To many, founding a startup and taking it to the heights of success is the essence of the American dream. But, without a proper roadmap that will lead you there, it will remain just that—a dream.
Although there is no fixed formula to building a successful company, thousands of entrepreneurs have managed to do it. If one looks at their road to success closely, a pattern emerges.
All successful companies have something in common. The world of entrepreneurship has shown us that there are certain tried and true business strategies that can help you reach success, as long as you implement them right.
Planning – The Most Important of All Business Strategies
When it comes to business, you can’t get anywhere without a plan. Success is a destination. If you want to get there, you need a map.
To lead your company forward, you need to carry out an honest SWOT analysis. This includes your:
- Strengths;
- Weaknesses;
- Opportunities;
- Threats
Even though the most important reason you are writing this plan is your business, other people will want to see it as well, such as investors, bonding companies, insurance companies, and lenders.
For instance, with a business plan in place, it will be easier for you to understand problems and think through issues. It’s important to have a longer-term strategy plan as well as a short-term plan (1 year).
For instance, a short-term plan allows for greater accuracy in carrying out the action steps that lead to your goals. Since each initiative requires a few steps, it is best to focus on 3 to 5 initiatives.
Maintaining Communication
Undoubtedly, one of the biggest differentiators in business is customer service. Most things your company does, others can copy. But, they can’t duplicate your people.
Members of your team are the ones who interact with your customers on a regular basis. The people you put in place to communicate with the customers are at the heart of your business.
Instead of focusing on completing a transaction, their focus should be to build a relationship with the consumers. This often translates to going a step beyond whatever has led to the first contact.
Don’t just be content with the fact that a customer or client has chosen your business. Ask them about why they are using your products or services and how they are relying on you. Help them make the most out of your products and services.
Show them how much they matter to your business. If you are running a small business, customer retention is likely key to your survival.
Moreover, it costs 5 times more to attract a new customer than it does to keep an old customer. The best way to ensure customers will stick with your business is to maintain good relationships with them.
Relying on Technology as One of the Most Important Business Strategies
New technological advancements make our lives easier and help us get things done faster. But this is not what makes technology essential to your business.
New technologies have the ability to help all businesses scale. Of course, this only relates to technologies that are developed for specific industries or types of companies.
Technology enables you to connect directly with vendors, partners, customers, and everyone else you do business with. It helps your business deliver consistent and repeatable results.
You need a dedicated member of the team (or members) who will research and update advances that can be useful to your business. Larger companies have entire departments dedicated to this. While most small businesses can’t afford this, it pays off to get this type of advisory on some level.
Branding, Marketing, and Image
If you want to run a successful business, you must invest a lot of effort into branding and marketing. These two channels will help establish an emotional connection between your target audience and what you are selling.
Your branding and marketing efforts will define how the world views you. This is why it is important to have clearly defined brand values. Your industry or niche can play an important role in defining your values.
For instance, in iGaming as well as iGaming affiliate marketing, a healthy relationship between platforms and their players is key. Let’s take the reputable iGaming portal AskGamblers for an example. They have made trust a cornerstone of their brand mission.
Of course, any business can brand themselves as trustworthy. It’s the actions you take and the branding and marketing strategies you choose that lead your target audience to perceive you as a trustworthy business.
Printing marketing materials and paying for social media advertisements is easy. It’s the strategy behind these actions that makes the magic happen. If you want to attract your target audience, you need a marketing and branding strategy that is focused on specific objectives.
Consistent Lead Generation Strategy
There will always be a gap between your business and your prospects if you don’t employ consistent lead generation tactics. To generate new leads, you need a great website and landing page. Still, these are not enough.
To attract new customers, you need to leverage digital products, but you also need to ask yourself, “What do our prospects want?” You can also get new leads by starting a blog. However, you will need to publish new posts regularly.
You can also get involved in networking. Consider doing volunteer activities, attending networking events, or even organizing a networking event of your own. No matter what channels you decide to focus on, you need to have a consistent lead strategy.
People Management
If you want your company to thrive, you need to focus on attracting and retaining quality employees. You need a forward-looking team that will be the face of your business.
You need to run your business in a way that will inspire loyalty and satisfaction among employees. Your employees won’t keep your customers happy if you can’t keep them happy.
For instance, a benefits program can be one of the tools you will use to build loyalty. You can also have frequent surveys to see what matters the most to your employees.
Takeaway
If you make an effort to find the best way to implement these strategies, you can rest assured they will help your business grow. The best way to make sure your business will withstand the test of times is to employ strategies that have proven their worth over and over again.
Emma is a business strategist-turned blogger. She lives in Auckland, New Zealand. Emma is a passionate traveler and yoga aficionado. She is in love with coffee, interior design, books, and good vibes. 🙂 You can find Emma on twitter here
