Congrats, you’ve survived 2020!
Now, what can you do to prosper and even GROW in 2021?
Here are some thoughts on the subject that you can leverage for your new business strategy (you have a new business strategy, right?)
1. Focus on building life-long relationships. This is my favorite because this is what Iconixx is into. Our customers are our partners in business so we’re always working towards the win-win. If you’re a service-based business, then you’ll be able to give more value to your clients as you expand your services.
When it comes to your staff, you should be thinking in the same terms. Studies show that employees who build a meaningful relationship at work have 50% increased job satisfaction, as well as greater commitment to their jobs and a stronger sense of social impact. When an employee feels valued, they will feel more invested, and this can translate significantly for your customer relationships.
2. Define your core customer and plan accordingly.
It’s more crucial than ever to connect to customers who will have a genuine interest in your products or services. It’s crucial that you identify your core demographic and focus your marketing strategy (and cost) directly on that segment.
This, of course, begins with data. Create a customer profile by reviewing past behavior. This includes basic demographic information, but it’s also important to dig a little deeper, and try to map customer’s psychographics. What are their values? What are their spending attitudes? What gets their attention and their signature on the contract?
While the impulse may be to market to as many customers as possible, focused target marketing will be much more effective, especially for small businesses. It will help you carve your niche within the market. With 76% of marketers failing to use this type of data for targeted advertising, you can give yourself a real advantage by making data-based decisions for your business.
3. Social media is one of the most critical tools in your arsenal.
Social media is still one of the most important tools in your marketing toolbox as a business owner. Annual spending on social ads is increasing every year. Influencer marketing is a sure bet, with 89% of marketing professionals ranking it as a comparable or better ROI than other marketing streams.
The importance of brand visibility on social media illustrates another reason why identifying your core demographic is so important.
4. Marketing– Be Concise & focus on the value you offer.
- Lead with your product or services
- Address how your product offering meets the objectives of your core customer
- Include data that packs a punch with data points that emphasize the strength of your product or service, or the relevance of it with your core market segment
- Close with emphasis on ROI. Wrap up your pitch with compelling emphasis on the value that your product or service will bring. All the better if you can back it up with data or testimonials.
5. Reinvest in your brand.
Experts often consider “brand value” to be the perceived strength of a company’s name, image and reputation, and as part of the “intangible assets” of a business. Based on this framework, it’s been estimated the strength of brands can account for up to 20% of the total value of companies trading on the S&P 500.
Here are questions to get you started on assessing your brands for areas that need a little extra help:
- Consider your brand aesthetics for strength and weakness. Is your branding recognizably you? Are there design areas that have been neglected?
- Does your brand convey authenticity? This is a key evaluator for a customer.
- What feelings and ideas would you hope to evoke for your customers? How can you convey this through your brand?
- Do you have unified aesthetics throughout your social media and larger branding? Consistency is key: studies found that a consistent presentation of a brand raised revenue by 33%.
- Does your branding distinguish you from competitors or others in your sector? What differentiates your product or service, and is this being successfully conveyed in your branding?
Once you’ve explored those questions, take decisive action to address areas that may be lacking. This might mean hiring designers or consultants for a rebrand, or dedicating resources to training team members on how to effectively communicate your brand identity.
Identify your customer – form a lasting relationship – secure your employees with supportive motivation – BRAND IT. Here’s to making 2021 a successful year for your business!