As the fall-out from Brexit continues, so too does the economic impact throughout the UK. British manufacturing has recently shrank at its fastest pace in more than three years, for example, while business confidence has also tumbled significantly.
With this in mind, the notion of growing your business may seem completely fanciful and almost impossible in the near-term future. Even if Britain is hovering on the precipice of a mild recession, this does not mean that all markets and businesses are bound to fail and should therefore focus all of their efforts on consolidation in the current climate.
4 Exciting Ways to Grow your Business in the Current Climate
What it does mean, however, is that you must make the effort to invest responsibly in your venture and forge a clear path for growth before executing decisions. Make no mistake; there are several exciting ways that you can grow your venture in the current climate, including the following: -
- Introduce Video into your Content Marketing Efforts
Without doubt; content marketing is a key driver of any business in 2016. The boundaries of best practice are constantly changing in this discipline, however, especially as video marketing techniques become increasingly influential. In fact, experts estimate that close to 80% of all consumer traffic will be devoted to consuming video content by the end of 2019, so this represents an outstanding opportunity to engage customers and steal a march on your rivals.
There are many ways that you can do this, from the use of promotional VODs (videos-on-demand) to the creation of screen-casts and product demonstration videos. It is also worth integrating video content with your website to narrate the story of your brand and engage customers, while also adding life to occasionally stale pages such as 'About Us' and 'Testimonials'.
- Relocate and Organically Scale your Business
While many see economic turbulence as an excuse to stop investing in their brand, this is often a false economy. After all, some ventures continue to thrive even during periods of recession, so it is important that you allow organic growth to continue and scale your business model accordingly.
If your business has recently evolved to the point where it has outgrown its premises and existing model, for example, it is important to press ahead with relocation plans. While your real-time budget and sales projections may be influenced by a sudden economic downturn, the best course is to simply tailor your growth plans rather than abandoning them entirely. With service providers such as Office Principles capable of managing the details of commercial relocations, you can focus on strategy and funding a financially viable move.
So whether you relocate to a temporary business location (such as an impermanent structure or a pop-up retail outlet) or move to larger premises in the city, it is important to continue scaling your venture so that it meets existing customer demand.
- Become an Educator
Not all growth strategies revolve around the investment of cash, as some can be implemented with a little creative thought and time. By becoming an educator and offering seminars to local community members, for example, you can quickly build on an existing consumer base and drive improved brand awareness.
This is particularly true if your company have evolved to the point where it has already established a reputation for excellent and expertise within its chosen market, as this can be leveraged to promote the seminar and enhance your marketing reach. Of course, the content of the seminar will depend on your precise expertise, while it is also important that you talk about relevant topics that are central to your own brand's success.
You could even look to partner with other local businesses to host informative events, as this offers even greater value to attendees and builds partnerships within your community.
- Embrace the World of Exhibitions and Trade Shows
While some may believe that corporeal marketing events such as trade shows are moribund in the digital age, this represents a he misunderstanding. In fact, trade shows remain as impactful today as they have ever done, with the only difference being that they are now enhanced by digital technology and innovation.
So rather than sinking all of your marketing spend into digital practices, why not invest some of your capital into hosting trade shows and exhibitions where you can meet customers in person. This also enables you to effectively market your products and the narrative behind your brand, using interpersonal skills to engage buyers and drive a higher conversion rate.
You can use your social media presence to promote the event and invite attendees, while integrating technology that enables customers to register their interest in a particular service or product. Try to educate your representatives and encourage them to avoid an aggressive sales pitch, however, as it is far more important to drive interest and brand awareness through interpersonal marketing events.