How can businesses tap into hidden opportunities in the market? – fresh insights from our new colleagues
8 min read
8 min read
Very often we see businesses struggle to provide a refined product or service to their customers. For the most part, they are pressured by the competitive forces in the market, the need to make the business efficient and costs low, as well as to keep customers happy. This leaves them with little opportunities to innovate their business proposition to drive sustainable growth in the long term.
In this environment, only the fittest survive.
Fortunately, at the end of the summer months, when trade is traditionally moving with slow pace, is a great time for businesses to evaluate their position and move away from the funnel-vision they may have previously fallen into.
To help you better plan for the future and be prepared for the busy commercial season ahead, we asked our new colleagues, Manuela and Daniel, their fresh perspective on how businesses can cope with the challenges they face and utilize new opportunities for growth.
They answer several important questions about the actions businesses need to take when they find themselves into stagnant growth. Without further ado, let’s dive into the conversation.
Please, tell us more about your background, what you do at Aryxe and why did you choose to join our team?
Daniel: I have studied sports, event and media management in Munich and I graduated this past July. I already did my internship here in Sofia and I liked the city so much that it was not a hard decision for me to come back. I’m really happy to be at Aryxe now where I am part of the social media team and responsible for the content creation of our customers. In Munich, I have already worked with content creation in a German e-commerce sportswear brand, where I was responsible for the whole blog including introducing new brands, writing about events and giving information about the company. The value of content marketing for me is the fact that you can persuade your customers by simply writing content which is informative, helpful or entertaining.
The reason to join Aryxe was the fact that it fits perfectly with what I’ve studied and I think it’s a good idea to join a start-up to gain first work experience! Furthermore, working abroad is always a good thing. You can broaden your perspective and also learn a new language – or at least the Cyrillic letters like here in Bulgaria first. For me, working in a start-up means flat hierarchy and more freedom to realize my own ideas in projects. Next to it, you also get to know a new culture, new people and many other things I would maybe never experience in Germany.
Manuela: The last 5 Years I worked as Head of Communication and Marketing in different Theaters. I was running my own Short Film Festival in Berlin and was part of the Berlin Film Festival Network. Before this I studied Social and Cultural Science and Social Anthropology in Berlin and Frankfurt (Oder). At Aryxe, as the Manager Services, I am responsible for the interests of the Team and the Clients equally and assure the Quality Management of our products.
I choose Aryxe because, I wanted to work in an environment, where I can contribute with my expertise, but also have the opportunity to develop. We have so many different clients and industries we are taking care of, which is really interesting plus we have a great team, with young people from different backgrounds which makes it really nice to work together. We share ideas with each other and we learn on a daily basis from each other, that’s a blast. Plus, Sofia is a great city to live in. I was an Erasmus student here 10 years ago and promised myself, I will come back one day. I am glad that I did this and that it is with Aryxe.
Many businesses traditionally experience slow growth during the summer months. What are the areas companies should focus on after this period to get back on track?
Daniel: In my opinion, companies should focus on and improve their sales pipeline, i.e. also start new marketing campaigns for the upcoming last two quarters of the year in order to get back to customers. Furthermore, they should listen to their customers and guide their actions according to their needs and feedback.
Manuela: Not only after the summer months but in general I think content is the most important area companies should focus on. Small and Medium Companies are mostly limited in their money, they can invest in marketing, so they need to make sure, they get the optimum out of every marketing dollar. You can achieve this by creating good content that helps your clients understand your product easily. But not only that, most importantly it gives your customer an improvement in the experience with it. You can always include seasonal ideas while doing that. So no worries: after summer we go straight to Christmas presale.
What is the one thing businesses need to think about when evaluating their marketing strategy?
Daniel: Definitely goals. A marketing strategy where the goal was not reached is simply a failed strategy. – You must also check that the goals are SMART (specific, measurable, attainable, relevant, timely). When businesses are setting goals, they should make them specific, so that they are measurable and results are meaningful. But you should not aim too high because goals still need to be reachable in order to get any results. Furthermore, you should not let your goals be influenced by other sources. Just focus on that, which is relevant for you and for your customers, and not for any others people. Finally, the success of each goal also depends on if it was achieved in a timely manner so always set deadlines you are sure you can keep.
Manuela: A strategy that is defined in the beginning, needs to be reviewed from time to time. This must be part of a solid marketing plan. It must contain a list of actions, with a strategic foundation. All marketing objectives need to be put within a set time frame. It should also include a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that will be used to achieve these marketing goals. Integrated Marketing Communications combines advertising, sales promotion, public relations, direct marketing, and social media. It is a process designed to ensure that all messaging and communications strategies are consistent across all channels and are centered on the customer. That’s why we at Aryxe do this step by step with our clients. We don’t look at one side only; we combine all perspectives that already exist with our expertise so we can create a unified experience for consumers to interact with the brand.
What’s the best approach for businesses who have a loyal customer base but need to expand the business?
Daniel: Enter new markets in order to gain a new customer base. Combined with aggressive promotional strategies, in the beginning, this can work out pretty well. At the same time, businesses should also think about the 20/80 principle. It simply means that 20% of a company’s customers bring 80% of the revenue. So while businesses look at expanding in new markets, they should also take the time to nurture their current paying customers.
Manuela: Enter new markets or grow in the current one? To define new goals and therefore a new strategy you need to analyze the current situation. What kind of customers do you attract so far and how would you like to attract others? Do you need to adjust your product for a new target group or do you need to increase the time and money you have invested so far into marketing?
What channels should businesses utilize for boosting engagement with their content? Can you give us any tactics?
Daniel: In my opinion, a good way is to have a blog where the possible customers can engage with the content. Through interesting headlines, a good storytelling and finally a call-to-action button in the end, the customers can be “convinced” to buy the product.
Manuela: I personally like to engage with fun facts, quizzes, things I didn´t know before, things I can easily interact with. If I get to know a company by this, it gives me already a positive image about them.
What is the best way for businesses to stand out from the rest in very competitive environments?
Daniel: You should just have a unique marketing campaign, that on the one hand is better than the one of your competitor and on the other hand so unique that people will remember it and immediately think of your brand when the right moment comes.
Manuela: You need to do a very good research at the beginning, find out why your competitors are so good at what they are doing, understand competition so you can add on to this. You need to understand your own products likewise and be able to pitch them as the very best to everyone you encounter. And then you need to be very very good at telling the story of your brand. Marketing is all about telling a story, your story! We are selling emotions that are connected to your product, so customers have a one-of-a-kind experience with this. The strategy to stand out depends on the industry and the clients you want to attract, and finding out what’s the best for each of our clients is the actual fun part of our job!