3 best business strategies that make a difference
Category Commercial and Industrial News
No business can stand out from its competitors if they're not using the best possible business strategies. This involves making decisions based on what your customers need and constantly evaluating every aspect of what you do. 3Cube Property Solutions examines three effective business strategies - product differentiation, customer service and getting a technological advantage - and what they can do for your business.
Product differentiation makes all the difference
Contrary to what the name implies, product differentiation relates far more to marketing than it does to your product. It's about identifying and communicating the attributes of your product or service that make it unique. By focusing on a particular characteristic of your offering - especially if it is a characteristic that resonates with your target audience - you can make a significant difference to your bottom line.
HubSpot's blog shines the spotlight on the example of Lush Cosmetics, which has set itself apart from its competitors by focusing on the fact that it is an ethical and responsible brand. Since Lush's target market is a generation concerned with social and corporate responsibility, they are more inclined to buy Lush's products because they know that they have been made by hand, using ethically procured raw materials.
Lush's effective business strategy also involves differentiating itself with an abundance of free samples and in-store trials. Ultimately, they are selling a new perspective on beauty - and it's a perspective with great appeal to a generation concerned about the future of their planet.
Customer service is king
Many elements of effective business strategies change all the time - but there is one constant: the need for customer service that stands out. An extreme example of going above and beyond for a customer can be found in the story of an irate flyer who wrote to Virgin Atlantic describing his disgust at the meal he had been served. The company's founder, Richard Branson, replied to the letter personally, inviting the customer to overhaul the airline's menu and play a role in future culinary decisions.
Sometimes, providing great customer service means thinking out of the box and taking action which, at face value, appears contradictory to the notion of good service. Help Scout provides the example of Wistia, which is a video-hosting platform for B2B marketers. With its small team, Wistia was struggling to keep up with telephonic queries and keep its customer base happy. By shifting from phone support to personalised emails, they found a customer service solution that scaled infinitely better and enabled them to deliver more consistent service.
Getting your technology ahead
The days of having "tech companies" and "ordinary companies" are over. As we move further into a future of digitisation, every successful business strategy needs to use technology to gain a competitive advantage. Globally, experts agree that big data and information will provide keys to greater success in the future - even if the company has nothing to do with technology.
Forbes cites the example of a rug cleaning company that was struggling to get repeat business due to the lack of a customer relationship management (CRM) system. In a nutshell, the Excel spreadsheet containing their customer information was not proving to be an efficient tool. Having implemented a new CRM system that takes advantage of cloud computing and big data, the team is now able to easily engage with customers, access order updates and generally provide the type of service that leads to repeat business.
To meet the needs of your clients and potential clients, your business may need to rethink its strategies. In turn, you may also need to rethink your premises. If you need to buy or rent commercial or industrial property in Gauteng, contact us today.
Author: 3Cube Property Solutions
