In today's competitive economy and globalisation, we must be better equipped to create successful businesses. Consumers nowadays, armed with the internet, are more informed than any other periods in human history. Therefore, for any business to succeed, understanding how to deal with these market changes are essential skills to learn and the following are some recommendations as to how small businesses can thrive in this economy.
1: Branding of the enterprise. Many small companies are great at branding their products and services but not enough is done on a macro scale. They must evolve their companies into brand names so as to have a much more powerful market presence.
2: Use the internet as leverage to advertising, reducing costs and reaching to new markets. What you can do is to set up a mailing list to put your products to potential and existing customers. This not only creates loyal customers who like your products or services and come back for more but also reaches out to new customers who might like what you offer. At the same time, you are strengthening your brand name and public recognition.
3: Re-furbish your homepage. A new and improved homepage creates the impression that your enterprise is growing and constantly improving as time goes by and not falling back. Also, take this opportunity to fix bugs and other technical issues because a homepage full of bugs will lead to people not to want to deal with you and increases their annoyance so they will not visit again.
4: Collect information such as customer feedback and click through rate of your website. Are you wasting virtual space on redundant products? Looking at the click through rate will tell you that. Are your products or services inferior to competitors or is very hard to use? Use customer feedback to find out about that. You can also consider setting an automated system to collect all these information so as to reduce costs.
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