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Perform a competitive analysis to understand not only where your business stands, but where the market is headed next. At times when consumers are keeping a close eye on their discretionary spending, it’s useful to do a competitive analysis to see how you stack up in the market. A competitive analysis can help you refine your marketing, confirm your product pricing, and build brand loyalty with your customers. Here’s how to perform a competitive analysis to see how your business stacks up.
Leaders share their best practices for creating an effective diversity strategy. Three strategies critical to crafting a diversity strategy that drives real results:. “Build a knowledge base about employees’ concerns so you know where to make improvements,” said Sheri Crosby Wheeler, Global Vice President of Diversity, Equity, and Inclusion at design company Fossil Group.
A systematic approach to taking a risk as an entrepreneur can lead to big payoffs. Here's how a bit of cautious optimism can help you succeed. Starting a new business, changing your marketing strategy, and hiring employees all have potential risks. Merely becoming an entrepreneur is a gamble, although the level taken among business owners varies. Some studies even suggest that risk-taking is an entrepreneurial trait. However, avoiding all risks can hinder your growth, and placing the wrong bets can result in catastrophic failures.
Want to exchange ideas with small business owners or accelerate your startup with expert advice? Join a networking group on LinkedIn. You're constantly evolving as an entrepreneur, learning new ways to improve your business and grow. Much of this is a solo journey unless you have a mentor or business partner, but LinkedIn groups can connect you to other entrepreneurs and experts. These communities invite members to ask questions, give tips, and interact with others.
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Score your competitors by stepping into a customer’s shoes to get an objective look at their products, positioning, pricing, and more. When you conduct a competitive analysis, you’ll need to spend time identifying your competitor’s strengths and weaknesses. On the surface, this seems like a relatively straightforward task. However, there are many facets of each merchant that you could evaluate. How do you approach assessing your competitors’ strengths and weaknesses?
If you’re ready to grow and expand your business, joining a local business group can be a great way to start. Joining a local business group can help you and your business to continue to expand your company and network with other local business owners. Additionally, there are multiple resources available on the type of local business groups you can join depending on the stage of your business.
Establishing a brand strategy helps small businesses reach their goals. Building a successful brand strategy takes time, consideration, and deep knowledge of the marketplace. However, first-time entrepreneurs may have difficulty getting started. Here are five vital steps for building a successful brand strategy. Explore your target customers’ preferences. A...
Lower attrition can increase your profitability and growth rates. Explore seven ways to reduce churn and boost your business. You may have trouble brewing if your churn rate is higher than expected. Poor experiences and unengaged clients can result in more turnover, reducing your revenue and increasing your cost of customer acquisition. However, corrective actions can keep subscribers loyal to your brand. Take steps to improve your customer churn rate and reach your business goals.
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Ready to boost your personal brand and generate leads? Here’s how to make your LinkedIn page pop. LinkedIn is invaluable for entrepreneurs, providing access to a network of professionals and potential clients. Your LinkedIn profile showcases your work and talents while building your credibility as an industry leader. However, poorly crafted summaries, incomplete profiles, and low-quality images can affect your reach.
Choosing the wrong business name can limit your growth and prevent you from connecting with your customers. Learn the eight traits of a great business name. When you’re starting a business, your company’s name is one of the foundational elements. A great business name will stand out to potential customers and help you build a strong brand identity. Here are eight traits to keep in mind if you’re trying to name your business.
Executives from major brands share their best advice and the moves they’ve found foundational to success. Three tips for entrepreneurs on moves that foster success:. Know that cultivating business contacts early in one’s career can turn out to be helpful down the road — even if they may not appear so at first.
Coworking spaces are a budget-friendly option for new or small businesses. Keep these factors in mind when choosing a coworking space to find the best fit for your company. When choosing a coworking space for your company, the most important thing to consider is your own business. Are you a small company that could benefit from the networking afforded to you in a coworking space? Do you want to maximize productivity and minimize distractions?
Everyone needs help at some point in their professional careers. Here’s how to ask for help — and get it. At some point, every business owner confronts a challenge that they don’t know how to handle on their own. Whether you’re starting a new venture, expanding into a new market, or hiring your first manager, there will be a moment when you need to ask for help. Even Steve Jobs had a leg up when he first started his career.
Discover the importance of branding for your startup — and how you can create a small business brand your customers will remember. It’s one thing to create a valuable product or service; it’s another thing to cultivate a memorable brand along the way. While the former is important, the latter is critical to establishing and growing a business for long-term success.
Small businesses utilizing customization efforts for their products and services create a personalized experience for buyers and give their company an edge. A new study shows consumers yearn for products and services tailored to their specific preferences. Researchers determined consumers shopping from their smartphones were more likely to want unique items — or items tailored to their tastes — over items deemed “popular.”
Are you facing pushback on your return-to-work deadlines? Explore ways to handle conflicting interests and navigate change. Many small business owners are conflicted about where and when employees should work. Some tried fully remote working during the pandemic and found it lacking. Others work in an industry requiring an in-person presence. Regardless of your situation, it's impossible to please everyone. Instead, you'll need to open your lines of communication and find ways to make the transition smoother. Learn how to meet employee expectations and ensure a seamless return to work.