Successful business models tend to hinge on delivering what consumers need, when they need it – a moving target that can be difficult to attain. As your consumers’ wants and needs continue to evolve, consider these ways to refresh your business without overhauling core principles.
A Breath of Fresh Air: 7 ways to refresh your small business
7 ways to refresh your small business
(Family Features) Successful business models tend to hinge on delivering what consumers need, when they need it – a moving target that can be difficult to attain. As your consumers’ wants and needs continue to evolve, consider these ways to refresh your business without overhauling core principles.
Reset short-term goals. Get to the root of the reasons you’re looking to refresh in the first place. Focus on what you’d like to change in the not-so-distant future and how you can accomplish it. Also make sure your short-term goals keep you on track for the long-term goals already established for your business.
Refresh online materials. In today’s digital world, consumers have high expectations. Maybe your website is outdated, can’t keep up with traffic or, worse, is nonexistent. Freshen things up with a redesign or even just slight tweaks to make it easier for customers to navigate. For a simple solution, consider adding a blog section where new content can be posted weekly or monthly to give customers a reason to return and to help build your search engine ranking for specific keywords.
Rethink storefronts. To help consumers make the most of their time, small business owners are partnering with other businesses to include their services under the same roof. For example, The UPS Store has a re-engineered model that exists within other retailers, such as pharmacies, hardware stores or grocery stores, that still provides all the services consumers would find at a traditional store.
“Our store-in-store model offers a smaller footprint store that still provides all of the services people need,” said Chris Adkins, vice president of franchise and business development with The UPS Store. “This is an opportunity for an existing business to set itself apart from the competition and offer added value to customers as a one-stop shop, where customers can conveniently take care of multiple tasks at once.”
With customer convenience also in mind, the model also includes updates in traditional stores to incorporate technology and other contemporary elements, including features like smart lockers, digital signage, print consultation workstations and self-service options available 24 hours a day, seven days a week.
Replace outdated strategies. If your business has been in operation for a while, there’s a chance your previously successful marketing strategies may be a bit out of touch. Consider your target audience and the ways you’re most likely to reach those consumers. For example, social media is a must to keep up with competition and there are ways you can amp up your strategy in the ever-evolving social space. Whether it’s posting short factoids, long-form information, links to online content or simple images of your products, it can be a productive way to reach your audience.
Reconnect with consumers. If overhauling marketing strategies or diving headfirst into social media seems like a stretch for your small business, start small. Simply reconnecting with loyal customers may be just what’s needed to rejuvenate the buzz surrounding your company. Try holding a contest for the best customer-submitted content to use online, or create a giveaway for a randomly chosen commenter on your latest social posts. These types of online conversations can attract consumers who may have been previously unaware of your goods or services.
Revive printed materials. Business cards, flyers, banners, posters, newsletters and any other type of printed materials may be the first impression potential customers have of your company. Using professional, well-designed printed items to let customers know what you do, like those available through The UPS Store, can convey the correct message to consumers that your products or services can meet their needs. Whether you think slight tweaks to your current materials will suffice or a more drastic redesign is necessary, it can help to ask friends, neighbors and even current clients and customers how they feel about the materials you’re using. Pay attention to layout, headlines, colors, white space and even font choices.
Rebrand your business. It may sound like a lot of work, and it certainly can be, but rebranding your business doesn’t have to mean changing the company name or rethinking product lines. Simply updating logos to appear more modern or rethinking an overused slogan can give your business a fresh vibe. Remember that enhancing the look of something seemingly as small as your logo can make a big difference, especially considering that image is likely the first thing a consumer sees when visiting your social pages or website.
Even companies experiencing success should often weigh the pros and cons of refreshing certain business elements to keep things impactful for current and potential customers. Find more tips and ways to improve your small business at theupsstore.com.
How Retailers Can Put Convenience First
In the race to nab consumers’ attention (and dollars), retailers need to be increasingly creative. Some of the more successful efforts show that retailers must recognize the value shoppers place on convenience. Look for ways to boost convenience for your consumers, such as:
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The UPS Store
(BPT) - The dollar, the euro, the pound, the yen… the currency people use around the world has many different names, but it all shares something in common. Paper forms of currency are out and digital payments are in. The security and convenience of card based electronic payments and digital payments are driving a global shift away from cash. As consumers and merchants around the world become more and more digitally connected this shift will continue to accelerate.
All over the world, the shift toward cashless payments is well underway. On the beaches of Cabo San Lucas, taco and tamale vendors are starting to offer their delicious food to customers with the swipe or tap of a card on a mobile phone. In Singapore, consumers can rent bikes, pay for their morning coffee and split their dinner bill without ever needing cash, and in Warsaw, as cashless payments are becoming increasingly accepted, tourists can start to tap and pay their way around the city without carrying cash.
Changes abroad, changes at home
The United States is seeing similar changes. Cash and checks are on their way out and swiping, dipping, tapping and clicking are filling the void — benefiting consumers and businesses alike.
A recent Cashless Cities study from Visa, set to be released later this year, finds that if businesses in the top 100 U.S. cities transitioned from cash to digital payments, those businesses and their cities would experience net benefits of $312 billion per year. Businesses in New York City alone would net $6.8 billion while saving more than 186 million hours in labor. But the benefits of taking checks and cash out of the system do not stop at labor cost efficiencies. They include:
* Convenience. Consumers and businesses alike benefit from the speed and convenience of electronic and digital payments. Faster checkout times mean more sales for businesses and more time to spend on the important things in life for consumers.
* Security. Accepting cash payments has always placed businesses in a bind; as their revenue increases, so does their risk of falling victim to theft. Transitioning to cashless payment options enhances security and reduces risk for businesses and their customers.
* Reduced costs. Cash payments must be counted, stored and transported. There are costs associated with all of these processes. Adopting cashless payments saves businesses time and money.
Moving forward to take advantage of cashless opportunities
Many businesses across the country are already benefiting from going cashless, but for companies — particularly small businesses that have yet to take the leap — now is the perfect time to make such a change.
Visa is announcing The Visa Cashless Challenge, a call to action for small business restaurants, cafés or food truck owners to describe what cashless means for them, their employees and customers. Visa will be awarding up to $500,000 to 50 eligible U.S.-based small business food service owners who commit to joining the 100 percent cashless quest.
Business owners can learn more about the challenge and the other benefits of going cashless at www.visa.com/cashless. Complete rules and information will be available on the website on Aug. 15.
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