While economists continue to discuss the improving state of the global economy, growth levels remain more prominent in some sectors than they do in others. Take the technology sector, for example, which has reported an expansion rate of 3.8 % during the last 12 months. The UK economy has grown particularly steadily by an estimated 1% during this time, and this reveals two key insights into the current market.
To begin with, it is clear that the nation’s fortunes have embarked on an upward curve since it avoided a triple-dip recession in the first financial quarter. In addition to this, however, it is also worth noting that variable growth statistics indicate that businesses with an enthusiasm for self-improvement have a unique opportunity to grow and steal a march on their market rivals.
While some may argue that technology companies are growing according to industry specific demand and conditions, however, it is also fair to say that forward thinking companies have capitalized on these through innovative and creative thought. If you are looking to establish your firm as a market leader and improve on the nation’s average rate of growth, consider the following: –
- Become a Thought Leader: As Google continue to promote the virtues of content marketing over SEO (Search Engine Optimization), so too businesses are being forced to re-evaluate the way in which they communicate with customers. As a result of this, thought leadership has emerged as a popular concept that enables brands to establish recognized and respected voices within their industry. You can achieve this with the publication of informative and engaging content across multiple mediums, as this will afford you access to a vast and motivated target audience. Over time, you can develop a rapport with consumers and establish yourself as your first of call for industry related products and services.
- Maintain Constant Contact with your Customers: Whether you own a global business or a local independent venture, it is important to remember that the contemporary generation of consumers have become accustomed to 24 hour customer service and the multiple benefits that this delivers. If your business fails to accommodate this unspoken demand, it runs the risk of losing consumers to more proactive, rival firms. In order to resolve this, you may want to consider investing in a professional call management service (i.e. phoenix247.co.uk, or telus.com) which ensures that all communications are answered in a prompt and courteous manner. In addition to this, it is also worth partnering with a professional web hosting service that can minimize the down-time and inaccessibility of your site.
- Make your Staff Members a Mobile Marketing Team: As an increasingly savvy and knowledgeable breed, the current demographic of consumers are well aware of marketing gimmicks and obvious sales pitches. You will therefore need to market your product or service through more innovative and subtle measures, with an emphasis on educating customers rather than merely encouraging them to spend. One of the best ways to achieve this is to create a positive company culture, which will instil your businesses core philosophy in employees and empower them as part of your growth. This effectively turns staff members into a mobile marketing team, who are able to promote your venture through unforced social conversations and word of mouth.
The Last Word
While these tips alone cannot guarantee business growth or market dominance, they can be extremely effective when used as part of a wider strategy. The current economy undoubtedly provides an ideal opportunity for businesses that are looking to expand and dominate an existing market space, especially if they are able to think creatively and willing to invest their capital.