Running a successful business takes huge amounts of time, effort and devotion. The majority of business eventually fail, here are some tips to help your business avoid becoming another statistic and ultimately go onto to achieve long term success as a business.
Hire The Right People
In order to make it possible for your business to grow and flourish you must have a solid, reliable and dedicated team of staff to help you achieve your goals.
Hiring the best people you possibly can is the best way to ensure growth. By having hardworking employees in your inner circle your business will be able to grow. Furthermore, by delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.
Focus on Your Established Sources of Revenue
Many new businesses decide to take a risk and invest time and finances into trying to acquire new customers when it would arguably be more beneficial to focus on your already existing customers and strengthen your relationship with them.
This can be achieved introducing a referral or customer loyalty program or trying out marketing strategies based on previous purchasing behaviours to encourage repeat business.
Know How to Adapt to Change
A trait that is common amongst the majority of new businesses is that they know how to switch directions quickly as a result of any sudden changes that occur in the market. By allowing yourself to adapt and change quickly, you are able to test different approaches to your business and find out what strategy works best.
Look to current pop culture trends that are popping up on social media for an opportunity to become part of the movement when it makes sense and to reach a large audience thus driving your engagement online.
After being forced to close overnight in March 2020 and then re-open to limited capacity two months later restaurants, gyms and clothing stores have all had to change the way they do business to ensure that they remain financially viable whilst abiding by the governments social distancing rules.
To remain fresh in the minds of their customers small businesses were forced to put more time and effort into their social media marketing strategy to help boost online sales. Due to the closure of their physical stores clothing retailers had to upgrade their online stores to continue selling their products. The types of stock clothing stores were selling online also had to evolve. Instead of predominately offering clothes that customers would purchase to wear on a night out at the clubs, retail stores began to move towards a shift in selling outfits that customers would feel comfortable with wearing around the house during the lockdown.
This example highlights the significance that a business must be prepared to adapt to sudden change in the age of covid-19. Adaption is the key to any small business that is aspiring to remain successful during one of the most unpredictable periods of human history.
Use Social Media To Post Content That Resonates With Your Intended Target Audience
Long gone are the days when businesses needed big marketing dollars to produce an advertising campaign. The majority of social media ads posted by businesses look less like a cinematic television commercial, and more like organic content anyone could create with an iPhone and basic editing software. Large and small businesses are using customer or influencer testimonial videos or shooting videos from their phone, adding subtitles, music and uploading the content as an ad. When done right, this approach translates to customer acquisitions.
Experiment with different creative assets to discover what your audience responds to the most. Social media algorithms favour video, so that’s a good place to start. Make sure you include subtitles as most users watch on mute.
Social media has changed the way consumers speak and what they respond to.
User-driven trends are here to stay, so make sure you keep up to date on current trends to create content consumers want to respond to. In most cases a trend that goes viral on one platform (for example; the rise of TikTok videos with on-screen text) will likely carry over to other social media platforms.