You can have the greatest product or service in the world but if people aren’t aware your business exists, or of the problem it helps them to solve, you’re in trouble. The truth is, no business ever just vanishes into thin air: there are always signs it’s becoming last year’s news. At Cinema Advertising Australia, we’ve worked with many businesses in our time – here are some of the things the most relevant and thriving businesses do incredibly well.
#1. They’re on the ball when it comes to shifting trends
Technology has changed the playing field forever. Those local paper ads that worked a treat once upon a time, just aren’t having the same impact and reach fewer people these days. In addition to staying one step ahead of the changes in your relevant industry, you need to make it your priority to understand how your target market is consuming things. Know about the laws and policies that apply to your industry and map out ‘what if’ scenarios. The business world is constantly changing so you never want to be left behind.
#2. They track and measure their sales
You might put a large drop in sales down to a bad month once but if that’s happening again and again at a steady pace, it’s time to ask why. Keep asking questions until you see patterns and answers emerging. If something more serious is at play (for example, there is declining demand for your product or service), ignoring it won’t make the problem go away. Don’t wait until it’s too late to shift gears.
#3. They always listen to their customers
Listening is one of the most underrated skills in business. Many businesses use a Customer Relationship Management (CRM) system to track conversations with their customers so that they can see patterns as they emerge. If your staff are being asked for certain products/services consistently, stop and listen: you might just be getting a hint as to your next all-important business pivot. If you’re not gaining feedback naturally, think about how you can keep the lines of communication open with your customers: conduct online surveys, speak to people directly and so on.
#4. They’re connected to their ‘why?’
Most people start a business with a full steam ahead approach… and then reality sets in. Long hours, regular hurdles, potential cashflow woes and suddenly, your vision gets lost. Each month, schedule in time to run through the questions that are most important to any thriving business:
- Are you passionate about what you’re doing?
- Does your business have a meaningful purpose?
- What are your 3-month goals? And your 6-month goals?
If you aren’t sure of the answers to these questions, you can’t expect others (like your staff) to be.
#5. They never allow themselves to be 100% comfortable
Consumer habits are changing faster than ever. What was popular today, is often old news tomorrow. Regardless of how great your bottom lines are looking today, realise that you never know what’s around the corner. Be aware of what your competitors are doing and think about what your business can be doing better.
Remember, if running a small business was easy, everyone would be doing it. Take time out to take stock of where your company is going and keep your finger on the pulse at all times!
Interested in how cinema advertising can help your business to thrive? Call our team on 1300 MOVIES (1300 668 437) or contact us today.