Best Business Strategies

Posted On:2016-04-04    Category: Business & Finance
Best Business Strategies


Below i have composed some of the major Business strategies that most of the successful Entrepreneurs use. As an aspring business man/woman take time to go through and understand. Enjoy!!

1. Partner with allies.

Marketing partnerships have a number of benefits to push a marketing campaign. For starters, when you collaborate with someone else, you tend to deliver better content. On top of that, marketing partnerships are cheaper to create, see success more quickly, and expose your brand to a new audience.

2. Embrace user generated content.

According to a survey of 839 millennials, they spend "5.4 hours a day with content created by their peers. This represents 30 percent of their total media time and is rivaled only by all traditional media types combined (print, radio, and television, at 33 percent)." In the same survey, "Millennials reported that UGC is 20 percent more influential on their purchase decisions than other media."

You can achieve this by having customers share personal stories (Estee Lauder's international breast cancer action campaign), exchange ideas (Salesforce's Idea Exchange), and by giving them the tools to make an ad for you (Nissan's VersaVid campaign that was shared on Instagram and Vine) or through humor (Doritos Roulette bags).

3. Collaborate with influencers.

Another way to gain a new audience and extend brand awareness is by collaborating with the top influencers in your industry.

4. Help customers solve a problem.

You're in business because you provide solutions. Some of the ways you can help customers solve a problem is by: creating how-to-content; offering exclusives that make their lives easier; listening/responding to them; or creating apps/tools.

5. Let customers interact.

No matter the product or service you're offering, your customers want to interact with your company, or at least other customers.

6. Experiment with new channels and platforms.

Don't hesitate to try out new channels and platforms to promote your brand. 

7. Take a bite out of Apple.

Apple deserves special mention mainly because it's a brand that has created an entire generation of lifelong advocates. How did they accomplish this? Remember when the iPod was introduced? Apple's now-iconic strategy involved empathy, focus, and impute when they used silhouettes of people enjoying the iPod. It may not have been the best MP3 player, but it created brand recognition that helped dominate the market.

8. Have some fun.

You probably never heard of Dollar Shave Club until the company released that humorous YouTube video. The company continues to have its way with the shaving industry.  Get employees involved.

Let employees be your biggest champions and brand advocates. That's what happened with Caterpillar'sBuilt for Itcampaign. The videos tapped into the allegiance of the brand, which motivated them to share the videos with friends and family.

10. Be a little weird.

You don't always have to play it safe. Sometimes you want to think out of the box and get a little weird.

11. Don't forget about existing customers.

I know it is important to obtain new customers if you want your business to grow. But don't forget about the customers you already have. As Belle Beth Cooper notes on the Buffer Blog, you could use the "upside-down funnel" approach. This could include making customers feel like they're part of an exclusive club, giving them something extra, and making them feel like VIPs.

12. Use big data to target customers.

Big data is now helping retailerstarget specific customers. Red Roof Inn uses cancelled flight information to send messages to stranded travelers. A pizza chain uses data to send out coupons to customers who are experiencing bad weather or power outages. In short, big data can be used to predict purchasing trends. With this information, you can get in touch with consumers before they search for your products or services.

13. Venture into the concrete jungle.

You can still do a little offline marketing to create a buzz surrounding your product or service. For example, you could hire an artist to paint a mural (with permission, of course). You could also go the route ofCiti Bike. Having bicyclists riding around with your logo or name is a clever way to grab attention. Another great example was when the Copenhagen Zoo shrink-wrapped city buses so that it appeared that they were squeezed by a giant boa constrictor.

14. Tap into nostalgia.

Entrepreneur shared an interesting discovery from the Journal of Consumer Research.  The study found "that people who were asked to think about the past were willing to pay more for products than those who were asked to think about new or future memories; another experiment showed an increased willingness to give more money to others after recalling a nostalgic event. " Maybe that's why brands like Coca-Cola, Calvin Klein, and Internet Explorer have launched campaigns that take Millennials back to the 90s.