentioned.
How much emphasis is placed upon maintaining the integrity and increasing the value of your Brand Equity.
How clearly your brand promise is understood, managed, and maintained at the leadership level.
How clearly your brand promise is understood, managed, and maintained by your entire workforce.
How clearly your brand imagery, brand voice and brand promise is projected to your target market at each point of contact.
How effectively you manage your business brand message through the marketing channels you use.
How effectively you manage and influence your customers perception and opinion of your brand.
How effectively you manage the language that your customers use to describe and explain your business, your products and your services to others.
Once your Brand Vision is clear, we move on to the next V, which is Viability.
In general, the overall viability of any business is measured by its long-term survival, and its ability to sustain and increase its profitability over a period of time.
I believe that this survival and long-term sustained profitability is only achievable through the businesses ability to develop viable products and services that your customers will gravitate towards.
So when I refer to Viability in the 3V Strategy, I’m talking about the innovation of new products.
How quickly your business can identify and respond to demands in the marketplace.
How adaptable your business is in a changing marketplace
How well your business identifies and rides waves in the marketplace
How well you implement the "Lean Approach" to product development
Your strategy for testing new products and services in the marketplace
How much emphasis is placed on encouraging and capturing customer feedback
How well you are leveraging the current advances in technology
How well your Products and Services compliment each other.
Once you have a line of Viable Products & Services, we move on to the next V, which is Visibility.
The Oxford Dictionary defines Visibility as follows:
* The state of being able to see or be seen * The degree to which something has attracted general attention; prominence
In business no matter how well you have refined your brand, and how viable your products and services are, if you're not visible to your Target market you or not survive in business.
You can have a great brand, and A wide range of innovative products and services, but if your customers can't see you, they will never know what you have to offer them and therefore there will never purchase your products.
So when I refer to Visibility in the 3V Strategy, I’m talking about your ability to stand out from your competitors in a busy, crowded marketplace - specifically online, using Digital Marketing strategies and tactics.
Using Digital Marketing channels to build brand equity
Using Digital Marketing channels to build relationships with potential customers
Using Digital Marketing channels to build an online community around your brand
Using Digital Marketing channels to Out-marketing your competitors
Understanding and speaking the native language on each Digital Marketing channel
Using Digital Marketing channels to tell your brand’s story.
Once you have all 3 V’s in place, you’re ready to start causing some real disruption in the market place and ultimately, your business will achieve the forth V which stand for Value.
By implementing the 3V strategy you will ensure the long-term survival of your business, and its ability to sustain and increase its profitability over time.
You might be thinking this 3V Strategy is just another marketing gimmick, but a encourage you to implement some of the steps mentioned in this post. Asking yourself and your team some of the questions outlined above.
I guarantee you will begin to see some changes in how you look at your business brand and how you approach your marketing efforts in the future.
In the next few posts to come, I going to give you some very clear step by step activities you can action in your business.
In the mean time, I’d love to hear your thoughts in the comment section below.
What do you think about my 3V Strategy?
Do you see any gaps in this approach?
Do you have another strategy that works for you?
Please share and discuss below.
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