With the fierce competition currently on the market, one must be more than competitive and innovative in an attempt to stay ahead and keep his business afloat. The game is changing constantly, with new brands emerging every hour and with marketing strategies becoming more cunning than ever before. If you are struggling and finding it hard to keep ahead here are some top tips and ways on how to improve your current business.
Revision
An annual revision of the work you have done so far can give you some insight into the dynamic, flow, and overall progress of your company and how things are going. If your business is a one-man thing, make sure to keep track of the sales, demand, and growth. Keep a table sheet, look at the statistics and annual income.
Make sure you have a customer complaint and feedback option, just to keep track of what aspects of your business to improve. If you have employees make sure they are happy and satisfied with the conditions and follow up on their work if they made progress or are there setbacks. Regard good behavior and include promotions, bonuses, and other benefits as a way of motivation. If the revisions show a decrease in sales due to negligence try disciplinary methods not too harsh. Patience and understanding are the keys. Another great reason to keep track of everything is the option of retargeting products left on the shelves. Change the strategy and make discounts to promote them more.
Be Available to Your Customers
With the drastic expansion of online shopping retail businesses are suffering greater losses than ever before. Though having a small shop is useful and a must if you are trying to compete with the competition, you must become available to a wider range of customers. To expand your business, make sure more people can reach you, get to you or hear about you. One of the ways to accomplish this is via a website making it easy for people to have a better review of what you offer. Also, the website alone won’t do much, rather customer services. Your approachability and availability at pretty much all times make it easier for people to contact or buy from you. Nowadays there are companies offering such services, customer support centers 24/7 available, handling complaints, offering new products, and managing social media accounts. Not only are these specialists kind, friendly, and affectionate but also trained to handle ticklish situations.
Hiring someone to answer messages, debt collection, promote, and keep track of the growth, sales, and marketing is a great way to improve your business.
With disposable information and constructive feedback, you can direct your marketing and make sure you stay afloat.
Commercials and Ads
Though this goes under marketing it is distinctively different as commercials and ads are sending a stronger and clearer message about your company. Also, this aspect of marketing is often the most expensive one, yet always look at it as an investment rather than spent money.
For example, studies have shown how Coca-Cola’s Christmas advertisement now has become a part of popular culture and is universally recognized. The simple yet effective commercial makes it look like a family drink suitable for even the most intimate occasions, such as Christmas family dinner. Such commercials are creating a greater impact on the customers and subconsciously stay longer in their memory.
With some great shots, a great narrative voice, and a couple of pictures you can easily explain the main goals of your business, your idea, vision, and targeted population. Catchy phrases and jingles also add to the experience shaping the public image of you and your company.
Make Connections and Partner Up
In this competitive world collaboration with familiar companies and businesses can help you not only survive but rather thrive. Many great companies incorporated this tactic a long time ago and therefore we often can hear of collaborations between Dr.Dre’s Beats and Apple, or GoPro and RedBull, and even some unusual ones such as BMW and Louise Vuitton. The thing is, collaborating with partner companies that offer not the same services and products like you rather are somehow connected, drastically expand the customer platform and make room for innovation and better marketing.
The term is known as co-branding which basically serves as an attempt to break into new areas of salesmanship, expand the brand’s name and make collaborations to enhance the popularity of the business. The tactic has proven to be more than effective, and certain brands like Supreme actually became popular mostly due to co-branding. The merging of companies and brands makes it a completely new experience. It is worth considering, definitely.
Building a Community
The success of Xiaomi lies in its great strategy of building a strong community of loyal users and followers. Xiaomi regularly hosts events for its customers, making them feel more connected and creating a more private and intimate relationship with the brand.
Psychologists have already proven how people are building their identity around certain brands. Wearing that particular pair of sneakers, using that phone, or driving that car is a statement of who we want to be and are. With a loyal community of customers who are more than willing to pay for your products, you have a secure income and a steady business. Reward loyalty, give extra discounts, loyalty cards, and bonuses to your regulars. Make them feel like a part of a much bigger family.
That way you’ve secured your place on the market and made sure the competition cannot push you to the side.
Businesses always have ups and downs, therefore never lose interest or motivation after a few setbacks, perseverance is the key to success.
