In this week’s edition of Wash Wisdom, discover four tricks to predict industry trends before the competition, how to grow business through additional revenue streams and three social media marketing strategies to boost your bottom line.
4 easy ways to stay ahead of industry trends
In the article “How to Predict Industry Trends Before Anyone Else,” featured on Business 2 Community’s website, contributor Joel Goldstein discusses four tips to becoming an industry leader.
- Subscribe to trade publications. Don’t just subscribe to trade publications just to stack them at your business or on your coffee table. Make sure to read these publications to learn more about the latest happenings in your industry and what your competition is doing to win business.
- Pay attention to customer feedback. Peruse through social media, customer review sites, forums and discussion boards to see what your customers are saying, and then apply some of this feedback/complaints into your business.
- Talk to suppliers/manufacturers. Talk to your distributors and suppliers to find out their takes on your industry. These valuable sources often hear about the industry through other clients and know what’s selling, and what isn’t.
- Take note of indirect competitors. Don’t just focus on your direct competition. Indirect competitors will have the same target audience as your business but are selling different products/services, giving them a “unique take on what customers want,” notes Goldstein in the article.
Read the entire article here.
How to create new revenue streams for your business
Featured on Entrepreneur’s website, contributor Michael Glauser discusses four ways to grow business in the article “4 Ways to Use New Revenue Streams to Grow Your Business (Plus a Pivoting Plan).”
- Base product to base market. Feedback from early customers can help you modify your products/services, pricing, packaging, etc. These changes can be quite large before you truly gain traction. Make sure to really focus in on your core products/services, and build a steady cash flow, before expanding into new revenue opportunities.
- New products to base market. Once you have established a steady customer base and cash flow, then you can start to think about adding new products/services. Keep in mind customers want “complete solutions,” asserts Glauser in the article, so it’s important to consider the products/services they may be buying from other businesses and not just your own. “The important question to ask yourself is, ‘What else do my customers need that’s related to my base product line?’ The more you can provide complete solutions for your customers, the better your sales will be,” notes Glauser in the article.
- Base product to new markets. In addition to offering new services and products to your current audience, what about expanding your original service/product to new markets? Ask yourself if there are any other audiences that might want your products or services, and try to find a way to win their business.
- New products to new markets. Maybe other audience segments aren’t interested in your original platform, or maybe you just want to offer new services or products to new markets? “The key is to inventory your growing resources and consider what else you can do with them. This is creative rather than linear logic,” says Glauser in the article.
Check out this article here.
3 tips to grow business with smart social media marketing
Social media is a great way to not only engage with established and prospective customers, but also to build a resilient and recognizable brand. In the article “3 Ways Social Can Be the Key to Success,” featured on Inc.’s website, contributor Yuriy Boykiv discusses how social media marketing can help steer success for your business.
- Create a digital experience. Share posts linking back to your website or campaign via social media, and make sure to link your social media accounts to your website/campaign. “These integrations will help you track users throughout their journey, allowing you to know what kind of content to push to similar audiences based on conversions,” asserts Boykiv in the article.
- Share videos. Videos outperform other social content in regards to engagement and can help tell a story better than witty hashtags and pretty pictures. “More can be said in less time, which is vital when a dozen other posts are fighting for users’ attention,” explains Boykiv in the article. “As social platforms continue to make way for video, it’s in your company’s best interest to invest.”
- Utilize analytics. Make sure to invest in analytics. “It’s not enough to know how well your post is performing if it’s detached from sales goals,” states Boykiv in the article. “Learn how to use relevant listening, research and analytical tools to gauge your brand’s success at converting browsers into buyers.”
You can find the entire article here.
In case you missed it, you can find last week’s Wash Wisdom here.