Innovative Business Ideas

Are you looking to build a large clientele for your new business? If yes, then you have landed at the right place!

Today, we are going to talk about some innovative and uncommon ways that will help grow your business in the most cost effective and shortest time possible. Here are 5 successful ways to achieve growth for your business in 2019:

  1. Target a Specific Audience

In order to grow your business in the right direction, your focus must be on targeting your ideal audience. Once you know who your ideal clientele is, you must create a marketing campaign that speaks our specifically to that community. By doing so, you will be successful in creating an effective campaign that will help you in many ways to establish your brand name in any marketplace.

  • Referral Marketing

Referral marketing is a simple business strategy, in which your clients help promote your products or services through recommendations. Despite the fact that referral marketing is one of the most effective and trusted ways to create a growing user base in the shortest time, it has not been used to its full potential by both small businesses and large enterprises.

  • Partner with another Brand

This might seem like an out of the box idea to grow your business, but associating your business with a brand that already has a loyal following can actually help you in the long run. Working on a partnership or collaboration with another brand can help you reach out to a new audience and give you a platform to increase your brand presence in the marketplace.

  • Associate your Brand with an Important Cause

Associating your business with an important social cause is one of the most creative ways to promote your brand name. This is one marketing strategy that will not just increase the visibility of your business, but also add a higher purpose to your brand values.

  • Create a Viral-Worthy Video to Promote your Product

Last but not least, another great way to promote your business in 2019 is to create a promotional video for your brand products and services that is entertaining enough to catch the attention of your target audiences on different social media platforms. Your video should be unique and viral-worthy in delivering your brand message, so that it succeeds in spreading your brand name through word of mouth as well!

Let’s get started then!

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The definition of the SWOT Analysis

SWOT analysis definition can be elaborated as a system for distinguishing and breaking down the inward and outer elements that can affect the reasonability of a task, item, place or individual. Both business entities and nonprofit organizations use SWOT analysis. Even individuals can assess products, projects and initiatives using this type of analysis. The inception of this type of analysis can be attributed to Albert Humphrey, who first brought it out in the 1960s and again in the 1970s. According to Fortune 500, many different types of organizations have employed the use of SWOT analysis to help them make educated business decisions.

The reason and place where SWOT analysis is used

As has been explained in the SWOT analysis definition, it helps business organizations make educated business decisions. It is usually used at the beginning or as a part of building a viable strategy for businesses. It is regarded as such a vital tool in business decision making owing to the capability of this analysis to reveal to you success opportunities that were previously unrecognized and of also being able to reveal potential threats before they become too much of a burden for the company. It can help companies identify particular sectors of the market where they enjoy a competitive edge or to help individuals weave a suitable career path by highlighting the course of actions or jobs that would enhance and take advantage of their strengths and talents, while also making them cautious of activities which might hinder progress.

The different components of a SWOT analysis

The name SWOT stands for four individual segments that are intrinsic part of this analysis. These four elements that are part of the SWOT analysis include:

  • Strengths- Resources or attributes that are available to an organization or individual, which would aid in their success.
  • Weaknesses- Resources or attributes that are available to an organization or individual, which might work against their success.
  • Opportunities- Factors that are available externally, but can be capitalized by the organization or individual in order to aid in their success and growth.
  • Threats- Factors that are available externally, but should be remedied by the organization or individual, since they have a huge potential of jeopardizing their success and growth.

Each of these elements is represented in the form of a quadrant, within something known as the SWOT matrix. The SWOT matrix allows companies and individuals to identify and organize each of the resources and attributes that fall under any of the concerned elements. The first quadrant represents threats, the second weaknesses, the third opportunities and threats are written down on the last one.

KEY FACTORS INFLUENCING YOUR FUNCTIONAL LEVEL STRATEGY AND HOW DOES IT BENEFIT YOUR ORGANIZATION

Functional level strategies refer to the responsibilities that are handed over to different branches that maintain both your business and corporate level strategies. To be specific, these functional strategies stand for the end results you wish to get from the day to day functions of your certain business departments.

As a business, your functional level strategy must be able to highlight the point that businesses need constant support from various functional departments, like, Human resources, production, research & development, accounting, operations, marketing etc. to fulfill their goals. As the next step towards your corporate level strategy, your business’ functional level strategy would require you to –

  • Improve your human resources team by hiring more and more skilled and expert candidates
  • Increase marketing for better brand value, recognition and name
  • Decrease the likelihood of rejections in the production department

For any business, it is extremely crucial to keep up these strategies and work towards fulfilling the objectives of all branches. But, one thing that you must keep in mind while devising a functional level strategy for your business is to make sure that it is aligned with your business level strategies and corporate level strategies.

For instance, if your business strategy is aiming at increasing your brand value and your corporate strategy is directed towards increasing your organization’s market share, then any of your functional level strategies should not be regarding updating the computers of your marketing department.

How Does Functional Level Strategy Benefit Your Business?

The right functional level strategy can prove to be extremely advantageous for your business, and the reason behind it is its specific nature. Although, it is also the specific nature of functional level strategy that makes it more likely to be complicated and hard to achieve in comparison to corporate or business level strategies.

One of the greatest advantages of incorporating a functional level strategy for your business is that it helps streamline your company goals in a more comprehensive and all-encompassing way. This means that once you have worked to create a functional level strategy for your business, each and every employee working in different departments of your organization will be brought together by a unified goal. This is something that will automatically lead to an improved work-understanding, contributing to your organization’s success as a whole.

How a Business Strategy helps Corporations in winning new Costumers?

Corporate Strategy helps in formulate a winning guide in how the business is competing in the market.

It define what are the objectives (goals and future plans) and values of a corporation and how it compete against competitors. As such, it helps in formulate the long term view of what a company does and what it will do in the future. Moreover it helps in achieving success depending on how is formulated.

Many big corporations and consultancy define their role with the Mission Statement and Vision Statement. Statements in which the say what is the organizational goals for the medium and long term, which is usually 5 to 10 years.

Strategies are an ongoing process which takes time to formulate, but are also always changing due to the environmental forces which influences the market. How to formulate a succesful corporate strategy is the main opportunity for many Businesses.

The Mission Statement and Vision Statement are ideas on how and what the company wishes to be perceived by its customers and is related to the product and or service offering.

To formulate a good mission statement is important to be able to answer to the following questions:

  • What can people do with the information or product offered on the site?
  • What is the Unique Selling Proposition?
  • How will the service or product improve the clients’ lives?
  • What reason for buying on the website and not somewherelse? Or Why read the information and take the advice instead of getting the advice from another site?
  • Why are you offering these products or service aside from making money?

Establishing the relation between digital marketing and corporate strategy

Corporate strategy and digital marketing work out really well with each other. The strategies that you apply for growing in the market are collectively known as corporate strategy. There are so many strategies out there and each differs from one another. Also, it might happen that a set of strategies is not at all applicable for you. Therefore, you need to assess your digital marketing skills and needs and then employ the corporate strategies for your growth. When you are trying to prioritize a particular strategy for your digital marketing, you need to have a crystal clear understanding of your product, business and demographics.

Staying nimble

Digital marketing is all about trial and error. You need to try out various options before finalizing one. So, in order to be nimble, you need to flexible with the upcoming trends in the market. You also need to cope with the shifting patterns of SEO. Being flexible with the time when to get the reports of progress and where you can have an effective discussion about the same is also required. For selecting a successful strategy, you need to keep monitoring continuously and also adjust to the errors.

Understanding your customers

None of the corporate strategies regarding digital marketing will be effective unless and until you have a clear grasp on who buys your services or products and why. You can improvise your tactics of digital marketing by understanding your customer base. You can easily form an information filled database of your audience by:

  • Defining all the channels that fit the demographics of your business.
  • Understanding the requirements of your customers and trying to solve their problems.
  • Being aware culturally.
  • Having unique corporate relationships with influencers.
  • Using highly developed tools for automation of your audience targeting and segmentation.

Generate leads with content

One of the finest tools that can generate leads is effective content. The most tried and tested method for generating leads is well-written content. Not only writing but the distribution of the same is also of utter importance. It has been found that bloggers have 15% more chances of having a positive ROI. This is mostly because they post attractive contents. So, in order o turn your traffic into effective leads, you need to start posting relevant contents. It needs to have relevance to the needs and problems of your customers.

Corporate strategy and its great importance

A corporate strategy supports the outcomes that a company has to offer along with several other methods that will help a company to do so. In simple words, corporate strategy is the ultimate thing that will ultimately determine the scope for the activities of a company. It also helps to a great extent for supporting the goals of the company. In turn, such strategies limit the individual initiatives of a company which fall under the authorization to select the initiatives with a limit on the resources. The importance of a corporate strategy is an effective means for allocating the resources of a company along with improving the competitive position for a company.

Helps in establishing expectations

Companies convey their corporate strategies to the various individual business units which in turn drive the performance and also establish expectations for both the internal and external stakeholders. The corporate objectives focus mainly on the prime key areas such as profitability, productivity and market standing. A company needs to set up some measurable objectives for achieving all of these. It is with the help of the expected outcome that the stakeholders properly align their activities in accordance with the goals and also to make sure that a strategy works out in the perfect way.

Helps in improving the sense of competition

The corporate strategy that you choose has a lot to do with the growth and performance of a company. A strategy helps in deciding various steps for a business with the help of which it competes in the corporate market. It also helps in determining the activities with which the competitive position of a company can be maintained.

Allocates the resources for a company

With the help of corporate strategy, a company can easily allocate its resources for the best business opportunities in terms of investment. While setting up corporate strategies, a company starts by assessing its performance along with several other business units. The company will divest its assets and revise its allocations depending on the findings of its performance. The team leaders generally allocate the resources of a company depending on the desired outcome of every business unit’s opportunities.

Helps in adding shareholder value

Depending on the strategies of a company, the business units can easily improve the value of the investors much beyond the total sum of its assets. By making strategic choices, a company can allocate its resources and thus can improve the value of the company for the shareholders.

 

Product Edge

#Strategy Friday #3 Edge Strategies

Welcome to my blog, where I discuss everything from Innovations and Strategy.

Today topic is about competitive strategy and corporate strategy.
More precisely on how resources and competencies align with customer requirement and corporate strategy.
This topic is still in review, but I decided to publish part of the reading which I am doing.
Companies to succeed need to align their offering with what costumers and consumer requirements.
By aligning their product edges, as defined in their book Alan Lewis and Dan McKone, corporations can gain more profit from their buyers.
By asking questions such as, what else is possible to do, and what current capabilities align with what the buyer search, companies can improve their marketing strategies.
This is seen in the first edge, product edge.

(taken from edgestrategybook.com)

Product Edge

In the book, it is given the example of Best Buys and Geek Squad, but in Europe, Best Buys (or better explained, as the customer support for installing a TV at home by the customer premises) is not present, so I’m going to provide the example of Apple and their Genius Bar.
Whenever buying an Apple Product, at an Apple Store, Apple provides some small technical knowhow introduction via their Genius Bar, a service which is complimentary but not obliged to offer so that can facilitate the implementation of their product in businesses. So from that they earn the happiness of new costumers which appreciate the sale of this complementary service.

#Journey Edge
#Enterprise Edge

Last but not least, is the Enterprise Edge, which in the book is defined as finding new revenue through existing capabilities. The example provided in the book is Toyota and the sale of its GPS Data to municipalities for traffic coordination.