I'm slow to finish but I'm quick to start.
-Desecration Smile (RHCP)
Rewind to the day you had the idea of starting a business. You probably spent hours on research and would passionately talk about your ideas with your friends and loved ones. Do you still have the same enthisiasm that you started with?
These tips will come in handy whether you work for an organization or run one.
1. Invest in Customer Experience
It is no mystery that customers are the primary source of business revenue and growth. Gone are the days when a business could sit idly waiting for customers to show up at their door simply because they sold a certain product or service.
Customers are aware of their rights more than ever and have multiple alternatives to choose from. Stand out from the crowd by making your customers feel important. It could be as simple as a gesture of welcoming customers to your restaurant with a warm greeting and thanking them on their way out.
2. Brand Your Business
Branding is a crucial aspect of market capitalization. Come up with a tagline for your business that is simple and leaves an impression. Take the example of multinational companies like Nike (Just Do It) and McDonalds(I'm lovin' it). Branding includes everything from the design of your product to the specific colours that are used in your brand's logo. The impact of branding is that it makes your business seem larger than it really is.
3. Experiment With Ideas
This does not necessarily mean that you should scrap your current product or service entirely just for the sake of introducing something new. Spend some time to research on what is lacking from your business. The source of these ideas can be taken from your customers' feedback. Learn from the short comings of your service or even better, experiment with a current strategy by adding certain dimensions to it.
We at eProperty Nepal initially started as a portal for buying, selling and renting real estate. Within the first month, we started an entirely new service of including clients who wanted to sell their business through our website. As of today, it contributes to a great portion of our revenue.
4. Hire The Right People
One of the things that are often overlooked is the hiring process in Nepal. Many a times, recruiters merely hire someone just to fill in the 'urgent' position that is vacant. The vision that you have set for your business can only be achieved with people who genuinely believe in the same vision. It will inevitably take longer to critically analyze all of these aspects but it is still better than suffering high turnovers after realizing that they were simply not compatible with your organization.
5. Invest in Digital Marketing
Digital marketing might sound a little overwhelming but chances are you have already been targeted, retargeted and converted into a customer through a recurring Facebook ad that keeping popping in your feed. Nepal has been listed in one of the cheapest countries for Facebook advertising. Whether you run a small corner shop or a printing press, ALMOST EVERY potential customer is within your reach through the medium of the most beloved possession which people spend countless hours scrolling all day. For more details regarding Facebook advertising, follow this link- https://www.facebook.com/business/products/ads
6. Learn from Your Competitors
The success of an organization depends on a variety of factors ranging from persistence to a stroke of luck. Existing companies learn more things than you can imagine from trial and error and when they hit a plateau, they invest in what works best. What strategies are your competitors investing in to brand their business? What makes customers turn loyal towards them? A simple visit to their office as a customer can give you the answers you're looking for.
There are countless more tips which would take years to read but we'll end it at that today. Want to share a tip that we left? Let us know in the comments and don't forget to share if you found it helpful!
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Published on 21, April 2017 by Nishant Acharya