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As entrepreneurs, you are constantly faced with many “hows” — how your business can experience tremendous growth, how you can remain relevant in the market space, how people can choose your business over your competitors, etc. You should ask these questions regularly.
However, what gives you an edge is when you do what others are not doing. What I have learned over time handling businesses is not some secret tip but just selling your business not as an external entity but as you. You are your business and it is the extension of yourself. I had a client who just wanted to start a business and I asked why? She just rambled about how people said “there is money in the business” and that she thinks she will make a lot of money! Do not get me wrong, we all go into businesses as entrepreneurs to make profits but that should not be your first priority when you are trying to put a solid foot in the market.
At the early stage of my career as a social media specialist, I just began my business, moving from a freelancer to putting my company out there, I understood that there were thousands of people in my profession, and I knew that I had to do things differently to make a difference. There are about 582 million entrepreneurs in the world, and about 20 percent of new businesses pack up in the first two years of being launched, also 45 percent fail during their first five years, and about 65 percent in the first ten years. A meager amount of just 25 percent of new businesses survives beyond their first 15 years and this is according to the Bureau of Labor Statistics, understanding this; I knew some thorough market research had to be done because I did not want my business to fail. Let me show how this worked for me. To start off, let’s take a deep dive into market research.
Market Research
Nothing beats knowing the market like the back of your hand. This is simply the act of getting relevant data on the market you are about to delve into or are in already and properly analyzing the data. This can help you know who your customers are, their needs, risks, opportunities, and the potential of your business. I carried out a detailed survey among both social media users and businesses, collecting valuable insights into their pain points, preferences and expectations concerning social media marketing and management. I also conducted an in-depth analysis of my competitors’ websites and social media accounts, identifying their strengths and weaknesses. Thanks to this research, I was able to create a robust business strategy that gave me a clear advantage in the market.
The research results enabled me to identify key findings and take targeted actions that helped me to gain a competitive edge. Here are some of the strategies that I employed:
• Many users of social media face difficulty when it comes to creating engaging and relevant content that can sustain their followers’ interest. They often lack guidance and confidence in optimizing their profiles, using hashtags, interacting with their audience and measuring their performance. As a result, I opted to offer a more comprehensive suite of services that includes not only social media marketing and management but also free consultations, feedback, tips and resources on my website and social media accounts. I also created a blog section where I share social media updates, trends, best practices and success stories.
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• A majority of businesses devote considerable resources to social media marketing but often find that their efforts yield different results. These businesses frequently seek specific metrics, strategies and tools that are tailored to their goals and expectations. Therefore, I decided to focus on creating social media campaigns that are goal-oriented, data-driven and customized to each client’s needs. I also use analytics and reports to demonstrate the impact and value of each campaign. It is a lot of work, but you’d find out that it is worth it.
• I researched the market and discovered a niche for social media marketing and management services that cater to specific industries and professions. These sectors have their unique style, tone and audience that general social media specialists may not be familiar with. To address this need, I specialized in one of these niches to become an expert in that field. Additionally, I partnered with other social media specialists who specialized in other niches, allowing us to refer clients to each other and expand our network.
Through these efforts, I developed a unique value proposition for my business that set me apart from my competitors. As a result, I was able to attract customers who were seeking quality, personalized and professional social media marketing and management services. I retained these customers by providing them with ongoing support and value-added content. Through sustained effort, my business grew steadily and successfully over time.
Takeaway
Here are some of the best practices you can apply on your own journey:
– Offer the best version of what your market needs.
– Align your social media campaigns with your client’s goals and expectations and show them the results.
– Find a niche that you can excel in and partner with other specialists who can expand your reach.
By following these best practices, you can improve your business performance and achieve your goals. Remember, you are your business and it is the extension of yourself.
