The number of small businesses is on a steady rise. According to a 2016 study, there were 28.8 million small businesses just in the United States. This simply means that, to succeed in such a highly competitive entrepreneurial landscape, you need to differentiate yourself from other companies in your niche. To do so, you need to build a recognizable brand, keep pace with the industry changes and, most importantly, market to the right people.

Here are several brilliant ideas that will help you stay relevant.

  1. Hire the Right People

Great things in business are never done by one person. They’re done by a team of people,” Steve Jobs once said. In other words, surrounding yourself with the right people is the foundation of building a powerful company. Of course, the first step you need to take is to build a solid hiring strategy that will help you narrow down your choices and make data-driven decisions.

  • Mind your company culture. As a leader, you have an immense influence on your employees, but so do the individuals you recruit. By hiring people who can positively challenge your company culture, you will maintain a unique approach to your clients, build well-played teams and nurture strong relationships between your employees.

  • Ask for legal help. This is especially important if you’re planning to hire foreign employees. Let’s take an example of Australia. For years, legal immigrants have applied for Temporary Work visas to live and work there. As this is a great opportunity for companies to fill the gap in the skilled workforce, many of them have been sponsoring these workers. However, this visa will soon be replaced with the Temporary Skill Shortage visa, which brings completely new rules to the table for both business owners and employees. To understand your legal rights and obligations, you should consult an immigration lawyer who will explain you the basics of immigration and employment law.

  • Look for the right personality traits. Constant disagreements within your team and the toxic workplace atmosphere might heavily affect the outcome of your projects. This is exactly why you need to pay close attention to the candidates’ personal traits when hiring. Prioritize the ones that are collaborative, flexible, results-oriented, reliable, and, of course, tech-savvy.

  1. Do your Research

To stay competitive, you need to regularly analyze your industry and monitor the way it changes over time. First, you need to conduct target audience segmentation and create detailed buyer personas. By assessing your customers’ demographic background, as well as their buying motives, hobbies, and interests, you will be able to understand who they are, why they need your products, and how to market to them. With the help of sophisticated customer segmentation software, such as SEO tools, user surveys, and social media tracking tools, this procedure has never been simpler.

Second, you need to “spy on” your competitors. To get the better insight into your niche, you should monitor not only small businesses, but also mid-sized and large companies. Analyze their websites, marketing efforts, and customer services to assess their strengths and weaknesses and see what mistakes they usually make. These insights will keep you on track and help you avoid potential problem areas.

  1. Build a Digital Marketing Strategy

Digital marketing has become the backbone of every successful business, irrespective of its size. This is exactly why 71% of companies are planning to increase their online marketing budgets. Logically, to make the most of your digital marketing efforts, you need to have a powerful, step-by-step digital marketing plan and use different techniques to attract and engage your target audience. Namely, there are 5 pillars of every successful online marketing strategy:

  • search engine marketing

  • local search marketing

  • content marketing

  • email marketing

  • social media marketing

  1. Pivot when the Need Arises

According to studies, 42% of startups fail because they don’t manage to meet the market need. However, this shouldn’t discourage you. If your original business plan proves to be non-profitable, you need to act fast and move on to your plan B. Of course, giving up on something you’ve been planning and creating for months or even years is never easy, but sometimes switching from your original business plan is necessary for your business to keep your competitive edge. After all, remember that there is a plethora of famous companies, including Instagram, PayPal, Avon, Nokia and Starbucks that pivoted at least once in the past.

Conclusions

Today, being a successful entrepreneur is not about investing in the product development and the end-user needs only. On the contrary, to stay relevant, you need to develop a detailed business plan, keep an eye out for the latest industry trends and implement them as soon as possible. These are just some of numerous tips that will help you beat your competition and keep the ball rolling for years.

 

My name is Alex Williams, born and raised in beautiful Sydney. I am a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor at BizzMark Blog.

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