Staying Relevant with Brand Strategy
"As a business owner, it is recommended that you always think long term about how to continue growing your business progressively and steadily by evaluating the current and potential product offering and the markets as well."
After identifying your targets to be achieved over a period of time in your business, you can then work out and implement strategies and tactics that would assist would assist the action you take to achieve them. Every company has the plan of growing, enlarging and expanding their businesses and increase the amount of their sales and profits. Every company must have strategies in which they approach the market to gain competitive advantage over their rivals.
Having strategies is an additional advantage to any business at all whether small or big and here are the reasons why:
1. MARKET PENETRATION
One of the benefits of strategies is market penetration. Companies use strategies to determine the right time for market penetration. The market penetration strategy decides the best time for a company to make moves to increase their market shares. One of the numerous ways to increase market share is by reducing or stepping down prices. For instance, markets where there are little differences among products, decreasing prices can boost a company’s share of the market.
2. MARKET EXPANSION
A market expansion strategy which is sometimes referred to as market development technique, requires selling of current products into a new market entirely. There many reasons why companies consider the market expansion strategy. First, the struggle of competitive advantage of the market may be such that there is no available room for increase and expansion within the market. Also, a company will use the market development technique if it finds new uses for its products. For instance, small manufacturer that produces and sells soap to retail stores along the line discovers that its factory workers also use the products that it produces.
3. DIVERSIFICATION STRATEGIES
Growth strategies in business will also include diversification in the market, where a company will sell new products into new markets. Yes, this strategy is sometimes considered very risky, but at the same is needed for growth in sales and profits. When executing this strategy companies are advised to be cautious and must have a verified plan that must work. Diversification strategy is not one to gamble with. A complete market research must be conducted because a company will need to know exactly if consumers in the new market will like and want the new products.
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Video marketing is one of most interest and profitable extras that a company can add to its promotion toolbox. Yes, it’s normal to have doubts at first and begin to ask yourself questions like “are videos really needed to promote your business?
The answer is direct and simple. Yes, it’s worth it. Not because it seems like what everyone’s doing but because video is one of the most flexible and profitable digital marketing tool in business promotion. Here are some reasons why you should use video marketing to promote your business:
1. VIDEO ACCELERATE CONVERSIONS RATE AND SALES RATES
Videos are very important and it can make you ton of money without you knowing. Adding a video containing the details of the product or services that you render on your landing page can increase conversions by 86%.
Studies have shown that 82% of users who watched an explainer video about a product or services subsequently purchased it. So its best for you to start crafting your own product videos. Majority of the information transmitted to our brain is visual like pictures.
Then imagine if picture are these powerful and can accelerate engagement intensively, try to illustrate what moving pictures can do to the growth of your business.
2. EARNS TRUST
In every business, trust is the core of the relationship between companies and their consumers. Trust in the basis of conversion and sales in any company. Building trust is a goal on its own and video marketing helps you get a step closer to achieving this.
Applying to this, video content is very likely to involve us and spark our emotions. Some consumers are doubtful about purchasing products and services online because they fear fraud, cheating and dubious acts that are very rampant on the internet these days. but a good productive, conversational and effect video creates the sense of individual which is the reason why 71% of consumers are more confident in making purchases online.
3. VIDEO MARKETING EXPLAIN EVERYTHING IN DETAIL
If you’re launching a new product, creating a video to describe in the details how it works. Research deduced that majority of users prefer to watch video to become enlightened about the product or service they are about to purchase.
This is the main reason why 76% of marketing businesses do have an explanatory video on their products on their home pages. Animated video brings concepts to life that no text can.
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REASONS WHY WEBSITES HELP IN THE PROMOTION OF A BUSINESS:
Of this present age, it is strongly recommended and compulsory that all businesses should have a website. And one of the greatest reasons is that you are getting this advanced marketing tool at a cost of a pizza slice in Dominos.
Below are some good reasons why a website could help achieve goals in a business:
1. GETTING INFORMATION ACROSS A WIDE RANGE OF CUSTOMERS
By sharing enough light into the product catalogs, product specifications and comparisons, every customer across the globe can get a lot of information about any of the products and services through your website. In today’s world, many customers make their purchasing decisions online this means that they already make up their minds on what to purchase before making an entrance into your store.
2. CREATES A TRUST FACTOR
For many customers and industries, websites are important trust factor for the customers. I can certainly say to you that in the consumer durable industry, getting a website is mandatory most especially in this our current technological world because the products you offer are technical in nature.
3. GAIN COMPETITIVE ADVANTAGE OF THE MARKET
Having a website is very vital to defeat competitors as well. Usage of modern SEO tactics like content creation, link creation or internet marketing, can enable you stay on top of the market and attract a larger range of customers into your business.
WHAT HAPPENS WHEN THE ROAD-MAP OF STRATEGY DOES NOT GO AS PLANNED?
Strategic road-map is a time dependent plan that defines or shows the exact point a business is, where it’s going to and how it going to get there. It is a visual representation that arranges and shows the important fundamental information required to attain the company’s future plans. In other words, they are the right approach to planning. It’s a very impressive tool that connects strategic moves in accordance with the business plans.
What will happen if the strategic road-map doesn’t go as planned?
A road-map doesn’t predict the future of how the market is going to be and the trends of the market. At times, improper planning gives rise to a wrong strategic road-map and when the road-map goes south these are some scenarios that are likely to take place in the firm:
1. INADEQUATE RESOURCES TO IMPLEMENT THE ASSUMED PLAN
Creating a good strategic road-map requires a huge dosage of realism. Many at times we see firms get caught up in the excitement of the future, what’s going to happen, and they forget to have cautiousness in managing their existing business activities.
2. UNCERTAIN OBJECTIVES
When the strategic road-map goes south the objectives and goals becomes unsure, it will be difficult for an organizations team to make good decisions at the implementation phase (the phase that requires action) and confusion sets in becoming a powerful obstructing element working against the your initial plan’s success.
3. CHANGE OF THINGS
When the strategic road-map is initiated, there are possibilities that you might not get 100% perfect at the first attempt. Strategic road-map is about charting out a bright new and enhanced layout for your firm and this does always involve an extent of assumption.
When the initial road-map of strategy for a firm doesn’t go as planned, this changes the top-level strategy and causes inappropriate adjustments to any current and previous analysis being made.
4. LOSS OF MOMENTUM
It is very usual to see a great deal of enthusiasm at the early stage of a strategic planning process, assisted by a backslash in the time and focus being implemented into the plan, as the realities of the previous routine pulls it back. The lack to stick with the initial strategic road-map causes the firm or organization to decelerate towards its initial plans and goals.