As we enter into the New Year, what are your business aspirations for 2016? The experts say, think big, start small and learn fast.
Regardless of your objectives, here are some important factors to consider to help make your business a success. With the rapidly developing online market, digital marketing is also an essential component to any business strategy.
This entails investigating a full range of possible outcomes and not to assume what lies ahead will be similar as it is today. It is essential to be able to deliberate how new developments could change the dynamics of your business and in the worst-case scenario determine whether it will succeed or fail.
By being open-minded and thinking beyond your existing products and/or services it means you make yourself available to a wider array of opportunities. Innovation is a key concept in business, developing new ideas as well as improving your present model.
The correct use of online marketing can make or break a business; the online yoga concept from CorePower is a great example.
Trevor Tice created his health and fitness company, CorePower back in 2002. Instead of opting for the printed media that many of his competitors were utilising at the time, he saw the benefits of advertising online and particularly networking via social media.
His business grew and he realised the potential of offering online yoga classes. CorePower is now the largest yoga chain in the US; in 2012 its revenue reached an estimated $60 million.
After thinking big, successful businesses will begin with implementing smaller action plans based on sound research. If you divide your business aspirations into smaller initiatives you can analyse what works with lower risks attached.
With the right digital marketing know-how you can get your business off to the best start by increasing your exposure to target clientèle. This can be achieved by effective, step-by-step strategies at low cost and with little risk e.g. inbound marketing, social media networking.
In the competitive world of business, it is important to quickly discover what works and doesn’t work for your company. It is crucial to be able to adapt to change and alter original plans from what has been learnt, not from hopes of what might be.
It is imperative to maintain a scientific approach to research; testing prototypes is as vital as the theory in your business plan. A great advantage of digital marketing is the ability to be able record and analyse factors efficiently and at low cost e.g. exposure to target audience. Helping you to make the right decision for the future of your business.
An online marketing strategy can help to revitalise a business, take a look at Kinleigh Folkard & Hayward estate agents. KFH had to think fast on their feet when the housing market crashed back in 2008/2009 and companies with a similar business model were going under. They had to analyse what were the best actions to take and proceed quickly to implement them.
Based on this, KFH introduced an elite magazine and blog ‘The Completely London’ to help establish their authority and online presence. It worked wonders for their reputation, helping existing customers to keep faith as well as bringing in many new clients. In 2012, they won the Prime location blog awards for best agent blog and in the same year were listed as a top 10 UK brand.
For more information on how to take your business to the next level, contact our digital marketing experts at 650hours.