The primary reason for setting up a business by anybody is to make staggering profits. With this comes the uphill task of making your brand a household name. Whatever product or service you have in the market, you can’t and shouldn’t play the second fiddle.
The market for any product or service is very competitive but that shouldn’t stop you in your tracks. You’ve got all the arsenals and you only need leveraging on them to get to the top where you rightly belong. Since you’ve come this far weathering all the onslaughts, it shows you’ve got the guts and you are ready to make the kill.
The year 2018, has just kicked started and this Q1 is what you need to put your acts together. You should judiciously utilize this time to put your house in order by strategizing and re-strategizing for a staggering ROI.
All the odds you encountered in your business in 2017, deservedly should be given a technical knockout and amazingly so. This is the time to wipe your butts and get raring to go.
What then are you waiting for? These five steps are what you need to put in place for a stunning and breathtaking ROI.
- Effective use of the social media
The social media has created an avenue for you to easily and comfortably reach your teeming consumers all around the globe. The important consideration, however, is the target audience.
Smart Insight reports the Q4 of 2017 daily usage of the following social media as, Facebook 76 percent, Instagram 51 percent, Twitter 42 percent, Pinterest 25 percent, and Linkedin 18 percent.
All you need do is to capitalize on the statistics to effectively reach your consumers. With the right social media, you can turn to Micro-Influencers who share your brand aesthetics, give people a way to share a laugh with you, and integrate brand advocates’ social content into your marketing.
- Engage the services of technocrats
The size of your business does not matter in this aspect. One thing you need very much is the services of technocrats and they abound in any brand you may be into. Technocrats always delve into what works among policy inputs to produce the desired measurable outputs.
What can pummel you to the bottom of the ladder is when you engage the services of quacks and half-baked. It is just like getting children to do the work of men.
It will be counterproductive if a General of the Army prosecuting a war decides to use Sergeants and Corporals to plan offensives when there are other seasoned Generals.
A plus factor here is that the world has now become a global village, it’s rather easy for you to harness the opportunity of the internet to engage the best hands in the market anywhere and anytime.
- Quality products or services
Your products or services should be able to speak for themselves. It is only when you have quality products in the market that consumers will come back for it and also tell their friends and acquaintances about your brand.
As you go about the product and services, you should also put into consideration the impact of pricing. You will not allow a situation where your consumers are driven off by overpricing after all product and price are part of the 4Ps of marketing.
Quality products and services play a sort of PR roles themselves.
- Secure your data
You must not forget that cybercriminals are still on the prowl and are looking for your sensitive information. They are getting better in their hacking acts by the day. The loss of your data to these guys is one thing that can crash your business and send you packing within hours.
As businesses are trying to comply with the new European Union privacy laws that will come into force by May 2018, hackers will definitely be fashioning out ways and means of exploiting the General Data Protection Regulation (GDPR) to their own advantage.
Apart from the GDPR penalty they may capitalize on to extort businesses, vulnerable IoT devices are also a major risk of several trending threats.
Taking this scenario into cognizance, it is very important that your IT team is up and doing. The guys should be continually updated on the latest security measures. They should be encouraged to take on training sessions in order to always be at least one step ahead of these no-gooders. No amount sunk into security could be too much but you should do that very wisely.
- Be Innovative
You can’t afford to stay glued to that brand all the years. There is a good case for rebranding. You need to be in the know of what goes in the market.
Innovation is the word for it and for this particular effect, your R&D section must be well informed and equipped to counter whatever surge any other competitor may be making in the market.
To really endorse the place of innovation in businesses, Fast Company reports that despite all the twists and surprises in recent decades — all newcomers with youth, funding, and can-do enthusiasm — Amazon remains the undisputed leader, a startup at heart still striving to remake our expectations. And to repeatedly remake itself.
In conclusion, the overriding truth that underscores your ascent to the top of the ladder is to leverage on the above steps for a massive and whopping ROI.