Did you know that there are over 30 million small businesses in the USA? Thanks to the positive economic conditions of the last few years, many people have taken the opportunity to open the enterprise of their dreams.
However, as conditions continue to become harder, it becomes clearer that you need more than hopes, dreams, and enthusiasm to make a business work. You need careful planning and the ability to strategize.
What business strategy examples are you applying in your business? Why not take a few moments to expand your knowledge of business strategy to see how you can gain a competitive advantage.
Table of Contents
1. Unique Selling Point
A successful strategy that many companies employ is the advertisement of a Unique Selling Point (USP). This is a feature or aspect of the item or service that only they can offer. This type of innovation can prove to be very rewarding.
You will need to research what it is about your product that is unique and then market that unique aspect. If you are marketing several unique aspects, you could run a marketing campaign with a page for each one. Then make use of enterprise heatmaps to find out which unique aspect people are most interested in.
2. Pricing Strategies
It may sound surprising but you can attract customers by lowering or raising your product pricing.
Should you offer a very low price, you can undercut your competitors and quickly get a grip on the market. This works very well during ties of economic instability as people are more likely to exhibit a lack of fidelity to their usual choice in order to save money.
Equally, however, it is possible to raise your price so high that it attracts the interest of people with a high budget. They may wonder what it is that warrants such a high price. This is especially effective if you are looking to market clothing and other fashionable items.
3. Increase Your Cross-Sell Range
Some products simply work better with products from the same brand. If you can increase sales of an item due to its compatibility with another product from the same brand then you have accomplished a cross-sale. The sale of 60 million AirPods in 2019 is a prime example of this.
Even a small accessory that is sold in addition to an item on a regular basis can have a big impact on your profits over time.
4. Research and Development
If you want to add legitimacy to your products then you may want to increase both your product quality and also your level of research.
Scientific research, personal testimony by experts, or customer satisfaction ratings are a great way to assure the public of the value of your product or service.
This type of research can help to further develop your products and your rapport with your customer base.
5. Customer-Centric Services
Even companies that offer exceptional products will lose out if they do not take care of the people. Companies often spend their first few years developing their products and their customer services can fall behind.
Some companies will then focus on this by employing a project manager to ensure that their, and their customers, expectations are met. This is often by arrangement for the employment of online services or call-center services.
6. Target a Younger Age-Group
Knowing your target audience is one crucial part of your business plan. However, if it is possible to lower the average age of your audience to the youth level, you have a real advantage. This is what many Fortune 500 are doing successfully.
Younger people are the predominant users of social media, have disposable income, and are more likely to embrace new concepts. This is a winning formula for new companies.
7. Highlight Differences
If you are currently operating in a crowded market area, it might seem difficult to get your brand out in front of the crowd.
Why not focus on what makes your product different from the others? This could be because of its beautiful appearance, even if its function is not so different from other products. Or it could be a feature that meets a need revealed during customer research stages.
Making a big deal out of differences can give you a competitive edge over your competitors.
8. Tech Developments
Sometimes you will need to market not only what your product does but what potential it holds for the future. If you are sure that in time following further research and investment you will be able to achieve something greater, then you may want to include it in your advertising now.
This is often the case with software. Upgrades and improved features will be advertised far earlier than they are actually released in order to attract customer attention.
9. Retain Customers
Did you know that it is significantly cheaper to retain customers than to earn new ones? If your product or service could involve repeat purchases, then encouraging customer loyalty and addressing any negative experiences that a customer will have is a priority.
Why not research customer behavior to see how you can improve their experience at key points and thus encourage their return for further custom.
10. Environmental Responsibility
Environmental responsibility is a key selling point in today’s world. Any aspect of your work that reduces packaging lowers your carbon footprint, encourages recycling, or uses renewable energy sources is material for your labels and advertisement.
If you have any awards or product certification that can prove your level of responsibility, this should be at the front of your promotional campaigns.
Business Strategy Examples and Much More
If you are a small business owner, knowing how to read the market and your target audience is crucial to your success. These are just some of the many business strategy examples that can help you to stay afloat in a COVID-19 hit world.
If you would like to learn more about business and lifestyle subjects, why not check out our other blog articles? We research the latest subjects and bring them to you each week.