2016 is about to end and most entrepreneurs are already busy planning for the next year. Reports indicate that 2017 is going to be a better year than the previous one for most businesses. The dollar is expected to increase in value, and the job market is also rumored to improve.
So how can businesses cash in on this opportunity and find success in 2017? Below are some tips for how to do so.
1. Start Today If You Haven’t Started Already
If you are a freelancer or have been working from home, 2017 is the year to go full blown and form your company. Rumors are that the next year is going to be pretty big for businesses, especially in the U.S. since Trump is expected to have a business friendly policy. After all, he is one of the most successful businessmen in the U.S. And his presidency will not only impact U.S. businesses but also global businesses as well.
Brexit is going into effect as well. Even though opinions seem to be divided as of yet, a number of experts believe Brexit will give many entrepreneurs a chance to grow. So the time to go big is today.
2. Introduce Something New
Innovation is the key to success. If you want to find a market and continue to grow, you need to offer people what others are not offering them. Come up with an idea for a product that sells. And if you cannot come up with something new, then you should try to innovate or improve what you already have.
In this technological era, it is not very difficult to offer something new. However, your USP can go beyond the product itself. For example, you can be innovative in how you deliver your product. Look at Domino’s. The company is delivering pizzas using drones. This delivery method is a creative strategy that has got people talking, bringing Domino’s free publicity.
You need to take a leaf out of Domino’s book and come up with original ideas. If your product does not allow for much transformation, you can try being unique in how you market it. Look at Victoria’s Secret. They have the same product year in and year out, but they present it in an exquisite manner every year and enjoy immense popularity.
3. Internet Marketing Is Going to Rule the Roost
Internet marketing has been there for years and is going to continue to be a major force because more and more people are using the internet now. Around 82% of the U.S. population is on the web today, and almost all of these people use the internet to make a purchase or to make purchasing decisions by going through testimonials and product descriptions. Hence, the internet is the cheapest and the easiest way to reach your target audience.
Businesses can use a number of techniques to market a service or product. While search engine optimization is the most important factor, other tools like paid advertising, email marketing and native advertising are also of huge importance. You need to concentrate on your target audience and find the best tool to reach them. Remember that what works for one business might not work for you.
The right medium largely depends on the nature of your business and your target audience. For example, if you are offering courses for entrepreneurs, you should promote on LinkedIn since that network is specifically designed for professionals.
4. Make Mistakes, but Not Twice
Learn from your mistakes this year so you do not make more mistakes in the future. It’s all about improving and cutting down on your expenses. You will have to make bold and risky decisions to be able to grow. No business can make it big without being bold. However, make sure to learn from history and not to repeat your mistakes.
Try tools such as A/B testing to choose between two options. Also, go through case studies and set up goals that are achievable and also concrete. Remember that you will not get new business in January 2017 itself. Time lag is a real phenomenon, and you should keep that fact in mind when managing your company.
5. Concentrate on Branding Your Business
Today’s era is all about brands. Many experts argue that buyers are not looking for products, but are actually looking for brands. When people go out to buy new clothes, they don’t step into a store to buy a new shirt. They look for what their favorite brands have to offer. Having a brand gives you a competitive advantage, even if your competition is better than you.
Pay attention to each product detail and create a complete buying experience. Everything from the logo to the tagline should be perfect and in sync with your overall brand theory. This way you will be able to carve a niche in the industry.
2017 can be your year if you put your best foot forward. Keep these simple steps in mind, and you will have all the reason to rejoice when the year comes to an end.
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