Wouldn’t it be incredible if you could wave your magic wand and conjure up customers for your digital or offline business? If only we resided in such a utopian world. However, we can offer the closest thing to such a wondrous feat: strategies for your commercial set-up that will help it flourish.
With the advent of information technology and communication, companies have gained access to new markets at the fraction of the previous costs. It also has served as an opportunity for small and medium enterprises to thrive and expand. The technology revolution has decreased barriers to entry significantly and lowered international borders as well. Business owners tap into the potential by establishing an online presence and conducting their operations virtually. It is hard enough being a start-up a-in this day and age, competition is cut-throat. In order to not only survive but to become profit, following are 6 recommended strategies to grow your business.
Establish Your USP Clearly (Unique Selling Proposition)
To break through the clutter of never ending content and to get through to your audience, it is essential that you know what your USP is. It is your core competency that differentiates you in your industry and makes you stand out. The second step is to communicate it clearly to your customers and to let them know what your brand personality is. That will aid in incorporating the strategic direction for your firm as well.
Know Your KPIs (Key Performance Indicators)
A KPI is a calculable unit that allows a business to evaluate its performance against its objectives. By being able to measure your targets, you can amend or change your strategy if need be. Of course, this implies that resources will have to be switched around and reallocated as a response to the environmental changes. This will prove vital, especially if you are operating in a highly competitive market landscape.
Create a Customer Profile
Accurate identification of your target market will have an immense impact on your growth potential. It is the group of consumers that procure your product or service and differ from other clusters based on psychographic, demographic and behavioural variables. Knowing your buyer persona will allow you to direct all marketing and communication efforts there and maximize sales growth. By getting your message to the right customer in the right place at the right time, you can convey your brand essence and build brand equity.
You can run promotions such as the new range at atlas ceramics which we have featured below and gradually construct a steady profitable base by creating an emotional connect with your customer. That can only be done if you know who your customer is, what his lifestyle is, his income, his age, his family status, his traits and such. Once you are able to do this, your client base will become loyal to your specific brand and this will create steady sales revenue. As a business that
Monitor Your Competition
Conducting frequent competitive research should be a top business priority. By constantly monitoring the market and analysing industry trends, you will be well aware of what your competitors are doing. It will equip you to respond quickly and effectively if need be to any changes that they make. This includes both direct and indirect rival firms. For instance, if you are a car rental company, don’t just keep an eye out on fellow agencies, but also on alternative forms of transport (Uber etc). Another great benefit is that you can learn from your competitive firm’ errors and learn from its negative results. The relevant business story will serve as a guiding beacon to what pricing, selling, positioning, and distributing strategy to pursue. By ensuring that your competitive and market intelligence is updated and top of the line, you can also identify opportunities to expand and grow.
Recruit Talented Resources
It doesn’t matter whether your company has a large scale operation or a small one, the greatest asset it will have is its human capital. Your pool of talent will not just be the breathing spirit of your business, but its direct point of contact with your clients. Bringing in individuals who advocate and are stimulated by your value proposition are the ones who will go the extra mile to achieve company goals. Also, it is crucial that you compensate them well and have a welcoming open-door policy where they can address and solve their concerns. After all, happy employees are productive ones.
Spend Cautiously and Earn Freely
If you have a few different product categories, ascertain which has the highest profit margin and lowest cost of goods. This is one example of seeing how your business will sustain itself, provided one product class performs below expectations. It is advised to recognize all possible areas where additional income or revenue can be generated and to utilize it effectively.
Always do your market research and draft your budget with at least three tenders per expense. For instance, if you have a restaurant and want to introduce a new beef item on the menu-obtain bids from three different beef meat suppliers to evaluate factors such as beef quality, freshness, value for price, timely delivery etc. Developing a year long budget along with a long term business plan will give you a snapshot of where you stand. Conducting seasonal and quarterly reviews against your budget will also serve as a great way to ensure that you are running your business within costly parameters.
Value Your Relationships
Treat your business partners with respect and expect the same in return. By creating a strong, supportive business community, you can establish alliances with all your suppliers, partners, vendors, third party organizations, and customers. It will pave the way for smooth collaboration and growth. Invest your time and money in building your social capital as it may one day reward you. If ever there comes a time if you need an extension on a payable invoice, your supplier of ten years’ will definitely be more understanding than the vendor you just started ordering from three months ago.