3 Questions to Consider Before Crafting Your Business Model
Building a business requires a lot of planning and trial and error. If you don’t have a solid understanding of your company, you won’t be able to implement effective initiatives that will help your company grow. To ensure that your plan runs smoothly, you will want to look at these factors and strategize accordingly.
Who Is Your Target Market?
Understanding your target market is one of the most important aspects of your strategy when it comes to building your business. Knowing specific characteristics and spending habits of your target audience enables you to create tactics that better suit their wants and needs. This will in turn lead to growth in your company.
The trades industry relies almost completely on clients and networking, so comprehending your clients’ needs and wants is extremely important. Especially in the trades, client appreciation and understanding have a profound impact on how people view your organization.
How Are Your Finances? How Are the Financial Markets
Duties like growing your company’s revenue and managing cash flows are integral to running a business smoothly. If your finances are not organized or efficient, it is best if they are dealt with before you work on growing your business.
Money is a huge factor to consider in building your business as the old saying goes: “You need to spend money to make money.” In other words, if you can’t risk spending the money, you might have to wait to grow your business.
In trades, this means you have to have the cash available to advertise your services, promote your social media platforms, run sales promotions, and pay your team competitive wages. If you want to grow your business, these things will likely be necessary steps that will cost money to implement.
How Is Your Business Doing Overall?
A company review might be necessary and helpful before you work towards expanding your business. A company review can look at your past performance, customers, marketing, sales, revenue, and competing companies in order to see where you sit. In business terms, it might be beneficial to run a S.W.O.T analysis. This portfolio review step looks at your trade company’s Strengths, Weaknesses, Threats, and Opportunities in order to see where you can improve in the future and where you are already top of the line. Maybe your advertising efforts are extremely effective, but your sources of cash are not growing steadily. A simple S.W.O.T. analysis can help you identify these things and ensure that you understand any changes that need to be made.
How to 10x Your Trades Business in 5 Years
While most people may be in a tough spot when it comes to running their business, trade companies are in a really interesting and advantageous spot right now. There is a high demand for trade workers in the industry as the Boomer generation slowly shifts to retirement. The futures of trade companies are bright and are growing as we speak. Because of this unique time period, it’s important to take advantage of the demand and use it to 10x your trade company to yield strong future results.
Increase Your Prices
One of the first things you can do to grow your company is to increase your prices. This can work because there is such a demand for trade workers that people will be willing to pay higher prices in order to get a good mechanic, plumber, electrician, or landscaper. There is such a market for experienced workers that can get paid more money for their skills.
Increasing your prices can not only increase your revenue but also means you can afford more experienced workers, more ad space, and better quality tools. All of these things can help your company gain confidence in the trades industry and stand against competing companies.
This tactic has to be played wisely in order to increase sales and bring in more clients. For example, looking at competitors’ prices can help you decide how much you should charge for your services. You will have to decide if you want to bring in clients because you offer cheaper services than the competitor or if you want to broadcast your high quality and professional trade workers that may charge more for better service. It is important to understand the risk associated with higher prices when growing your company. Weighing these pros and cons will help you make wiser financial decisions that will lead to growth in the future.
Use Your Sphere of Influence
Another step you can take is to make strong and strategic use of your sphere of influence. This selling strategy involves attracting consumers through networking and connections that you and your company have made. Personal selling is a method of sales that is very prominent in trades and, if used wisely, can have a great impact on the future of your organization.
Loyal clients can be an extremely valuable market in the trades, so it is key to make a strong impression on your potential clients or people who are interested in your company. Great customer service skills can come in very handy in situations with new clients and could lead to loyal clients who use your services for many years. For example, having your team of professionals explain the steps they are taking during their service can have a strong impression on a client.
Take Advantage of Digital Marketing
With the increase in online activities over the past 10 years, digital marketing has grown in popularity and has become a cornerstone for successful businesses. The variety of platforms and avenues that digital advertising can take makes it easy for any business, even a trades company, to create an online presence and grow their organization. Developing an online portfolio can help your trades company reach more people with just a few clicks. It’s a simple strategy that doesn’t take a lot of cash to get up and running.
Why Digital Marketing?
Digital advertising is making its way and becoming the new classified ad in your daily newspaper. It is becoming a staple in any business strategy, especially because of the growing Gen-Z and Millennial populations becoming a popular target audience as they are slowly becoming the consumers that are in demand of trades services
The Gen-Z population is known for their online presence. Over 95% of Gen-Z’s have and use their smartphones on a regular basis. While on their phone, they are active on a variety of social media platforms including:
- 64% on Instagram
- 62% on Snapchat
- 52% on YouTube
- 35% on Facebook
If you are not present on these platforms, you are missing out on a key demographic that could bring your business success and help you 10x your company.
Having a platform and following for your organization allows you to reach this population better than through traditional TV commercials or radio advertisements. This also means that you will reach your 10x advertising goals faster and yield future results. Because of this, it’s best if you take control of your online presence while other companies are still making the transition from paper to cyberspace.
Digital advertising strategies can be that extra boost that helps your trades company achieve your 10x goals. One of the many benefits of digital strategies is that it doesn’t take a lot of cash to get started. Starting social media profiles, updating your website, and engaging with your audience are effective steps that you can take and will likely make you money in the long run.
It’s Time To Grow
Understanding the 10x valuation and some key steps to take when growing your company can help you achieve your goals in less time. Expanding your business ten-fold in 5 years can seem like a daunting task. However, with the right knowledge and skills, you will be growing in no time.
How Merged Media Can Help
Merged Media has created a team of professionals that can help take your online presence to the next level with their variety of specialized tools and services. With our extensive portfolio and creative techniques, we work with your company to find creative strategies and solutions that suit your needs – whatever they may be.
We offer a variety of services and solutions that help you create strong advertising efforts. These services include:
Search Engine Optimization (SEO)
Improve your ranking online with quality, results-driven SEO services meant to help you succeed.
Social Media Marketing
Take control of your online presence with engaging social media campaigns meant to draw users to your platforms.
Craft a portfolio of visually stunning and creative photos that can take your website, social media, and product pages to the next level.
Drive users to your website and track your data with proven PPC methods used to achieve your advertising goals.
Get In Touch
If you’re ready to 10x your trades company, we are here to help. Based out of Guelph, Ontario, Merged Media has grown into a top B2B Leader in Canada. We can help you craft a plan and implement strategies that help you achieve success in any area. Want to chat about your company goals? Contact us at firstname.lastname@example.org or call us at 1-866-636-9650 and speak with a member of our experienced team today!