Business Students: Your Strategy & 5 Things To Reconsider In Q1
2020 is a special year because it marks the turn of a new decade. Businesses have high hopes of achieving a lot this year --more investors, more customers, more fans, more sales, a growing team, another physical branch maybe.
If you are part of that optimistic group, you should be paying special attention to your first quarter. This will set your momentum for the rest of the year so it only makes sense to put all your focus here.
In this article, we have five tips to help tweak your current business strategy so you end this big year with a bang.
1. Make your goals realistic
Others recommend that you make your goals SMART which is short for strategic, measurable, achievable, realistic, and time-based. But we want to emphasise on being realistic.
Your goals need to be achievable otherwise, you’ll fall flat at the beginning of the year, leading to a more shaky Q2.
Write down your goals, and outline the steps required for each one. Delegate the tasks to your staff and set realistic timelines. Does it seem overwhelming? Then you may need to step back and reevaluate your goals.
2. Modify your buyer personas
The buyer personas you created years ago may not be applicable anymore. Go back to the drawing board and brainstorm the characteristics of your potential buyers.
You may need to ask more specific questions like what kind of phone they use (Android or iOS), how often they use it, what social media they like, whether they shop online or at a physical store, if they prefer news alerts or not.
Right now, the customer’s journey begins at driving marketing awareness through demand generation.
There’s more steps along the way before you can make that sale. We’re living in a very competitive marketing industry where a single data point can mean you’re a hairline closer to converting a customer.
So take this time to know who your customers are, what they are like, and tweak your marketing strategy accordingly.
3. Consider email marketing
Speaking of brand awareness, consider starting an email marketing campaign. And no, this is not so you can push your products and services.
Nothing gets you faster in a customer’s spam folder than another sales email. Your emails can be about tips and tricks within the industry.
By consistently providing value to the people in your email list, your keep your brand on top of their minds. And the next time they decide to buy a product, they’ll choose your business over a competitor’s
It looks like a lot of work but the truth is, it’s very easy to do. Take a few hours of your week to do some research or hire someone to do it, preferably one experienced with email campaigns.
And once you’re used to it, the effort will feel like nothing.
4. Be ready to adapt
Look, you can’t predict what’s going to happen in the first quarter so be prepared to make changes with your strategy in the next three quarters.
You may need to create a backup plan in case you fail to meet Q1s goals. This can help mitigate the impact of your mistakes allowing you to still perform well in the succeeding quarters.
There’s this huge pressure to really do well this year simply because it’s 2020. However, you don’t want it to be the year where you also end up in a hospital due to work burnout. You should also prioritise mental health more than anything else.
Don’t overwhelm yourself with too much work. Don’t let failures get you down too long.
Remember, the most sustainable businesses didn’t get built in a year. For some, it took decades. So do your best this year and know that there will be more chances in the next few years for your business to grow.
Which of these strategies are you going to apply this first quarter of 2020? Share your thoughts in the comments below.