Editor’s note: This article was first published in December 2010, during Spain’s economic crisis. The social networks it names (Twitter, Tuenti and Facebook) reflect that time; Tuenti, a Spanish network popular then, later closed as a social network.
I’d call the current situation for entrepreneurs a “war of survival”, because any business that doesn’t adapt and innovate may well disappear. Here are some business ideas that can help us, above all, to focus on today’s market.
Market focus
First of all, as we’ve discussed before, we need to review our business plan, which has probably become useless with the passage of time and the current crisis. Right now we need to analyse who our potential customers are, what products or services they need, and how we can do better than the competition we face. Any idea you come up with may be perfectly valid.
Focus your message
As Pilar Kaltzada, an expert communicator, rightly told us, every time customers see our company, our advertising or ourselves, before a word is spoken, we are sending a message that the customer picks up unconsciously. That’s why, every time a customer looks at our company, we need them to perceive professionalism and specialisation in our product or service. That will allow us to charge more than our competitors, or simply make the customer see the price as secondary.
Advertising
Without a doubt, advertising is our best investment. For many entrepreneurs, advertising is still an idea that doesn’t seem profitable for their business, and nothing could be further from the truth. But as with everything else, and still on the subject of focus, even advertising has to be well targeted, choosing the right way to reach our potential customer. We should try to win over the average (private) customer, who is looking for offers and discounts, without forgetting advertising aimed at companies or businesses that may need our product or service. The message has to be framed differently for each type of customer. Here are all the current forms of advertising.
See also: Leadership as a professional skill, with examples
Innovation
This point is quick to explain. You need to innovate in your business, to stand out at something, to get people talking about you. Offer products or services that set you apart. In times of crisis, innovation is synonymous with success.
Synergy
A very fashionable word lately, and a very necessary one in business. Business synergy is an incredible business strategy. The idea is that, for both advertising and your products and services, you work with other businesses that complement yours. Create advertising campaigns featuring both businesses and share the cost. Become another business’s partner for a specific advertising campaign. There is strength in unity, and uniting to share costs brings savings while making your company look… bigger in the customer’s eyes. 5 ways to increase your business’s sales
Social media
Be more active on social media: announce your offers on Twitter, Tuenti (a Spanish social network), Facebook and on networks specialising in a particular sector (networks aimed at professionals and specific markets). Social media is currently an opportunity to make your business known without spending on advertising. Depending on how you use it, you can reach thousands of users you wouldn’t reach any other way.
Times change, businesses change and, above all, the ways of doing business change, so you have no choice but to change your mindset, innovate and come up with the best ideas for your business to set you apart from the competition.
Further reading
- Common mistakes made by Spanish-speaking business owners
- How to run a small business in times of crisis
- Business and The Art of War
- You can be a successful business owner
- The secret of success in business
Featured image: Hines Studio, Public domain, via Wikimedia Commons.
