Every new business owner dreams of getting to the stage when their company is growing and turning over a profit. It’s incredibly difficult to make a new venture a success, and many people may not even take the plunge or give it a go after seeing statistics related to startup failure. It’s true that up to 90 percent of new businesses fold, but if progress is steady and you’re looking to the future, you may be starting to turn your attention to growth and development. You’ve survived that crucial first stage, and now it’s time to make sure you’re heading in the right direction. Here are some tips to help you tap into trends and stay on an upward curve.
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Updating your market research techniques
No business can succeed without understanding the market. When you’re running a company, whether you own a clothes shop, a logistics firm or a bar or restaurant, you need to make sure that you have in-depth knowledge about the people who are coming through the door or ordering your products online. The information you gather about them can give you all kinds of ideas when it comes to your marketing strategy, price points, design concepts and the way you communicate with clients. Use feedback from your customers to see what’s going right, but also to learn what you could do better. It’s also really useful to ask clients to share their ideas. They may come up with features or promotions that you may not have thought of, but would appeal to your client base.
Market research isn’t just useful for giving you an insight into what customers want now. It can be beneficial for informing you about what could happen in the future. Take payment systems, for example. You may offer contactless sales now, but your customers may tell you that they would rather use other features, such as Apple Pay, in the future. When you have these nuggets of information, you can adapt the way you operate to cater for the changing needs of your market. Investing in a more modern pos system could make your business more attractive to customers, as well as helping you be more organized and maximize your revenue. There are lots of different ways you can ask for feedback from surveys and email questionnaires, to online reviews, interactive touchscreen polls, and social media comments. Get your customers involved, be sociable, and most importantly, take what your clients say on board.
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Going mobile
Did you know that the average person checks their phone up to 85 times a day? According to recent research, we now spend up to 5 hours a day on our smartphones. If your business hasn’t embraced the notion of going mobile yet, what are you waiting for? Many of us love to browse our favorite websites or apps when we’re on the way to work or taking a bus or train journey, and if your business is able to take advantage of changing consumer habits, this could make a massive difference to your sales.
If you have a website, and you’re happy with it, you only need to make minor adjustments to tap into the mobile market. Making your website mobile-friendly enables users to navigate their way around the pages easily, and there may also be features that are suited to consumers on the go. If you’re not completely happy with your website, it’s a good idea to make changes and then produce a mobile-friendly version of the new and improved model. Your website can carry a lot of weight, so it’s really important that it delivers.
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As well as having a mobile-friendly website, it’s hugely beneficial to have an app. Apps are easy to use, and they give customers instant access to the services you provide. You don’t have to open a browser or use a search engine to reach your desired destination. You simply click on the app logo, and you’ve got everything you need at your fingertips. Having an app makes life easier for your customers, but it also gives you a presence on the coveted space of the phone screen. Remember that people check their phones on an increasingly regular basis, so this can be a very valuable branding exercise.
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Refreshing your approach to content marketing
Content marketing has been used effectively by businesses for years, but times are changing, and it’s essential to be able to adapt and modify your approach to keep customers interested. Content marketing is not just about producing blog articles that are centered on subjects of interest and intrigue and learning to use keywords properly. Text is not the only type of content and giving your customers a range of different options is likely to make your website and any other marketing tools more appealing. Consider how you feel as a consumer when you’re browsing the web, and you come across pages that have images, video clips or infographics. These probably capture your attention more than a chunk of text. Mix up your posts, focus on the visuals, and listen to what people say. Look out for posts that generate a reaction, find out what people want to talk about and ask for opinions and ideas.
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It’s tough to get a business off the ground, but life doesn’t get much easier when you’re on terra firma, and you’re starting to make a profit. There’s never any time to stand still in business, and you should always endeavor to move forwards. The landscape can change in a split second and even if you’re doing really well, there’s a chance your success may not last. Focus on improving continually and make sure you’re aware of emerging trends. Listen to your customers, take time to ask them what they want and maintain engagement. Embrace modern technology and be ready to move with the times. If you’re not already geared up for mobile sales, now is the time to take that step. Look into modernizing your website and developing an app to tap into the growing mobile market. Marketing is evolving all the time, so ensure that your approach is relevant. If you’re still doing what you were doing five years ago, there’s every chance that you may be missing a trick.
