Strategies to Develop Small Business Growth
Starting a business can be tough for some people, and it doesn’t get any easier when more and more people also have similar ideas with their businesses. Even with easier access to the internet to gain information and the way now everything is much simpler with advanced technologies, achieving success from when we first jump into the business may lead into a bumpy road along the way. With new up-and-coming things everyday, we will seek ways for any innovation to develop the business, things that drive us to build a well-written business plan. In other words: strategies. Carrying the right strategies to go through your business journey can make your steps and following steps easier. Even with numerous service businesses on the market, businesses that sell products are still the go-to for smaller scale businesses. People come up with new innovations everyday; various products are ranging from food and beverages, to beauty products, each category option is endless. For a start, we can implement several basic strategies that can be applied when we run a business.
1. Branding
To identify one’s business, we usually need branding. According to Cambridge Dictionary, branding can also be interpreted as “the act of giving a company a particular design or symbol in order to advertise its products and services”. With good branding, people gain trust and positive impressions on the products you sell. They are also more likely to continue to shop for your product compared to other competitors' products. With a good branding it will attract returning customers, and better yet, they can recommend the brand to others. It all comes to full cycle as free marketing. But branding has a lot more to offer. Basically what we need is determining the name and logo that matches the brand persona. The strategy in branding is what we do after we determine this. We have to figure out ways to make our brand stand out from other similar brands. With unique products and visual representations on the internet (let’s say we have a dedicated website and instagram account for the brand), selling the product can still be tricky. Trying a unique way of selling can also be an option. Vending machines can be one option. Previously we have ASA partnering with Smartven to sell their skincare products called Minutiae via a vending machine. Who could’ve thought purchasing a facial wash can be fun via a touchscreen when we visit the supermarket, right? With the interactive LED screen, we can easily browse through the catalogue, easily make a purchase via QR codes and get the product as easily. Similarly, it can be an act of branding for Minutiae, as people will be stuck with the idea that these products are sold via vending machines. If we’re lucky, it might go viral and give the bigger spotlight to the brand itself.
2. Promotion
We all know for a fact that people love discounts. A lower price point will definitely make your products look desirable which can also help the sales drive of these products. Some e-commerce sites have offers like a cashback that attract customers to click buy in instance, and this is mostly powered by time-limited vouchers that can be applied to cut the original price. When we know that there’s an end to these special prices, we feel that these sales appear as interesting offers, even more so when we actually need the products. Vending machine owners usually worry that their products don’t sell that well. As the products are nearing their expiration dates, owners will have to throw away the overstocked products at some point. But then, what should you do with a vending machine?
One of the many features from Smartven’s Cloud Management System (CMS) have, is that you can control the prices of your products. The process gets even easier as you don’t have to be around the vending machine to do this. Using a web-based cloud system, you can manage the price within a certain period of time. One Time Promo and Flash Sale are two of the features under the Promo category. These promotional events are all integrated with the inventory system, so you can easily put reduced prices while managing the period of the sale.
3. Offline presence
It is no lie that selling a product offline via a brick-and-mortar store still appeals more to people for the longest time. People still enjoy shopping offline where they can browse the products directly. These customers can also save shipping costs and the waiting time for the products to be delivered. In addition, the existence of an offline store can attract new customers. It starts from foot traffic, when people walk around, window-shopping, they can see the products. It is called an offline presence.
The use of marketing on the internet often makes us ignore the strategy to directly sell products to other people. The role of offline stores is still so big, but it costs higher on the budget and will affect smaller businesses. Having an online store, supported by physical stores can provide customers the experience of being able to touch and feel the products. Integrating offline and online shopping will enable you to easily track the customer journey from what to buy to the actual purchase. This will allow you to identify the touch points that occurred. For a business that has just been started, of course this kind of thing is a big consideration. With a vending machine, having an offline store can still be cost-effective and works similarly to the general brick-and-mortar store.
4. Advanced technology
Utilising the way how rapid the technology advances today can help us with making a better plan for our business. Less people bring cash with them as transactions are made cashless even more, and people depend on smartphones for these. It is commonly known that, especially young people or parents with young children, likes to apply the latest technology in their daily lives. Progressing into this new era of digital world makes running a business easier. With a vending machine, features like digital catalogues screen, cashless payment method and remote access to manage inventories are ways to implement the technology in a shopping sense. In addition, the cashless feature with payments via QR codes only greatly simplifies and speeds up the transaction process. Right now, if you run out of balance in your digital money, there are already vending machines that can process top up transactions. Like Smartven and Gojek, you can top up your balance quickly and easily.
Further steps
With intense competition and various innovations from competitors today, it is necessary to plan strategies to make small business known to the public faster. With a unique strategy, we can reach more people and later increase sales drive. If you are interested in doing business with a vending machine or have a product that you want to sell with a vending machine, you can contact the Smartven team for a consultation. You can also click the button below for a faster response. Also visit the Smartven website and Instagram for more information. See you next time!
Translation written by: Nadhiya Pradhanitasari
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