3 key concepts for small/medium businesses to build during the coronavirus outbreak…

These are unprecedented times. Times we have only ever seen in movies or on TV. Thousands of businesses are now at risk as their daily operations have shifted dramatically or stopped altogether. For some, this means the regretful decision of closing their doors. But it’s important to remember that for most, this is only temporary and it does not mean all hope is lost.

Many businesses around the world are coming up with new innovative ways to pivot their strategy to survive. PIER 23 has released plenty of tips on how to create the spark needed in these dark times. Whether that be restaurants releasing YouTube recipe videos, travel agencies creating dream destination boards on Pinterest or businesses pursuing the ‘gift card’ deal to keep money coming in the door. Delivery of products and services direct to people’s homes has also become a great revenue stream for those able to do so.

With people confined to their homes or near-empty offices, one incredibly important thing that businesses – especially small, local businesses – must now focus on is brand-building. There are three key values that we at PIER 23 think are incredibly important and, as ever, we will continue to work with small and medium businesses for free to help develop tailored support for your company.

Community

The first core value may seem a little difficult to envisage, especially when we have been told over and over again to keep our social distance. A community in this sense refers to a shared passion, a shared goal or a shared lifestyle. People in isolation can get incredibly lonely and so being able to connect with like-minded individuals is a great way to not only create a loyal customer base but also an amazing way to proliferate your brand message and publicise you’re core values.

An example of a community-building brand campaign right now is an online forum discussing the trials, tribulations or even successes of self-isolation.

If you own a bakery, why not invite some local residents to share photos online of their baking creations whilst at home? Don’t just offer home delivery of your bakery’s famous seeded buckwheat loaf (delish). Include a recipe in the delivery. You could even keep it going and deliver the individual ingredients with the bread itself so people can try and make it at home too. Offer a ‘baking kit’ at a cost suitable for you. When they make the bread themselves, encourage them to share pictures and tag your bakery’s brand.

Inspiration

When the mind has little to no stimulation, we tend to get distracted. Social media is going to be an incredibly important channel over the next few months as more and more people work from home and find themselves drifting onto Facebook, Twitter or Instagram every now and again. We’re all guilty of it – let’s not pretend.

Inspiration, in a time where the news is pretty bleak, will be an important form of escapism for many consumers. Whether this is the willingness to try something different, pick up a new skill or simply be entertained, all of these things require inspiration. This is something your brand can provide.

An example of an inspiring campaign right now for a small business would be to help people achieve something by the time their quarantine has finished. For example, if you’re a private language teacher that is struggling because of a lack of face-to-face interactions, why not move your classes online and set a goal for your students to achieve by the end of their quarantine – “Learn to ask what day of the week it is in Spanish before your quarantine is up or your money back”.

If you work in home improvements, why not post a step-by-step guide on how to fix a leaky tap. These things will get people to engage with your brand and put you in their thoughts for future purchases or services.

Even the previous example of a bakery could apply to this concept too – help people become better bakers by engaging and associating themselves with your brand and your products.

Anticipation

The final core concept to build during the COVID-19 outbreak is anticipation. You want consumers, or potential consumers, to have the feeling of ‘when I get out of here, this is going to be the first thing I do…’

This is obviously a more beneficial plan for the long-term rather than the here-and-now, but if you’re able to, it’s something that many small businesses often don’t get time to fully form in the ‘regular’ virusless real world and so is definitely worth putting time and resource towards. Whether it be a special ‘reintroduction to society’ offer or constant drip-feeding of tantalising content, it really can be a great way to build your audience’s intrigue.

Create an online content campaign full of visuals, something people can actually see and want to get involved in. Spending so much time inside makes people desperately want to stimulate their imagination.

Of course, if your small business is your sole source of income, you’ll need people to actually be engaging financially with your services. Building anticipation comes hand-in-hand with the gift card sales strategy. If it works for your business, get people excited to come and visit – maybe even offer a special perk to gift cards holders. Hopefully, it’s some of that famous seeded buckwheat loaf I was talking about earlier.

How to I stick those three values together?

Combining these three concepts for growth can be difficult and will depend entirely on the nature of your business. That’s why at PIER 23, we work with individual businesses and provide tailored support to help you specifically. Best of all? It’s free and it stays free. That’s incredibly important in a time where finances are uncertain.

An example of a campaign combining all three values could be a community rebuild project. What do I mean by that? Say you’re a local cafe, times are tough because you don’t have many customers and paying your staff might actually be losing you money.

You need to pivot your strategy. Bring in home deliveries for your baked and fresh goods. You could even sell the coffee beans you normally make your products with. Bring in discounted gift cards. Bring in online forums (just on Facebook or Instagram or even the app Nextdoor) discussing how locals are coping with the changes. You can introduce virtual coffee table chats for people to develop a sense of community and get them to interact with people in their local area online. And to keep going, build up to a ‘reopening ceremony’ where you invite those people from the online forum to contribute to getting your local business back on track.

In a time where it seems many things are hopeless, people always seek a purpose. Let your local business be something they support.

How to create a new product…

Sometimes it’s necessary to get inventive, especially if business is a little slow. It might be that your current product or service is going out of style and needs reinvigorating, or it could be that you need an entirely new product altogether to offer new value for your customers.

In this article, PIER 23 will look at six top tips for creating a brand-new product for your business…

Take stock of what you already have

When creating something new, it’s important to know what you have already. It’ll always be difficult to sell something as an ‘original’ if it fulfils the same purpose as one of your existing products. An audit of your current products and services can put things into perspective and you’ll be able to take a step back and look at the ‘bigger picture’.

Know what’s working well for you (and what isn’t)

Don’t end up replicating something that’s already not doing well in your business. If you own a bakery and your marmite and custard pie isn’t selling (no surprise), don’t go creating a marmite and custard muffin. If your business has a range of products or services, examine the characteristics of the successful ones and look at forming them together to create something new and great – but only if it fulfils an appropriate purpose for the customer. You don’t want to end up with Frankenstein’s monster.

Find out what your audience wants

This seems fairly obvious but its importance should not be understated. Just like PIER 23 says in this post,  doing your research is incredibly important. Use sales data you have collected for what sells well, which products people enquire about and, perhaps most importantly, what you often have to tell your customers you don’t do. If you’re a locksmith helping people get back into their properties and they ask you if you do key-cutting, but you keep saying no, perhaps it’s time to look at developing that as a new revenue stream.

If you’re a new startup with no data to assess then this next tip will be important for you…

Take a peek at your competitors

Competitive analysis is key to successfully increasing your share in the marketplace. It’s also great for coming up with new product ideas. Don’t just identify what your competitors do, identify what they don’t do too. This can help you identify gaps in the market which you can then develop into.

Be creative

This can sound daunting but if you prepare yourself in the right way, it can come quite easily. Once you’ve identified your current products, looked at the gaps in the market and analysed the things your audience are asking for, coming up with something new becomes immeasurably easier. Don’t rush this process, creativity can be stifled by stress. PIER 23 offers free services to collaborate with you through this, so just email concept@pier23.com for support.

Test everything, then test again

If you’re launching a new product, start small and then build out from there. Speak to small test groups or even your friends and family to get their honest opinion. Your research will push forward your strategy and, if you’re starting small, you can make changes to your product or service as you go until your ready to launch. Important things to test for are functionality (does it work?), customer satisfaction (do they like it?), advocacy (would your customer tell people about it?), commercial viability (does it make money?) and durability (can it stick around for a while?).

Keep us updated with your progress or, if you need any help for free, just contact PIER 23 at concept@pier23.com and together we can develop concepts for growth.

Top 5 tips for a successful marketing strategy…

Having a successful marketing strategy is key for your business. Being able to grow your reach and improve loyalty throughout your customer base can not only spread awareness of your work but also improve your business results. Here are the top five key things to consider when putting together your strategy…

Do your research

Making sure you know everything about your audience is vitally important. What makes them tick? What things don’t they like? With this information, both in the B2C and B2B sectors, you are much more likely to run a more successful marketing strategy. Important planning factors also include how best to reach your market. You could be running the perfect Facebook campaign, but if you didn’t do your research and every single member of your target audience is on Twitter, no one will ever see your hard work.

Make sure you plan

Without a plan, you can almost guarantee that your results won’t reach their potential. Make sure you’re working towards specific goals from which you can measure your performance. Many marketers will recognise these goals as SMART objectives; Specific, Measurable, Achievable, Realistic and Timely.

A solid plan also involves finding the right tools to make your life easier. Need to schedule social media posts? Use a platform like Hootsuite. What keywords do people search to get to your website? Get Google Search Console. As ever, if you need your marketing plan sanity checked, contact concept@pier23.com and we can work on it together.

Keep on testing

Can’t decide between whether to contact your prospects via email or LinkedIn? Why not incorporate both into your marketing strategy and see which one works best. A huge part of successfully marketing your products and services is by trying different methods. Sometimes, it can bring about some interesting results. Often, business owners make assumptions about how their audience wants to be treated, but it’s important to remember that things may not always be as they seem! Keep trying to find what works best and make sure to record, measure and compare your results.

Be pragmatic

Sometimes, things just don’t work. It’s important to recognise this and to stay flexible in your strategy. For example, if your strategy was to call your prospects every morning at 03:00 am and you find they’re not answering, of course, it makes sense to be flexible and change your plan! Being pragmatic in business will help you to achieve the best results.

Review your work

Finally, and perhaps most importantly, always make sure you review what works and what doesn’t for your business. If it works, keep going and perhaps keep fine-tuning it until you have the perfect formula. If it’s not working, change it up. Think of it like cooking a great meal for your audience, if you use the right ingredients, they’ll keep eating. If not, you might get your dishes sent back to the kitchen.

If you’re interested in growing your business concepts and working collaboratively with PIER 23 for free, contact concept@pier23.com today.

What to expect…

By working together towards a common goal, we can expect to see positive results for you and your business.

If you’ve been having trouble innovating or being creative in your business, let’s discuss how you can turn things around.

For those people who need a helping hand in your job or even your own startup business, contact concept@pier23.com to start collaborating and make your ideas come to life.

Together, we can discuss concepts for growth.

Best of all? It’s completely free.

Tell me more about PIER 23…

PIER 23 was created with collaboration in mind.

Discussing concepts, sharing knowledge and having your plans sanity checked is an essential part of business strategy. PIER 23 is for those who need this, but might not have the means just yet.

Together, we can build a portfolio of success stories and learn from each other.

Contact concept@pier23.com today if you are stuck in a rut and need an injection of experience and creativity. The best thing about it? It’s completely free.