- July 15, 2019
What Do Great Businesses Have in Common?
You want your company to reach the top of its industry, but that’s easier said than done. In the face of fierce competition, you might struggle to stand out. Sometimes, you have to make quite a few mistakes before you finally get things right. Of course, it’s always smart to take a look at moves which worked for other brands. With that in mind, what do great businesses have in common?
A Strong Social Media Strategy
Since the inception of social networks roughly 2 decades ago, the most successful corporations in every industry have utilized social media pages effectively. These platforms allow companies to engage directly with existing and potential customers, but you need to use them properly. We’re not just talking about pushing adverts for your company on Facebook, Instagram, and other platforms. We’re talking about subtle marketing. If you make a real connection with people on social networks, then you’ll be spreading the word about your business in an authentic way.
The key is to post content that’s actually interesting. That’s obvious, right? Well, many companies fail to do this. Take a look at the great businesses in every industry. Their fantastic social media strategies have always been orchestrated by teams of experts who know how to be professional and engaging. The bakery franchise known as Greggs created a buzz on Twitter when Piers Morgan slated their new vegan sausage roll on Twitter; they saw it as an opportunity to respond in a witty way. People shared those Tweets because they were amusing. It wasn’t some bland advert shoved in their faces. Sure, it might’ve been a marketing stunt, but it was entertaining. Your content needs to be engaging in some way. That’s how you’ll get people to share your posts and increase your online recognition.
We’ve talked about boosting your online presence through your social media pages, and this is certainly a big part of branding a company effectively in the modern world, but you need to go further than this. The great businesses all have widespread branding. It’s about building recognition for your empire. It’s about getting consumers in your target market acquainted with your name and image, whether they’re already your customers or not. People trust a name they recognize. If somebody has a choice between McDonald’s and some local burger shop, they’re probably going to opt for McDonald’s (assuming they’ve been there before and they like the food).
The point is that consumers like to feel as if they can trust a brand before they purchase its goods or services. Think of all the ways that you can boost your brand presence if you want to increase recognition in the marketplace. Traditional forms of marketing (e.g. billboards and flyers) still make a difference. Obviously, digital marketing is effective, but you completely discard physical forms of marketing in 2019. You might even want to check out The Pin Factory to make branded pins for your business. Handing out free badges to people could help to push your brand image out there, but it’ll also make an impact on the people who have your merch. You could also hand out branded T-shirts, pens, and so on. Everybody loves a free gift, and it’s hard to forget a brand when it’s on all of the basic things you use/wear on a daily basis.
Again, this should go without saying. If a company is going to last in the long run, then it needs to be financially stable. It needs to not only make money but spend that money smartly. Yet, so many entrepreneurs make bad investment decisions, and they squander opportunities to grow their businesses. If you want to be like one of the great companies in your industry, then you need to put together a strong financial plan. For starters, you should cut your costs. This doesn’t mean you need to downsize. You shouldn’t cut costs at the expense of your business’ operations.
The best way to save money is to improve the cost-efficiency of your operations. In other words, you need to stop wasting your money. Perhaps you could automate certain administrative tasks to save time and money, for instance; this would make your company more productive. You could also insulate the office with thicker windows. You wouldn’t need to consume as much energy to keep the place warm (or cool it down during summer), so that would reduce your electricity bills. You’ll improve your business’ financial stability if you start spending your money more sensibly. In turn, this will give you more money to put towards worthwhile investments. That’s how your company will grow and become one of the greats in its industry.