While the coronavirus pandemic has been a difficult time for everyone in terms of safeguarding our health and learning to live with restricted social freedoms, it has undoubtedly afforded us an opportunity to revolutionise the way we work.
1. Keep an eye on new marketing channels/platforms
Marketing is constantly evolving and there are always new avenues for reaching your target market, so it pays to spend time exploring the best options for promoting your product/service.
When possible, check out what your key competitors are up to and, where possible, try to be ahead of the curve with new marketing methods.
Whatever the size of your marketing budget, it’s worth having a set sum laid aside for testing. Some things won’t work, but by testing what’s out there you could find a new way of marketing your business with great ROI.
Social media remains a dominant force in marketing, so staying on top of your various social media accounts is also important, as is making sure you’re using each channel effectively.
2. Look after your regulars
Regular customers are essential to a small business. Focusing on this group and making an effort to keep them engaged is key, as not only do new customers cost more to acquire, but other businesses will be making attempts to poach your existing clients.
Retain your regular customers with timely, personalised communications (upselling where possible) and reward their loyalty with promotions/discounts.
Loyalty schemes (like the Boots Advantage Card) are also a great way to make sure your customers come back to you time and time again.
3. Identify your ‘ideal customer’
One essential thing you should do (if you haven’t already) is identify your ‘ideal customer’. By knowing and understanding the type of person who will use your product/service (including key demographics like average age etc.) you’ll be able to focus your efforts far more efficiently.
You’ll be able to make your marketing more targeted, make your website/other assets more appealing and make sure the language/tone of voice is appropriate.
You may not have the most innovative product, but as long as you’re getting it in front of the right customers you’ll still make sales.
4. Identify unnecessary expenditures
If you can’t directly attribute a cost to a return on investment it must always be questioned.
While expenditure on things like brand awareness can be difficult to quantify, you can still look at how you can do things better, cheaper and more efficiently, without compromising the quality of your product or service.
5. Organise, organise, organise!
Studies show that being disorganised can kill the productivity of a small business owner.
One study found that 53% of thriving business owners described their workplace as very organised, whereas a mere 23% of struggling and failing businesses said the same.
Further data found that 1/3 of business owners felt that a disorganised workplace led to lower productivity. 75% of owners of struggling/failing businesses also believed that this disorganisation affected the productivity of their company. If your business isn’t as organised as well as it could be, set time aside to get your house in order!
Good luck growing your business in 2019!
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.