Orangeville, ON (James Doan) Here are three ways to strengthen your business. You can push out the competition by adding new layers to your existing business.
1. Start a cross-promotion with another business
You should already be familiar with your own market. Itemize the main characteristics of your target audience. Then contact a non-competitive business also targeting that same class of customers. Team up with them to do joint promotions.
Working in tandem, you can achieve dramatic end results. The goal is an effective and cost-cutting advertising campaign. This will net both of you a nice profit.
2. Dig Out New Niche Markets
You can find niche markets everywhere. Your existing customer base has groups of people who share common traits. There could be a group who speaks Spanish, a group of teens, and a group of middle class family men and women.
For each sub-group, discover their unique needs and desires. Then you can customize your advertising campaign to aim at them. It will be straight-forward to take your current ads and make a few changes to adjust to the niches. Each focus group will feel that you understand THEM. The increase in your profits will be the best thanks you can get.
3. Hop On The Latest Trends
Be a leader in the industry by entering a new market before your competition notices it. Businesses who take an early lead get the best proceeds.
It does not make good business sense to enter a new market just to be the first in. A successful marketer will add only the “new and coming” techniques to their business. That way you keep the customers you already have, and add to your existing products and services.