The competition is constantly increasing. Costs are getting higher. Threats to business never go away, but it’s not all doom and gloom. The rise of industry-disrupting businesses and viral hits highlights a pool of success that is bubbling up and making everyone take notice.
But how do you create an instant success, attract those social media influencers, and increase profit margins, all whilst running the day to day?
Let’s look at the techniques and processes you can put in place at your organisation to spur change, and drive growth in your market:
Follow the pink dolphin
Now stay with us here… We could replace this phrase with several clichéd phrases like ‘think differently’, ‘get outside the box’, and ‘rewrite the rules’, but realistically, these are difficult to put in to action. Let’s take a second to reflect though, not everyone is a creative genius! Some of us are the logical thinkers, or analytical pros, and we need these traits to keep businesses going. In the middle of a crowded market we need to seek out that piece of blue ocean and find a way to carve our path in to it, so find your pink dolphin to guide you.
Look inside your teams, build cross-departmental brainstorming groups, or encourage employees to attend industry events for inspiration. Then, fire off all the crazy ideas until you hit on something that feels right for your business or brand, and let it guide you through in to a new space.
It takes time, and more traditional businesses will need to work harder at it initially but creating a safe space for innovation and quirky thinking will ultimately lead you to bigger and bolder things.
Rethink the day to day
Aside from your pink dolphin, there are usually a multitude of day to day offerings or processes that can be tweaked and improved upon that make a huge difference. If you’ve been doing the same corporate discount package, or afternoon tea menu for years, it’s time to examine it afresh.
Make a mind map of your ideal customer for your offer, taking note of their routines, likes and dislikes, where they would normally do business, and how they might travel to your venue, every little detail can help. This should give you a better understanding of what they are truly looking for, and how you can get your product in front of them. Should your corporate discount include incentives to use your onsite catering? Can you jazz up a traditional afternoon tea with a wacky, but relevant, theme, adjusting the menu to create excitement in the presentation?
Thrash out the opportunities of any long-standing promotions and see where you can take them.
Don’t tell the world, tell your world
You’ve got your brilliant idea, it’s perfectly suited to your business and target customers. But how do you make sure they know about it? The spray and pray approach is definitely not the answer. From the work that you’ve done to establish the needs and characteristics of your ideal customer, you should have an idea of how they consume content, where they might hang out, and what might attract them. Use this!
Social media can be a great help, though it isn’t always the best channel. Look around for inspiration before ploughing time and money in to Facebook or Instagram ads which may not be getting in front of the right people at all. Partnerships, alternative forms of advertising, editorial opportunities, and experiential tactics can all come in to play to put your message in front of the right people, at the right time.
To make a change to your business, and reach for that next level, explore your options for being bold and daring. A little risk can bring a whole lot of reward.
For more information on maximising opportunities, and finding new ways to grow your business, contact Custard.
