Running A Successful Business In A Fluctuating Economy

With the economy fluctuating these days, making a profit from businesses has become considerably harder. This is even more so for small/medium scale businesses that do not have the financial stability to weather the storm. How then can these small businesses not only survive but also thrive? What can the owners do about it? The following tips might be helpful in running a business in a fluctuating economy.

Leverage on existing clients

Existing clients and customers are an important key to surviving a fluctuating economy. They are a means of generating steady income while incurring minimal costs in the process of finding a new customer.

Focus on the existing clients. Tailor your products to their needs. This will give you much more sales opportunities. You might also want to build customer loyalty. Look for cost-effective rewards to endear these customers to your business. Remember, however, that the quality of products/services offered is the major selling point, so focus on improving their quality to retain clients.

Cut down unnecessary costs

In order to stay afloat, it is necessary to be wary about spending on trivial or unwanted items. Be sure to do regular analysis to determine what products sell better and which does not, and then refrain from stocking up on products that do not give any real value of sorts.

Review your inventory management practices. Could there be a way to get your wares at a cheaper rate without reducing the quality? Can you get shipping alternatives that are efficient yet cost-effective? You are under no obligation to stick to the one supplier, be ready to explore other options.

Be different from competitors

However important old clients are, you are always going to need new ones to boost income. Thus, you need to research your competitors. If you are going to stand out in order to gain new clients, you are going to have to do things differently from your competitors.

Find out how they operate and look for ways to better their processes. Identify opportunities to entice prospective customers into becoming your customers.

Focus on core competencies

While it is encouraged to diversify, it will serve you far better to focus your attention on goods/services you excel at. Diversification just for the sake of it is generally a waste of time and resources. It can damage your core business by taking money and time away from what you do best and could possibly ruin your reputation.
Focus your attention on your core competencies. Any diversification should be well-calculated to achieve a particular purpose.

Do more marketing

When trying to cut costs, most businesses first slash marketing costs, at times dropping it altogether. This is the wrong approach. In times of economic fluctuations, consumers are usually restless and are looking for new options to purchase from. This provides a perfect opportunity to put your business in their faces. So don’t stop marketing. If possible, up the ante and do more marketing.

Dec 02

Navigating The Path to Business Growth: Innovate or Die

Innovation is a key component of a business. For a business to grow appropriately, the key decision markers and business managers have to think innovatively and creatively. The benefits of innovation on business are already well-documented, so there isn’t really any need to go over it again. In any case, you can read about them here.

How exactly can you think innovatively? Here are a few tips:

Clear your head: This should be the first thing you do. Make sure you are relaxed and do not feel pressured. The best ideas are formed in a relaxed and calm atmosphere. If you find it hard to stay calm or keep a clear head, you can complete some relaxing activities like taking a walk while listening to calming music, preferably classical. It works for me and should work for you too.
Ask questions: ‘Curiosity kills the cat’ a common phrase. But this does not work when it comes to business. Prime your mind to observe, inquires, question and understand concepts around. Remove any constraints that might inhibit your inquisitive nature. Challenge old ways of doing things and try to imagine new ways that they can be done.

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Increase your exposure: Make sure to put yourself in a position where you will be able to observe a wide variety of things. Never assume that any knowledge is useless. Note that ideas are usually birthed from other ideas. Henry Ford got his idea of the assembly line technique of mass production from observing a meatpacking plant. The more exposure you have, the more likely you’re going to pick up ideas for your ideas.
Be imaginative: You should be creative. Don’t squash that random idea that comes to you prematurely. Allow your imagination run wild. Think of ways things can be done differently. You can follow some tips to boost your creativity.
Exceed boundaries: Don’t feel caged or forced to follow the status quo. Be ready to think outside the box. Learn to deal with and learn from past failures; be ready to take risks to find out what works and what does not.
Welcome feedback: Ask for people’s opinions and ideas and gather these to come up with a better idea for your venture. Also, feedback is important to know if a current idea you implemented would be a hit. Never disregard this.
Run brainstorming sessions: This can be done individually or in a group, although it is usually more effective when done in a group. This would involve coming up with a large number of new product ideas. Make sure to have people from diverse backgrounds if you plan to have a group brainstorming session. You will be better served if you include a provocative outsider, like a consumer or supplier.

BREAK THROUGH THE NOISE IN THE MARKET – EXHIBIT AT TOSSE 2020

Adapt old solutions for new problems: You could do this by applying an existing product to a new need available. You could look for new uses of your product. For instance, De Beers produced industrial diamonds but found a new use for diamonds when they introduced the concept of engagement rings. It opened up a large new market for them.
Watch your competition: This does not mean to blindly follow whatever innovation they come up with. Instead, observe them intelligently. See if there are any of their ideas you can refine and adapt and even possibly license as your own. You can also acquire smaller profitable businesses if possible!
Look outside: You can outsource your new project development to external companies to work on this. Company like Edumark Consult can help us engage actively within the education community. If that seems like a risk for you, you can ask individuals to come up with novel ideas for innovation. Countless big companies have been known to do this successfully.
Go back in time: Look back at older business models and products. Try to ascertain which of these models can work for the present market. Be sure to refine it, however, to fit into the current market trends.

The tips above are in no way exhaustive of all the tips that can be used to improve innovative thinking. Also, not all of them might apply to your business model. Whatever the case, use the tips as a guide to building your business even further through innovation.

May 30

5 Steps to attract more customers to your exhibitions booth

It is said that to be outstanding, one must do things differently. This is a trait in any business/organization that is currently dominating the market, especially when it comes to exhibitions.

Perhaps, your business or organization has been exhibiting at events and have not seen the desired results on your investment there. Then it is time for a change.

As organisers of the biggest trade show in Africa with over 7000 attendees, we have listed 5 steps to help your business/organization attract more potential customers to your booth at exhibitions.

If you want to get a good return on your investment, then you must be able to separate yourself from the crowd of other exhibitors at the event by attracting the majority of the traffic to your booth. Below are the steps to help you achieve that.

Steps to help you attract customers to your exhibition booth

Create a buzz factor: One feedback every marketing executive would like to hear from customers at exhibitions is that they saw their stand and patronized them at the event. One way to maximize this is to create a social media buzz even before the exhibition day. Use your social media pages to tell your audience that you will be part of a particular exhibition and begin to warm your prospects up by showing them irresistible offers and packages you have prepared for them at the exhibitions. This way, you have aroused their interest, and they will be on the lookout for your exhibition booth at the event.
Use mini-influencers: You may wonder what this means? This is basically getting your best customers or people around you with a strong following both online and offline to promote your presence at the exhibition. Remember, this is a 5-step list and they are to be followed semantically. You will be getting a customer or good friend to post something like this: “(name of product/service) has helped me develop myself in so many ways. They will be at (exhibition name), make sure you check out their stand at the exhibition”. Remember, nothing travels faster than word of mouth whether online or offline. With these testimonials, you are beginning to build the interest in your booth.
Pre-event Follow-up: Before a tradeshow starts, usually, there would be a buzz weeks before and depending on the magnitude of the exhibition, people may have been posting their attendance confirmations online or offline, and this is another goldmine where you can trap leads from. One easy way to do that is to simply follow the hashtag on social media e.g #TOSSE2022, and see all the posts of people who have signaled their interest, and begin to filter them to see those that fit your customer description. Then send them personal invites and materials to educate them about your products to show that you want to see them in your booth at the exhibition.
Get inbound traffic: Note that we are talking about doing things differently to attract potential customers to your booth. One of the traditional things done at exhibitions is that exhibitors get one of their staff to distribute their flyers or brochures to the attendees. This still works, but there is something better, which is using challenges, contests, giveaways, mystery games and other ideas that naturally calls people attention. People love freebies, and these kinds of things, hence increasing the amount of leads you are getting into your booth and that also increases your chances of converting them while they are inside.
Post-event Follow-up: Remember, you are trying to get them to make a decision and it may not necessarily be at the exhibition, so you must follow them all through the decision making process. Get their social media handles and thoroughly check up on them to see how your products and services can help them, lookout for their needs, celebrate them on their special days and build a relationship afterwards, and you will have some become lifetime customers of your business/organization.

These are 5 steps which when followed will bring a vast amount of traffic who are potential leads that can become your customers. It may sound like a lot of work, but if you want to make sales and achieve your goals as an exhibitor, you must be ready to do this.

Don’t forget to also check out our article on how to improve your Brand presence at exhibitions.

Jan 18

HAND FLYERS ARE SPECIAL TOO, TOSSE 2019 WILL BE A PROOF

TOSSE is all about exposing your brand (alongside your products & services) to a specialized audience in the Education community. Handbills distribution is one of the best ways to take your products/services farther than your marketing team can. Start designing and redesigning your flyer for TOSSE 2019.

EXHIBITOR INFORMATION

Organisations like yours try in all possible ways to develop marketing strategies to sell their products or services and also build their images around certain percentage of market shares they currently occupy while aiming to expand beyond their present status.

Let’s talk about utilizing the marketing tools at your disposure.

Have you asked yourself;

How do I make my marketing/ads connect to my customers?
How do I make my product the best?
How do people perceive my product?

How do I get to retain my customers and get them to make referrals?

EXHIBITION STANDS

Handbill distribution might just be one of the tools that will take your products and services farther than your marketing team can.

A flyer or handbill is a form of paper advertisement intended for wide distribution. It is posted or distributed in a public place, handed out to individuals or sent through the mail (e-flyer). In 2010, small scale businesses and organizations start using flyers to gain more market traction.

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Flyers range from inexpensively photocopied leaflets to expensive, glossy, full-colour circulars depending on your budget and taste for a design.

TOSSE provides you a platform where you can distribute your flyers to a large audience. Take advantage of this opportunity by calling us now to book a space at the 10^th Total School Support SeminarExhibition.

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