Despite the difficult times the SMEs are facing these days, there are a lot of opportunities for them to capitalize on with the right business model and strategy in place.
1. Do What You Do Best
More often than not, SMEs have a tendency to do too many things to clients in an effort to retain customers. This is not good and can derail the business. They should refrain from launching new products and rather focus on its area of expertise.
2. Niche Markets – Think Outside of the Box
Finding a niche market, one that s relatively untapped, requires out of the box thinking, but is the key to gaining an edge over one’s competition.
Small and medium sized companies may not have the cash flow and expenditure allowances that large corporations have, but they are still willing to pay for quality services that cater to their operational needs.
3. Client Retention - Know Your Audience
However, simply identifying a niche market is not enough to be successful in any economy. In order to attract and retain customers, small business owners must get to know their audience and deliver something that their competition isn’t, whether it be a reduced price for services, bundled packages or one-on-one client attention.
In knowing and adapting to the needs of one’s audience, excellent customer service will always be provided and customers will remain loyal to such levels of commitment.
4. Know Your Competition - Be Bold, Be Different
Even in niche markets, knowing one’s competition is paramount to successfully driving the growth of a business. Regardless of whether this information is gleaned through first hand experience or by careful market research, small business owners must be willing to get their hands dirty by working hard to unearth the services or products that are not otherwise available in the marketplace, thus differentiating their company from the competition.
In essence, particularly in today’s economy, small business owners must be willing to go above and beyond what they normally would offer clients in order to survive. This might include bundling and expanding upon one’s services, offering reduced rates for packages or customizing packages to meet the needs of each individual client.
5. Hire Key Talent – You’re Only As Good As You Employees
In every business and across all industries, a company’s worth is only as good as the people that it employs. In a time where customer retention and account management are essential to maintaining a profitable business, it is imperative that small business owners look to hire only the best of breed, requiring a workforce that is experienced, productive and results oriented.
By offering a broader talent pool of employees – ones that are ready to answer any and all questions presented to them by customers, based on industry knowledge and experience – clients won’t have a reason to walk away and find better service elsewhere.
More often than not, SMEs have a tendency to do too many things to clients in an effort to retain customers. This is not good and can derail the business. They should refrain from launching new products and rather focus on its area of expertise.
2. Niche Markets – Think Outside of the Box
Finding a niche market, one that s relatively untapped, requires out of the box thinking, but is the key to gaining an edge over one’s competition.
Small and medium sized companies may not have the cash flow and expenditure allowances that large corporations have, but they are still willing to pay for quality services that cater to their operational needs.
3. Client Retention - Know Your Audience
However, simply identifying a niche market is not enough to be successful in any economy. In order to attract and retain customers, small business owners must get to know their audience and deliver something that their competition isn’t, whether it be a reduced price for services, bundled packages or one-on-one client attention.
In knowing and adapting to the needs of one’s audience, excellent customer service will always be provided and customers will remain loyal to such levels of commitment.
4. Know Your Competition - Be Bold, Be Different
Even in niche markets, knowing one’s competition is paramount to successfully driving the growth of a business. Regardless of whether this information is gleaned through first hand experience or by careful market research, small business owners must be willing to get their hands dirty by working hard to unearth the services or products that are not otherwise available in the marketplace, thus differentiating their company from the competition.
In essence, particularly in today’s economy, small business owners must be willing to go above and beyond what they normally would offer clients in order to survive. This might include bundling and expanding upon one’s services, offering reduced rates for packages or customizing packages to meet the needs of each individual client.
5. Hire Key Talent – You’re Only As Good As You Employees
In every business and across all industries, a company’s worth is only as good as the people that it employs. In a time where customer retention and account management are essential to maintaining a profitable business, it is imperative that small business owners look to hire only the best of breed, requiring a workforce that is experienced, productive and results oriented.
By offering a broader talent pool of employees – ones that are ready to answer any and all questions presented to them by customers, based on industry knowledge and experience – clients won’t have a reason to walk away and find better service elsewhere.
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