The business or company you launched just a few years ago has already started to become out of date. The chances are if you have seen the success that you have perhaps begun becoming a little complacent, taking your clienteles for granted, perhaps captivating your eye off the ball & quantity has started unfavorably distressing your quality. The good news is that this happens to most businesses, we all go through the form of this at some time & another, & there are several things which you can do to affect some helpful change.
Change has to take place!
It is time to step back & take a good look at what you have got, what mistakes you are making, and what to do about it. Weirdly enough, it is not the thinking part that most individuals struggle with; it is the promise to take the time to actually go through the procedure. Thus, this is the very first thing which you have to do, make the commitment of time when you will spend it completely focused on your business strategy, objectives, & positioning in the marketplace to establish its current relevance, need, & the action steps to make those things happen. You have to create a logo, an attractive website, and a powerful digital presence.
Are you really ready to change your business?
This is a big step because if you & your team are not dedicated to making a change & rebranding your business, it will not happen! You have to be keen to let go of several things that got you to where you presently are, & be open-minded about new technology, promotional marketing, thinking, etc. which can assist to move you to attain your new objectives. You & your team have to be ready to change, as the reality is that most entrepreneurs are of a mindset. And, in all morality sometimes which is hard to argue with, if you can exemplify in very clear terms that altering will give the prospect to achieve numerous new objectives & that will keep your leadership position, & help you get towards it.
Where you are going comes from knowing where you are.
If you have been in business for some time you have perhaps learned & seen the term ‘SWOT’ analysis, & this is the test which you have to go through, just to create where you currently are. Remember, if you do not know where you are, you cannot get to where you want to go! Thus, for those of you who have not completed the SWOT Analysis, here is what it stands for –
S – ‘S’ stands for ‘Strength.’ What are your personnel, corporate, personal, & product/service STRENGTHS? Write all of this down & then get stakeholders to agree on all the commentaries.
W – ‘W’ means ‘WEAKNESS.’ What are your personnel, corporate, personal, & product WEAKNESSES? You have to write down the details. All the
O – ‘O’ stands for the ‘OPPORTUNITIES’ that your company has. What are current opportunities for your company & stakeholders? Spread your net & think wide.
T – ‘T’ stands for the ‘THREATS.’ What threats do your company opt for, its products, its machinery, its personnel, its products, etc.?
Once you are done with your SWOT Analysis, you will know the good, the bad & the ugly about where you are & where you may want to redirect yourself & the company.
Ask the appropriate individuals the right questions.
This is where you have to spend a good amount of time & ask the individuals you surround yourself with the question “How am I doing”! Then go through the bunch of questions like are we “customer first” industry, are we easy to do business with, are staff exploring out for you before the company, do you get whatever you order on time, is it precise & on & on! Then take it further & get quite specific, such as “do we deliver value, “what is our competitive advantage if any”, what does our competition do better than us, What changes should we make if we want to get incremental market share”?
What is your true customer base?
Most of the businesses are dedicated to the fairly narrow market segment & it will be smart to actually start to dig deeper to see what the total marketplace can look like. For example, one of our clientele for years was the major coverable awning industry in the country. And, when we did some research, we found out that our target audience was in fact much wider than we had initially supposed. It appears that individuals who want awnings also want gigantic barbecues, hot tubs, etc., but the issue is that they cannot get them all at the same time, but they are still in the overall marketplace & it is a matter of when they enter, not if they enter your marketplace!
Thus, dig deeper when you are exploring your customer base, you might just find a brand-new oil well!
Make friends not enemies
One of the ways of growing your business is a huge proponent of a collaboration with other like-minded companies & businesses where you have a common target audience. Several years ago there was a program developed, whereas in the value-added program the manufacturer will carry money off coupons & vouchers of other manufacturers either in & even on the packaging. It was a win/win as all parties shared the cost of advertising & marketing, used any data which came from promotion & enabled a group of the companies to get a bigger amount of brand awareness by being capable of bigger & better advertising. Just ensure the individuals that you get in bed with are trustworthy, & if possible have more brand awareness than you do, so that efficiently your brand will be raised by association, it is what we call ‘Borrowed Equity’.
Increase your price & margins
There are various individuals that fall into a trap of getting into a price war by giving some discounts. This then turns into offering massive discounts & so on. If you want to enhance your margins, in numerous cases you will be better off by making a slight price enhancement. This can mean losing a countless, still, give to lose the small percentage of clienteles & still increase your margins at the same time without it having a negative impact on your success. Maintain a price table, so that you can easily see the differences between the price discounting & price increase. Once you have read through the table, run numbers over the main product line, & see what you come up with. You might be very enjoyably surprised.
Get your clienteles back more often
Once you have explored who your preferred customer is, the foremost step is to create a plan to get them back more often. It can be attained in several ways, for example, through bulk advertising, product promotions, direct mail, & newsletters.
Otherwise, if we are aligned and in harmony with customers’ needs & requirements right now, you have to be altering the consumer world. You will already know that the most effective way to get your customers to return is to build an individual relationship with them.
Create your business logo from Designhill, burning loyalty & desire to interact with your goods & services. You want them to feel a positive emotional response when they hear your name.