Three Strategies to Jumpstart Your Business
Whether you are bouncing back from the downturn or simply looking for ways to energize your business, these tried-and-true strategies can help.
With the economy starting to rebound, businesses have the opportunity to recover lost income and gain competitive traction.. A strategic move now can help boost productivity and garner the attention your company deserves.
Consider the following tips to help achieve your goals.
Jumpstart #1: Rethink Your Marketing
If you had to cut back on marketing and advertising to save money, now's the time to start investing again. Getting your name out there doesn't have to cost much, especially with so many inexpensive marketing opportunities available.
- Reconnect with customers. Take the time to touch base with your customers the way you did when you first pitched them. Finding out what their current challenges are will help you serve them better. The personal touch never hurts.
- Establish an enticing "welcome back" offer. Whether on your Web site, in an e‑mail or during that personal phone call you make, arm yourself with an offer for free or discounted services or products. This can help get the conversation started.
- Tap social media. Social media tools can be used to influence buying decisions, but they require a time commitment on your part. First, evaluate what you will need to maintain your top social media choice – whether it's a blog, Twitter™, Facebook, LinkedIn®,YouTube or something else – and make sure you have the time to keep it going. For example, with Twitter, you can write quick, real-time commentary and track what others are saying about you, your company or your industry. You can also use Twitter to alert followers when you launch a new product or service or offer exclusive deals.
Jumpstart #2: Set Up a Partnership
An effective way to expand your resources is through a partnership. Don't partner with a direct competitor; instead, look for another business in the same industry that's in another region or in a complementary industry (for instance, an auto repair shop partnering with a tire store or a car wash). You may be able to share marketing costs, exchange specialized equipment or increase opportunities of referrals if your businesses are not direct competitors.
- Find good informational sources. Join groups that have opportunities to come in contact with potential partners, such as chambers of commerce and service organizations.
- Establish parameters. The partnership should have an agreement (not just a legal contract) spelling out what each party promises to do. It should have outcomes and milestones, and you should review it quarterly and annually. Without these parameters, you won't be able to tell whether the partnership is successful.
- Share responsibilities. This is a great chance to find someone who can do things better than you. One partner may be a better public speaker, while another may excel at closing deals. Look closely at each partner's skills and work from there.
Jumpstart #3: Tackle New Opportunities
Take time for some out-of-the-box thinking. Consider what resources you have at hand to serve new markets or what resources you could acquire easily for such an expansion. Ask for feedback from colleagues.
- Repurpose products. The business world is full of examples of products that started out targeting one market and ended up serving another. A famous example is Avon Skin So Soft, which was originally designed as a moisturizer but has since been marketed as an insect repellent. Does your product have a capability that you considered early on in its development but didn't pursue? Now's the time to revisit marketing plans that didn't seem appropriate at an earlier stage.
- Brainstorm creatively. You can frequently tackle expansion by rethinking how to use your current resources in different ways. Talk to key customers (this is another good way of re-establishing contact) about products or services they would like to see you offer. Request feedback from your employees, too, especially those who interact with customers, to find out what prospects have inquired about that may have potential.
- Expand geographically. Tackling a new territory is easier in this economic environment because competitors may be burned out after dealing with the downturn over the past two years. Brainstorm with your employees about this; perhaps someone would like to move to a different region, but would still like to continue working for you.
It's hard to see a downturn coming; it's easier to see one easing. An uptick in economic fortunes gives you a great inflection point to send your business in other directions. Use this time to launch fresh strategies and lay the foundation for new revenue streams.
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