By Cliff Findlay
It's tough out there. In the last few years we have seen the biggest collapse in the financial world since the great depression of 1929, and alongside this has been a technical revolution via the internet, which has utterly impacted the way we now all do business. The technical revolution has only just started and if we think of it in comparison with the industrial revolution we are only now at the Spinning Jenny stage which means that there will be far more disruption along the way.
The financial unrest has meant that clients are not only more careful how they spend their budgets, they are now able to be more picky with whom they choose to spend it. At the click of a button they can search not just what you as a business do, but also every single competitor you are up against. This is now a global market and no longer just a regional one. We can now do business with anyone in the world, so having regional bias is no longer relevant. We are now all competing in a global workplace whether we like it or not. This gives you more of a potential customer base but also creates far more competition.
Within this unrest we have seen that established businesses that carry on doing the same things they have always done are simply not achieving the same returns they once did. New fluid, small focused businesses are appearing using the latest technologies and marketing techniques to win the clients that were once theirs. So now it's about really exploring new markets and responding to what each specific market place needs and what your business can bring to the table.
In order to really build, grow and succeed on this new global platform requires focus firstly on what and who the target market is. Once identified then the following point is to ensure where the business actually fits within this defined market. Ensure that your offer is relevant and viable will be a cornerstone of your work environment. Questions like; how much will we make? Is the market big enough need to be asked to ensure that when building the business we have enough targeted growth and potential new business to make it all worthwhile.
Once this is clear then it's about what you uniquely have to offer. A point of difference is required, that will help you stand-out in an over-crowded global business world. Understanding and valuing your unique standpoint within a competitive marketplace automatically puts you clearly ahead of the competition.
It's not good enough anymore to say you deliver on time and have a friendly attitude and a good price point. All clients expect this and it’s no longer exceptional, it is common place so you have to have added value to really grab attention.
Concentrate on key messaging. In this day and age people are not only time poor but also have a shorter attention span. In a world of instant gratification why on earth would a potential client spend time they may not have, trying to work through cumbersome communications let alone a pitch. Key brand messaging needs not just to be accurate but concise. Long and complicated phrases and fancy words don't impress and therefore tight, concise, congruent messaging is key. Why give someone 50 words to read when they can read 20? If they want to know more they will get in contact.
These are just a few of the key pointers when looking to expand your market share, which will help you steal business from competitors and increase profits with a view to doubling turnover year on year. There are many, many more, most are common sense but all need to be asked of the business if you wish to have a bright future and grow. Of course if you don’t then why are you even reading this?
Latitude Solutions Ltd
t: 0208 920 3435
London N21 1LE