Owning a small business is one of the most fulfilling choices you can make in your life. But what can you do if your business isn’t living up to your expectations? The following five brands can be inspirational if you find your own business needs a re-brand or revival. You may not be as big as these giants (yet!), but there’s still a lot you can learn from them.
Arguably one of the greatest comebacks of all time, and a leader in innovative technology, Apple came back from the dead in the late-90’s with the introduction of the iMac and the iPod.
The Lesson – You can’t copy innovation, but you can always look to the past to see where you went off track. Bring back or improve a popular product, or eat your humble pie and hire back the people you may have lost.
In 2008, Domino’s was at the bottom of consumer surveys and it’s stock had fallen from $21 to $3. They bounced back by introducing a new recipe and an interesting self-effacing ad campaign.
The Lesson – Change is good, so make changes, and acknowledge them. Everyone loves a makeover. Also, don’t ignore feedback – face it head on.
As a small business owner, you learn to appreciate the little things, like happy customers, dedicated employees, and co-workers you connect with. The key to success is to get your customers to appreciate (and impulsively buy!) the little things as well. When customers eye-up those small items surrounding the check-out counter, it can increase your bottom line. Most shoppers are aware of this trick, but they still fall for it endlessly. Why? Because they believe they need such things. So how do you increase impulse buys in your store?
1.) Attract attention: Customers will easily overlook a product if it blends in with its surroundings or looks boring. Unless they need it, they’re not looking for it, so make sure the item stands out. Does the color pull you in? Are you intrigued by the texture? If so, you’re on the right track.
2.) Not Too Big: Smaller items that customers can easily pick up, try out, smell, and/or touch are more likely to engage the customer — and if they can pick it up without assistance and don’t need to obtain further information on it, there’s a higher chance it’ll sell. Don’t forget the small items for the kids!
You’re always looking for new ways to market your small business. With the power of social media, you can get your products in front of your potential customers easier than ever. Sure, Facebook and Twitter have been big contenders for years—but Instagram is really becoming more and more important.
You probably already know that your brand’s Facebook Page isn’t getting as much interaction as it used to. Many brands have taken their social media strategies to Instagram as a result of Facebook’s changes, and they have good reason! Instagram has 15x more engagement than Facebook OR Twitter! With over 150 million people and 55 million photos being uploaded every day—Instagram has a large, active and growing network that your small business needs to take advantage of.
There are plenty of reasons why your brand should be on Instagram, 13% of Social Media users have an Instagram account, and more than half of the world’s top 100 brands have a presence on Instagram. 70% of Instagram users have reported looking up brands on the social media platform as well, and it’s image-centric nature is one of the reasons why Instagram’s engagement rate is one of the highest of all social media platforms. This fact also makes Instagram appropriate for showcasing and selling products.