According to a recent report, one out of every three adults prefers to start up his own business instead of working for someone as an employee. Unfortunately, a lot of new startups don’t even see the light of day while some others do not survive the harsh business world. Only a very few ones become successful.
This is not to discourage you if you are planning to start a new venture or if you have already started something. It is meant to prepare you for the challenges ahead. However, this article provides a few simple strategies that will go a long way in making your business successful. The strategies have been outlined one after the other below.
#01. Start with User-Based Segmentation
It is often a good idea to create user-based groups using parameters like wallet size, location, and age groups. Those are the groups that you should target your products and marketing content to. If you design your products for everyone, chances are good that you won’t impress anyone.
Remember the Pareto’s 80/20 rule. It is applicable here too. Figure out the twenty percent of the world that will give you eighty percent of your total sales. You can check various applications available over the internet and adopt it for the segmentation.
#02. Focus on the Distinctive Qualities of Your Products
While marketing products, a lot of marketers often focus on general features that will be applicable to them and their competitors. This may not get you anywhere. You should focus on the factors that differentiate your products.
For instance, if you are selling automobiles, you can’t use speed as a marketing point without being specific. Of course, every car is relatively fast compared to walking and riding a bicycle. You need to mention the speed and include distinctive factors. It is a good idea to list innovation, style, fuel efficiency, and power efficiency as qualities of your car because they are distinctive enough.
#03. Utilize Emerging Technologies
It is a good idea to always utilize the latest relevant technologies to impress the users of your products and to market your products. Sometimes, prospective customers assess your brand with your marketing strategies. The latest technologies that you can adopt are the Internet of things and artificial intelligence.
Recent cars now have sensors embedded in their bumpers to detect stationary vehicles meters away. Once a stationary vehicle is detected, the driver will be notified so that he can slow down gradually. This will help reduce the cases of rear-end collisions.
Some automobile brands have already produced electric and hybrid cars. In addition, people are generally awaiting the arrival of self-driven or robotic cars that have been built on artificial intelligence. Any automobile brand that does not have its robotic car by 2030 may be on its way out of business. Ford has already taken its first step by integrating their infotainment system (SYNC) with Amazon Alexa in their latest models.
#04. Enthrone Meritocracy
Make sure meritocracy reigns supreme in your organization. This will motivate staff that is eyeing certain positions to continuously give their best. When you make them feel that certain positions are reserved for only certain employees, you will gradually kill the morale of others.
#05. Stay Focused on What You Want to Deliver
Often times, a lot of companies diversify into other products and services just to make more profit and they mismanage their resources that way. It is better to stay focused on only the products that you set out to produce.
You must have carried out a lot of feasibility studies before establishing your business. Instead of diversifying into other products, why not intensify your efforts on what you originally set out to produce.
#06. Always Study Your Competitors
You need to continuously study your competitors that are doing well to know what they offer customers. For instance, you can’t possibly offer competitive prices until when you know the prices your competitors offer. This is why companies now engage in what is called web scraping.
It is the act of scraping information regularly from the websites of their competitors. You need to also engage in that too. However, it can’t be done manually because you may have to scrape data from hundreds of sites on a daily basis and also analyze it. So, you can make use of any of the available generic web scraping tools or have your own custom web scraping tool built for you.
#07. Adopt Search Engine Optimization
Search Engine Optimization, in short SEO is the oldest and the most effective online marketing strategy. This is because it directs ready buyers to your website or mobile app regularly by popular search engines like Bing, Google and others. So, you need to do all that you can, to rank high in search engines.
- SEO Audit Checklist: 10 Things You Need for Organic Traffic
- Effective SEO Strategies to Enhance Website’s Search Engine Ranking
#08. Place Your Employees on Partial Commission
When your employees are sure of their full pay, they may find it difficult to get out of their comfort zone. So, it is better to skew their salary in a way that only half of their pay is guaranteed. The other half depends on how much sales and profit you make. That way, they will also be stakeholders and will work and think like stakeholders.
#09. Proper Management of Stress and High Blood Pressure
Business will always come with its challenges. So, stress has become an inevitable part of human lives. It cannot be completely eliminated but it can be managed. If stress is not well managed, it can lead to a big drop in your productivity. So, you must find a way to relax regularly.
Another common health problem is high blood pressure. You should be able to prevent it too. There are certain fruits, food, or veggies that can help to regulate blood pressure, thereby preventing high blood pressure. For instance, Beetroot helps to regulate your blood pressure because it contains a lot of nitrates which the body can convert to nitric oxide, thereby regulating your blood pressure by widening blood vessels. Taking beetroot juice also helps to reduce systolic blood pressure particularly for men.
#10. Regular Training
Your marketers and salesmen need to be trained regularly because effective sales strategies are dynamic. Most strategies are only very effective when only a few companies are using them. They become less effective when others join the bandwagon. So you need to be among the first few to adopt new strategies.
Conclusively, you need to apply all the tips outlined above to aid the success of your business. Most importantly, you need to keep learning and sending your staff for training as no sector or niche is static. If you blink, you will be left behind. So, you should always be in tune with the reality on the ground at least within your niche.