Congratulations on setting up your own business! After months—or maybe even years—of planning, research, and countless trials and errors, your dream has finally taken shape and you are now your own boss. But, before you kick back, relax, and reach for that celebratory glass of wine, there are a few more things that you need to lock down to ensure that everything goes smoothly once you put up the “now open” sign.
It’s no easy feat to save up and seek investors to accumulate the capital you needed. Now, you just have to make sure that your hard-earned money doesn’t go down the drain in a few months’ time. Here are 4 essential investments you need to look into to ensure that your startup thrives.
A study conducted by Square and BigCommerce revealed that 96% of Americans now prefer to shop online than in-store. The brands that used to grace the biggest spaces in shopping malls have now made the shift to e-commerce, and it’s for good reason. Having a functional website communicated your accessibility to the customer. People will search for your business in Google at some point — would you rather than the top results churn out the links to your competition?
Having a website also allows you to tap target markets that are otherwise inaccessible with a physical store. Statista’s 2018 report shows that the number of Internet users worldwide is now at 3.9 billion — just imagine the possibilities of having a tenth of that visit your website.
When entrepreneurs hear of branding, they usually think it’s just another fancy marketing jargon that spells extra expense for the business. However, a carefully-planned and well-executed brand positioning strategy may be the only thing standing in the way of exponential growth for your organisation.
Branding differentiates you from the rest of the competition. It also ensures consistency across all your channels—how you speak with your market, how you are perceived by the audience, and how you want to be remembered. Nowadays, you need more than just witty taglines to attract customers. With a branding strategy, you’re showing them why they’re worthy of their loyalty.
Now that we’ve established how you can be spotted from a vast sea of companies and organisations, we move on to how you can bring these people to your door. This is where marketing comes in.
Coca-Cola is already one of the world’s biggest household names, but why does it keep churning out heart-tugging advertisements and viral marketing campaigns? Simple—to stay afloat. “Marketing is food, not medicine,” says Crowd Favorite. Successful brands rely on well-planned marketing campaigns to entice the people to keep checking out what they offer. It keeps the market engaged, and at this age where the average attention span is a mere 8 seconds, you as a business owner must constantly come up with ways to keep your customers from turning their heads to the other direction. Simply put, successful marketing results in ROI, profit, and sales.
Last year, Super Office released a 25-page report on customer support insight. Their research revealed that out of the 1,000 companies surveyed, only 38% replies to customer service emails while a whopping 90% don’t even bother to acknowledge or inform the customer that their message has been received.
Customer Service is no longer optional. At this age where customers trust online reviews as much as personal recommendations, it’s wise to invest in a skilled customer support system that can represent your business and your brand well.
Read: How are Customer Service and Marketing related
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There isn’t an exact formula that would ensure the success of your business, but with the proper tools to accompany your perseverance and grit as an entrepreneur, you’re already way ahead of the competition.