Business owners who are seeking to grow or scale their companies, who need a reset or refresh can employ several strategies to get the ball rolling again. The age-old rule is to take things slow and have a solid plan. In this piece, we explore three ways in which your business can start moving once you feel that you’ve started stagnating.
1. Rebranding.
Effectively shaking up things with your brand identity will show your target market that you’re able to adapt and change. Even the most prominent brands regularly refresh their CIs (corporate identities) to remain relevant and keep abreast with ever-evolving levels of digital disruption and changes in consumer needs and expectations, for instance, what VODACOM and ABSA did two years back with their branding.
As your business grows and diversifies with new products, services and markets, you may discover that your current identity is no longer valid. A fresh brand revitalisation will adequately align with the needs and values of your larger business, as well as the innovation you might offer and lastly, how to stand apart from your competition.
Rebranding is an excellent method to retain existing customers who will come to your offering to see what’s new and can furthermore also attract new customers and talent.
When rebranding, we recommend always to put the customer base at your core focus. For instance, if you’re in e-commerce with distribution operations, we advise letting your customers know via your branding messages how they can save time with faster delivery options.
2. Reward your clients to keep coming back for more.
Existing clients are one of the most essential resources for additional revenue for your growing business. Studies have revealed that the cost of acquiring new customers is five to twenty-five times higher than retaining existing clients.
Moreover, your existing clients are perhaps your greatest brand advocates, and their referrals and testimonials will go a long way in obtaining new customers.
We advise taking the time and making an effort to listen to your current customers and ensure that you genuinely understand their needs and challenges, and following this, you need to determine where you fit in. What can you do to meet their needs faster than the competition? Can you solve and how would you solve any of their challenges with minimal effort?
When entrepreneurs show that they genuinely care about their clients, they’re commonly compelled to share their experiences with their peers, friends and families. Word-of-mouth still is and will always be one of the most powerful marketing tactics.
3. Hire a business coach or mentor.
Regardless of the business challenges your company might be facing, the chances are high that someone else in your sector or otherwise has experienced this and survived to tell the tale. Moreover, these individuals always come with invaluable advice on how to overcome any challenges.
There are few things as vital as having a supportive network. Whomever you select to work with, your mentor needs to be someone who has been down the same road, and who can effectively aid in helping you see the bigger picture. These people will ask all the right questions, put your efforts under the microscope and provide valuable suggestions and strategies to help your business and you, move forward.
Moreover, having a person as a sounding board for ideas, who can bring an outside perspective to your business usually is the motivation you’ll need to take the next step. Should they be unable to help you, they’re more than likely to have an extensive network of their own which they can use to help you benefit.