October 26, 2016
3 KEYS TO HELP YOUR BRAND THRIVE IN ANY INDUSTRY
Starting a business today in almost any industry is tough. Competition is high and the stakes are even higher. The new generation is more entrepreneurial and innovative than ever. Technology is advancing rapidly; blink and you may get left behind. Barriers of entry might even make it impossible to set up shop in your industry. However, the timeless adage still applies; where there is a will, there is a way. For those of you who continue striving ahead, defying the boundaries of your business sector by introducing an innovative product, starting an industry disrupting service strategy, or starting any other kind of business; we bring to you three areas of your business model to focus on in order to help your company thrive in the long run.
1. Finding the niche in your industry for your company to thrive and prosper
With almost 6 million classified small businesses now operating in the United States, creating long term success has become increasingly difficult. Sustained success can be achieved in numerous ways, such as delivering unique value or providing innovative technology, among others. One of the most effective ways to set your brand apart from others is to identify and occupy a niche in your specific industry. Aside from differentiating your brand from the hundreds of thousands of businesses like yours, carving out a niche segment can allow your company to grasp a greater share of the market for the specific product or service you offer. Being one of the first to cater to a niche segment can allow your company to control prices for said product or service, thus gaining an irreversible grip on the market by becoming a clear leading brand to your targeted customers.
Let’s take a look at other benefits that carving out a niche segment can provide besides increased market share and differentiation. Because your brand occupies a specific space within the larger market, you have the ability to more accurately describe what products or services you offer with greater ease. When selling a broad spectrum of products or services, you do not have the same luxuries you would when operating in a niche market. Specific descriptions of your product or service to your target market will translate to a higher return on investment from your marketing campaign for two reasons:
1) Once you identify the target market for your niche, your marketing promotions will have more relevance to them compared to a broader target market.
2) Consumers actively seeking out products or services like yours will already be more inclined to make a purchase compared to consumers who often browse or compare retailers for products and services.
Ideally, occupying a niche segment within your industry will distinguish your brand from the rest of the crowd. It will give your company the opportunity to increase market share, while more effectively describing and marketing your goods or services to the desired audience. These factors together give your company a great chance at achieving sustainable success.
2. Understand your target market, and then invest in the best way to market to them.
Before you plan which marketing medium(s) to use for your company, consider these two questions first: who is your target market and what is the best way to reach them? Contemplating and then answering these questions will drastically improve the final metrics of marketing: revenue and return on investment. You will have a stronger return on investment when you use a marketing medium that your target audience is most familiar with using or interacts with them most. For example, using radio advertising to reach teens about a new water park that opened in their town will most likely be far less effective than using social media to market to them. Conversely, using social media to market premier Egyptian cotton 800 count thread sheets to the workforce-retired demographic would not be as effective compared to using infomercials or another preferred medium of your target market. What is the common theme of these examples? You need to find which type of marketing medium your target audience interacts with the most and where they will have the highest percentage chance of coming across your advertisement or marketing efforts. Discovering this will make your marketing efforts more effective and increase the reach of each marketing promotion. Lastly, it is important to be proud of your new product or service and market it that way. Marketing is the greatest investment you can make when it comes to your company and its future growth.
3. Customer Service, the often deal breaker and deal maker to loyalty.
Face it, things are bound to go wrong every once in awhile. You can set the most comprehensive protocols to reduce manufacturing, processing, shipping, and other business errors, but eventually something is bound to go wrong. Your customer service is a pivotal aspect of your company, one which can augment your brand value or be a detriment to it. Because there are countless scenarios that can prompt customer service involvement, you can’t plan for them all. Instead, develop your company’s stance on customer service issues for each category and then employ and entrust a worthy team to handle them. We recommend putting the consumer’s problem first and finding the solution that resolves it in a fair and efficient manner. Give them the benefit of the doubt, but don’t let them abuse their purchasing power. Building a relationship with each consumer your brand comes in contact with is a powerful method to create free advertising, also known as word-of-mouth advertising, which can provide massive benefits for your company in the long run. Your customer service can help you seal the deal on a consumer and turn them into a loyal customer, or provide a reason for a consumer to avoid engaging in a transaction with your business in the future. In an industry with fierce competition, we would choose the former every time.