The most important thing after establishing a brand is to maximise profit. If no tangible profit is made, then the aim of creating a business has been defeated. Establishing a brand itself is an uphill task–from funding to determining and executing marketing strategies, maintaining effective management, and making sales.
Competition for a share of the market is becoming fiercer with thousands of companies springing up daily. Statistics show there are over 5.6 million small businesses which make up about 99.3% of the private sector in the United Kingdom. Despite this, small businesses are still overshadowed by the bigger firms in the marketplace.
In trying to land public sector contracts or control a larger share of the market, small businesses need to improve on brand policies and strategies. This can help fast-track the branding process and generate greater influence in the industry.
Here are 5 strategies small businesses can use to ensure they remain relevant in the market scene.
Define your brand and products
A captivating logo and good brand message are important in defining your brand. Stick to the message and make sure the audience associates your product with it. To get an edge over your competitors, offer better products and outstanding services. Your services should leave a lasting impression on the customer to build trust and loyalty. When your brand is known for its quality, you can secure more clients and remain relevant in your niche.
Establish a good brand-customer relationship
As an SME, it is easy to have a personal interaction with your customers. Leverage this and establish a cult-following that will give you an edge over your competitors. Maintain a 24/7 customer service, respond to emails and messages, reward continued patronage/loyalty, and warm your way into the hearts of your clients. Happy customers will not hesitate to promote your services through referrals, online reviews, and social media platforms.
Less is more–target a particular audience
One mistake most small businesses make is trying to do everything and reach everybody. They do not realise that they stand to grow more and become a household name if they focus on a particular message and demographics. The idea is to pick one, build a brand around it, and be so good at it that you are noticed easily. Spreading your tentacles to other industries is a privilege only established brands can afford. Your SME will most likely experience stunted growth if you do that.
Sometimes, your impact is felt easily if the public believes you are the best in your niche. You can show expertise by churning out quality content and products that will increase sales and make your company stand out. Seek good reviews and testimonials and be generous in sharing it with the public.
Use your competitive differentiators
Competitive differentiators refer to the uniqueness of your business that distinguishes it from your competitors. This is what you use to convince your audience to purchase your products and stay loyal to your brand. Your competitive differentiators should be smartly woven around your company’s culture, message and strategies. Let other people know what they are losing by not patronising you.
For a small business to remain relevant, the above strategies should be applied. Remain consistent in spreading your brand message, strive to maintain great quality, recognise that the consumer is king and watch your brand grow to cover a significant part of the market.