Posted by Robert Half on 07 July 2013
Don’t play it safe, try innovative new approaches
Challenging economic times understandably make businesses more cautious, but inaction is not the remedy. In fact, your success may depend on devising innovative strategies to attract the attention of your buyers.
These days, consumers and businesses alike are seeking more value when making purchasing decisions. As such, sticking to the status quo is a risky proposition. Instead, actively try new approaches that address shifting tastes and demands.
Here are some tips to help you start thinking beyond the box:
Creatively emphasise the value you bring
As consumers and companies continue to limit their spending, they are choosing to do business with firms offering products and services that provide the best value for the money. Old business models may no longer apply.
Understanding shifts in the priorities of your customer base can help you focus on well-targeted, cost-effective sales and marketing efforts that speak directly to your clients’ changing needs.
Prepare to take action as the playing field narrows
Competitors that don’t realign their businesses to changing markets are less prepared than you. This provides your business with a chance to capture market share. Be ready to take advantage of these opportunities.
Offer your customers reassurance
People are fearful of overspending or, in some cases, reluctant to spend at all beyond the basic necessities. Consider how you can position your products so they’re viewed as being such great value that customers won’t feel guilty about buying them – just ensure that quality and service standards remain high.
Don’t bring capital investments to a full stop
Yes, you have to closely watch your budget, but don’t completely discount the value of selective investments that could reap dividends later on. Money spent on search engine optimisation, for example, could help you leap ahead of your competitors by enabling potential customers to find your firm online more easily.
In an ever-changing market, it’s essential to keep yourself informed about the state of the industry and the needs and desires of your client base. Taking an intelligent and creative approach to address these changing needs will ensure your business is always at the top of its game.