As a result of the 2020 pandemic, many industries and businesses had to rethink how they operate, mostly brick and mortar stores that rely heavily on walk-in customers. There is a definite shift in many aspects of making a business work as we move toward the future.
As a business owner, you want your piece of success. However, like many others, you may not have the budget for new product development or a marketing campaign.
5 Low-Cost Ways to Reinvent Your Business Without Breaking the Bank
Improve your branding
Whoever said that a product or service would sell itself has no experience in business at all! Many industries, especially those putting a product or service on the consumer’s end, should consider having a strong brand.
A strong brand presence allows you to:
- Get noticed by your target audience: Attractive and professional branding will help your offers get seen even as a new player in the field.
- Harness the power of recall: A strong brand is a memorable brand. Improving the way you present yourself through images and words allows you to utilize the power of consumers’ memory, making them choose your offers, among others.
- Premium pricing: Why are some brands able to raise their prices even during a downturn? If you have a strong brand, you can charge more money than a similarly positioned product or service because consumers likely associate your name with quality, status, or prestige.
So, how do you exactly create a better branding strategy without spending too much? You can hire freelancers to design a new logo, write product descriptions, or design social media posts, even with a small budget.
Create digital products
There are business owners who are solely focusing on physical products. While this seems all and well, another way to reinvent your business and increase profit is by offering digital products. Ebooks, software, or digital royalties are great additions to any business with physical products or specific services.
The great thing about creating a digital product is the opportunity to create a source of passive income. You will only make the product once. Then it can be downloaded and purchased an infinite amount of times.
Set measurable goals
Are you the type of business owner that is always ‘winging it’? Perhaps it’s time to be more specific with your goals. Without measurable goals, it is very challenging to see if your business is thriving.
Whether you have a small business or a corporation, it is vital to create LTGs (long-term goals) paired with several STGs (short-term goals). The LTGs are commonly within annual timelines, while STGs are often set in weeks or months. If you have a business with a different pace, it can also help adjust STGs and LTGs accordingly. The simple act of setting specific goals can increase motivation, build momentum, and provide valuable insights into your business’s progress.
You can set specific goals by indicating detailed progress, such as placing “increasing profit by 50%” instead of “make more profit.” Putting a timeline such as “by the end of 2021” rather than “in the future, 20 years from now” will also help you create better STGs as stepping stones for your LTGs. Doing this as a way of reinventing your business does not cost anything at all--just your time and well-placed efforts.
Optimize your e-commerce
There’s a reason why many business owners are closing brick and mortar locations in exchange for online platforms--the possibilities are limitless. It is possible to reach potential customers globally, whether you are offering products or services through online shopping.
If you haven’t heavily considered opening up an e-commerce store, perhaps now is the time to do so. An e-commerce store allows you to automate many sales process features, such as logging inventory, accounting, and getting shipping details, among many others.
If you already own a domain, here are the crucial pages you need to set up an e-commerce store:
- Product pages with descriptions: You need to create product pages with vibrant descriptions and high-quality photography.
- Shopping cart: This feature comes with the plugin or e-commerce design you will choose, allowing the user to check the items before purchasing and leading to checkout.
- Payment options: Setting up several online payment options will encourage more customers to choose your offerings rather than other stores with limited choices.
You can build an online store yourself with one of the many e-commerce platforms like Shopify.
Discover a new but related market
As you tie all of the other elements together, you will discover that your current business model might be able to cater to an entirely new group of consumers. These potential customers do not have to be completely different from your current market--they can be related.
To put it in perspective, let’s say you sell home and self-care items, and your target market is moms 20-35 with young children. You can expand your market by creating products or services for their children since they are two related consumers. Your primary market will also likely buy the new products or services you are offering, especially if it’s dedicated to their children.
Brainstorm the ways you can expand through related markets. By doing this, you might come up with some new product ideas and opportunities for more profit.
Reinventing doesn’t have to be costly
Whether you want to improve your brand, create new products, or expand your market, there are plenty of low-cost ways to reinvent your business.
At E-marketing Associates, we want you to succeed. We offer small business website design, SEO, local listing software to assure your business information is consistent across the web, along with other products to help you grow your business.