Many businesses fail because they don’t know how to create the opportunity for them to grow or focus their energies in the right areas that will improve their business’s income.
Test out digital and traditional marketing campaigns.
Boost your brand awareness and generate new leads for your business. There are several ways to improve your branding in the digital space, such as engaging in:
- Display marketing
- Online retargeting
- Retail marketing and e-commerce promotions
- Affiliate marketing
- Paid search marketing
- Email marketing
- Search engine optimization.
There are several other traditional channels that you can leverage including:
- Sales letters and direct mail marketing
- Direct sales
- Adverts on television, radio or print media.
Ensure that the cash flow for your business is positively geared.You are in business to make money. Your business is an asset in your portfolio that should be producing a positive cash flow while growing in its equity yield. Identify the current revenue streams for your business and identify any new opportunities to improve the profit yields through pricing elasticity or increasing the sales volume. Also identify any expenses that may be diminishing your profits such as wastage, unnecessary subscriptions and unrelated business expenditures.
Commit to delivering a quality product or service that the customer expects!The key to keep your customers coming back time and time again is by delivering on your brand promise. Your business’s mission should be to meet or exceed the expectations of your customers. Your product or service is the solution to a problem they have. For example, Coca-Cola (Coke) who are known for investing large budgets in their marketing, promise to keep their customers refreshed with their drink and brand image.
Overcome being a commodity by implementing differentiation tactics in your brand strategy.Many businesses fail before they even get off the ground because they don’t understand the importance of differentiating their product from the competition in their marketplace. Many people immediately jump to ‘price’ as the solution, when in fact there are several ways to brand the product or service so the perceived value improves, thus allowing the product or service to be increased in price.
Never engage in a price war!One of the crucial mistakes many businesses make is going into a price war with their competitors. They undercut their profit margins so much that it drives them out of business. For example, 2015 saw a price war between domestic airline carriers Qantas and Virgin. In a bid to win over more customers, undercutting their profit margins also hurt their investors and did little to stimulate more revenue growth. These customers tend to be price sensitive and have little or no loyalty to brands that discount at their own expense. Instead, it would be wiser for the business to create a differentiation strategy such as Virgin focusing on their loyalty program and potentially offering more bonus points for those customers that fly with them as opposed to Qantas.
Your business can succeed if the right business model is adopted and the right approach to branding is adhered to. Get in touch with the specialist team from Soul Digital to find out more how they can help you today!