With new threats and stronger competitors entering the market every day, there isn’t a more challenging time to be a business owner than right now. The stakes are higher than ever, which means it’s incredibly important that your business is doing everything it can to push forward and retain a sizeable market share.
The best way forward is to optimise your business for growth, ensuring you are equipped to both take on the competition and achieve long-term success. When we talk about growth we don’t necessarily mean increasing in size (though this often happens simultaneously), but we refer to maximising opportunities for business development. For example refining your brand strategy, targeting your ideal client and finding and dominating niches in the market can all lead to growth.
Growing faster than your competitors doesn’t necessarily mean being the biggest baddest business in the market; sometimes it’s simply finding what you’re good at and sticking to it.
The key to being a successful market player is having something useful and unique to offer your audience. It’s important to discover and refine your Unique Sales Proposition (USP) so you understand exactly why a customer would choose your business over your competitors.
To stand out from your competition, it’s important to find niches in the market and ensure you’re catering to underserved corners of the market. This shouldn’t be a one-off process; your business should constantly innovate to ensure you are responding to potential opportunities presented by emerging gaps in the market.
- Align your Brand to Customer Aspirations
While your brand should be unique to your business, it should also align to the aspirations of your customers. You should spend time at least once a year refining your brand to ensure it still appeals to your target audience. The time allocated for creating your marketing plan is a good time to do this.
- Measure your Marketing
The most successful businesses know where every cent of their marketing budget goes. In other words they know their numbers – including where their money is being invested, what marketing methods are performing best and the exact Return on Investment (ROI) each method brings. These businesses regularly tweak the allocation of their marketing budget based on the methods that are performing best and seeing the highest ROI.
- Nurture your Leads
Many businesses are focused on getting more leads, without realising that their time and money could be better spent maximising conversions. Imagine, for example, if you could convert 10% more leads into sales – what would this mean for your business? A big difference to your profit margin is likely the answer. Converting leads into sales begins with a systematic lead nurturing process.
Constant revision and tweaking is the only way to ensure the long-term profitability of your business. Business owners who are aware of the changing nature of the digital sphere and who adapt to fit this are the ones who will retain market share, overtake the competition and achieve success in the end.
You don’t need to be an expert – anyone is capable of taking their business to the next level. All you need is an open mind and a willingness to learn.