Best Marketing Strategies to Reinvent Any Business
What is Reinventing?
Business Reinvention is that process via which you remodel your business model and the marketing strategies involved in the business. Reinventing doesn’t necessarily mean starting over from scratch. Remodelling your business can simply include methods to take your company to the next level to be better than before. No matter what, the past data and standards of your business don’t come into consideration when planning for a reinvention.
When to Reinvent Your Business?
Like everything else, reinventing a business has a certain time that suits it perfectly, based on the situation. Reinvention is a necessary step each business needs to opt for, no matter how big or small. But knowing the perfect time to do so is necessary. Reinventing your business model too early would be an unnecessary step and doing it too late would be a grave loss. So when should you reinvent your business?
- Research the current market trends to know where you’re lagging
- Make sure you have steady sales before going for a reinvention
- Ensure that you have enough money to invest in a business reinvention
- Analyse what your audience and customers prefer more
- Compare your stats with those of your competitors
- See what your business model needs to keep up with the market’s pace
These points are necessary because they accordingly they help you decide when the time is right to reinvent your business and make it better than before.
Factors that Let You Decide the Business Reinvention Time (Lloyd Melnick)
Steps to Reinvent Your
Research on Your Business – Determine the reason why your business is lagging behind or slowing down. The more you analyze your follies and shortcomings, the easier it gets for you to implement a business reinvention. Hold team meetings and discuss all the facts that you examined. Ask your company members to pitch in ideas for anything that could fare well for reinventing your business model. A well-researched plan helps with the business model reinvention.
Steps to Research on Your Business Before a Business Reinvention (Reference for Business)
Strategize – Strategies are essential. Based on the tiniest of details, you can create strategies that can be a game changer for your business. But you need to devise it perfectly. See what your business needs. Track what your audience prefers. If you are going to reinvent your business, your remodeling strategies need to be very specific.
Types of Strategies You can Opt for During a Business Reinvention (Smart Draw)
Go for a Test Run – Once you’ve analysed where you lag behind and what strategies you need to follow for reinventing your business, apply the said strategies on a single product or service first. Test the success of that product post strategizing. This helps you in knowing whether your reinvention strategy is good enough or not. This also enables you to develop any other strategy that might be applicable.
Let the Word Out – After setting up everything, you are pretty much ready to reinvent your business. But don’t stop there. Spread the word about your newly remodelled business. Talk about the plans you carried out for reinventing your business. That gets the audience excited and hopeful for your company’s new and changed version.
How to Reinvent Your Business?
This is sort of the elephant in the room. You want to address it, but you’re not quite sure about how to do it. Now, as we already discussed, a business reinvention takes lots of strategic planning and careful execution. That is very highly dependent on the marketing strategies that you involve in the reinvention process because one crude measure could prove drastic for your entire business. So again, the question is, what marketing strategies for business reinvention should you use?
Content is Key – If you think content management and content marketing is limited to online marketing strategies only, then that’s where you go wrong. No matter what medium you choose to market your business on, your content should be perfect. Make it as relevant as possible per your business. Since you are going for a business reinvention, do a content audit and see what’s missing and what more needs to be added. That way, you know what the audience expects from your line of business, so you can accordingly reinvent your business model for a better run in the market.
Content Audit is an Important Step to Reinvent Your Business (Single Grain)
Video Marketing is Important – A vibrant and robust video wins the audience. Be it a social media campaign that requires video content, or a traditional marketing method where you advertise on televisions, the content of the video should always be engaging. It’s even better if you spin an emotional story, which has the potential to connect your audience better to you. In your business model reinvention, make sure you give equal importance to videos and the stories they share.
Reasons Why Incorporating Video Marketing can Help You in Your Business Reinvention
Make Podcasts – If you don’t know already, then podcasts are basically digital audio files shared over the Internet in a downloadable format so that subscribers can receive them automatically. Podcasts are a great way to interact with your audience. Not only do you build a personal connection with your customers, you also leave your competitors way behind. Isn’t that a great marketing strategy to reinvent your business?
With the Growing Number of Podcast Listeners, it Surely is a Great Marketing Strategy to Reinvent Your Business (Trends)
Go Digital – It’s 2017 and irrespective of whether or not you are going for a business reinvention, a digital approach to marketing your brand is a must. It’s no news about how digital marketing can bring humongous opportunities and take your business to entirely new levels. So if you haven’t already been a pioneer in digital marketing, then now is the right time to apply it in your business model reinvention process. The boost and the success that your company will get is going to be a pretty huge magnet to attract customers.
Facebook is a Very Powerful Platform that can Leverage Your Business Reinvention
Keep Track of Your Competitors – It’s highly vital that you ensure you know about your competitors. You need to research about what strategies they use, what advertising methods they’ve adopted, their analytics, their strengths and weaknesses and pretty much everything else you can to analyse your growth with respect to them. A business reinvention requires you to be sure that what you plan out has ever been in the market before.
A Competitor Research is Always a Good Way to Plan Your Business Reinvention (Mention)
Find Partners – Customers often research a lot before buying a product or availing a service. One of the ways they do that is by checking reviews and word of mouth. If you are reinventing your business, a great strategy to do so is partnering up with other companies or individuals who can promote your business. Cross-company partnerships are beneficial in a way that the work gets divided between the companies. Individual partnering refers to teaming up with influencers, bloggers, celebrities and any such people with a good public image who can talk about your business, thus encouraging their fans and followers to check out your business. A partnership project always helps in a better business reinvention.
Like we said, reinventing a business can take a huge amount of effort and it needs to be perfect to get you back in the game. But with the right marketing strategies, your business model reinvention process can be smooth enough. Now let’s take a look at some incredible business reinvention stories.
Business Reinvention Stories You Need to Know
IBM – Dating back to 1880s, IBM is one of the most prominent multinational computing and IT consultancy companies. Earlier, it was a company that deals with the production of computers, computer parts and other computer related devices. Even with comparatively lower prices than its competitors, it still failed to garner much attention, and in 1993, it suffered a huge $8 billion loss. That was the turning point for the company. Not backing off, IBM went for a business reinvention and switched fields to provide IT solutions and computing to other business. Fortunately enough, IBM acquired over 200 companies under the IT sector by 2010, and today it is one of the leading IT service providers globally.
Steve Mills from IBM talks about how the company went through its business model reinvention.
Ricoh – The Ricoh Company, Ltd. is a Japanese multinational imaging and computing company, founded in 1936. Back then it was just a manufacturer of office equipment like printing machines, etc. It later went on to be one of the world’s greatest printmaking and printing companies. But for more, in 2010, Ricoh partnered with Siemens as part of its business reinvention process and both the companies developed a digital lifecycle management software. Today, Ricoh provides services like SaaS, data service centres and many other software.
This is a video of Ricoh’s history and its journey of business reinvention.
Cisco – Who hasn’t heard of Cisco? Cisco develops and sells networking and telecommunication equipment and high-end technological services and products. While still being considerably good in their business, Cisco faced quite some challenges that led to dwindling sales. That’s when the company decided for a business reinvention. It went ahead to explore the fields of IoT and security, and that led Cisco to become more successful than before.
This video talks about Cisco Supply Chain’s optimization and reinvention.
Amazon – What started out in 1994 as an online bookstore, is today the world’s largest internet-based retail business. Amazon had acquired a pretty stable and good sales base by the year 2000. But it still went ahead to add more feathers to its hat. Even with a good customer base, Amazon adopted for a business model reinvention and explored all possible retail fields, and today, it’s globally famous.
Founder Jeff Bezos, in this video, talks about Amazon’s Business Model Mission.
Now that we’ve discussed what steps you need to take for reinventing your business, it’s time that you go ahead and build a better business than your competitors.