Nothing’s changed and everything’s changed since Covid hit the world. With so much going on, how do you grab your entrepreneurial edge?
5 Ways to Grab Your Marketing and Entrepreneurial Edge
1. Grow market share. Do you operate in a market where leaders are vulnerable? The shutdown/reopening might be an opportunity to move up from the number 3 or 4 position and take over one of the coveted top spots. Keep your eye on the ball and see what’s shaking out in your industry.
2. Leverage brand names. The brand with the highest recognition has an edge. If that’s not your brand, consider purchasing or licensing a top brand to enhance your impact. With so many businesses struggling to survive, important patents and licenses may become available. This may be your chance to snag an important resource at a mark-down price.
3. Seek out available supply opportunities. Supply agreements with volume commitments may be up for grabs since many businesses can’t meet their obligations. You may be able to step in and get a better deal on supply agreements.
4. Develop consumer loyalty. Loyalties may shift during the shutdown. Customers may have difficulty buying their favorite brands. The reopening may be an opportunity to develop loyalty from new customers or to take on a struggling business and capitalize on their most loyal fans.
5. Break down the barriers to entry. During the shutdown, the walls that protect brands and markets may be lowered or breached. Now may be the time to enter a new market before those walls are rebuilt.
I’m Robin Samora with the Fast Marketing Minute. If you love these tips, I’d love to have you visit my website and Top 40 Small Business Marketing Blog. You’ll find both at www.RobinSamora.com