It is a known fact that most businesses fail in their nascent stage because they are unable to carve a niche in the market. The most successful companies in the world have been iconic brands that have captured and retained large volumes of the market share. From the tech giants like Apple and Google to renowned FMCG companies like Treasury Wine Estates Limited and Coca Cola, all the famous businesses have positioned themselves with distinct identities in the minds of the consumers.
However, creating brand differentiation is not a child’s play. Thus if you are planning to purchase a business for sale in Australia, then you will have to work patiently on making it stand out in the clutter. Here is a rundown on how it can be achieved when you are facing stiff competition and have limited funds for marketing.
1. Offer A Unique Value Proposition
The business needs to make an impact on the target audience so that it stays etched in their minds. It requires the creation of a unique brand image that sets them apart from other businesses in the field. The biggest businesses across the globe have a unique selling point which is capitalised in the form of multi-million dollar sales. For example, Woolworths – ‘the fresh food people’ and Westpac’s – ‘Help when it matters’ are some of the best taglines that define the value offered by these companies to their customers.
The unique value proposition must define the core belief of the business and its usefulness for the customers. It must inform the buyers the benefit of choosing them over the others. So make sure that your business has a powerful differentiation factor in persuading the buyers.
2. Give Precedence To Exceeding Their Expectations
Customer is the king for every business, and they must be treated with the highest regard. Most consumers consider a business to be trustworthy, if they are satisfied by their service. Thus offering superlative customer service is the key to customer acquisition and retention. A bad experience with the sales executive or support staff can make a customer turn away.
Also, they are quick to spread the word around through social media to make sure that you lose more customers. If they are happy with your service, they will recommend you to their peers and write positive reviews about the company which will help in strengthening the goodwill and customer base.
Even the premium brands like Gucci, Prada and Christian Dior are known for their extraordinary customer service. It helps the buyers to evaluate the competence of the business. Therefore, you must focus on going the extra mile for your customers.
3. Leverage Social Media To Attract Attention
The digital medium has offered an effective platform for businesses to connect with their customers and keep them engaged. Most of the consumers are glued to their smart phones for shopping, conversations, asking questions, discussions, posting comments, etc. You can become a part of all these through a significant presence online. You must utilise the tools to find out people who are talking about your products, brand and industry and respond to them to become visible.
If a user is disgruntled by your competitor, then you can seize the opportunity to offer them a better service by providing them with the link of your website. You can respond to enquiries to increase the customer base. Also, you can partner with social influencers to get your product promoted from an unbiased source. Post interesting videos and content that will get people talking about your brand and help it to stand out in the crowd.
4. Build An Enviable Company Culture
Your employees are your biggest assets. Thus you must keep them as happy as your customers. It can be easily achieved by creating a thriving and conducive work environment that allows them to grow and work flexibly. It will help you to attract the best brains in the market and tap into their potential to grow your business. It will add appeal to the image of the business as more and more people will be willing to work and partner with the organisation.
Valuing your employees is one of the best pieces of advice offered by most successful entrepreneurs. Also, satisfied employees will put their best foot forward and come up with innovative ideas and creative plans to find new customers and introduce new products. It will prove to be a mutually beneficial relationship and help in improving brand identity.
5. Create A Strong Brand Image
The moment we think about popular brands, their image hits our mind. For example, the flying kangaroo logo of Qantas, the lion of Holden automobiles, the polar bear of Bundaberg Rum or the yellow and black colours of Commonwealth Bank. The colours, logo, taglines and other such associations have become synonymous with these brands.
All of these factors help these brands to create an exclusive image through consistent branding strategy, which entails cohesive messaging and images. The same tone must be used in advertising through all the channels so that the customers identify with it. Also, it helps the business to enjoy a substantial brand presence. All the content created by the company should match the branding guidelines so that the recall value of the products and its features is increased among the customers.
6. Build Customer Loyalty
Customer retention is more cost-effective than customer acquisition as finding new buyers and markets requires a considerable investment. On the other hand, it is easier to make the existing customers repeat their orders by building relationships with them. The loyalty of the customers can be earned by rewarding them with incentives and discounts that will bring them back to your doorstep. All the prominent brands have loyalty programs which have helped them to create a mass following.
Also, rewarded customers bring more customers to the storefront through their recommendations. You must be honest in your communications and deal with any problems faced by the customers promptly. If they are dissatisfied by the late delivery of the product, then refund the delivery charges and provide them with a discount code for the next purchase. Such gestures go a long way in cementing the partnership.
7. Give Back To The Community
Corporate social responsibility is a vital part of cultivating a community network among the locals. It involves standing up for socially relevant causes and supporting non-profit organisations in the vicinity to gain a benevolent status. Since most businesses are considered to be capitalistic profit-seekers, it is prudent to stay away from being viewed as a revenue-hungry company. It helps in gaining an iconic position in the local area.
Many businesses promote sports in local communities by sponsoring teams and organising events to boost their morale and improve their skills. Some of them partner with other businesses to offer freebies on special occasions to create awareness about a cause. It enhances the credibility of the business and increases brand awareness among all segments.
Making a mark in the industry can be challenging when you have many players in the field. However, if you are planning to purchase a business for sale in Australia, then embracing the strategies mentioned above can help you to stand away from the competitors.