Building a thriving service-based business means to sell an idea instead of a tangible product, and shape the mindset of your audience in the process. Unlike a product-based company, your long-term success depends on your ability to create a trustworthy relationship with your potential and existing clients, and establish a trustworthy operation through stellar customer support and guidance.
However, that’s only the beginning. In a competitive business world, there are numerous key factors that can define the future of a service-based company. Let’s break down the five tips that can help you get a head start and pave the road to success.
Stand out from the competition
With almost eight billion people in the world, it’s important to always keep in mind that your idea is not new or unique. And it doesn’t have to be, so long as you find a way to promote it in a unique way. There is no need to reinvent the wheel here, just find an angle to market and differentiate your service from other similar providers in your niche.
Without a doubt, the first step to achieving this is to brand yourself in a unique way. The modern business world is saturated with unimaginative brands and generic companies, and the last thing you want is to fall into that category. If you don’t set yourself apart with a unique brand identity, a distinct tone of voice, and a compelling set of values that will resonate with your audience, then you will just become a part of the noise.
For effective branding, focus on the following:
- Determine your brand’s values – stand up for something meaningful.
- Build an identity. No generic names, no generic copy, no clichés. Be unique.
- Weave your values into your copywriting and inspire people with your storytelling.
- Let your brand speak in its unique tone of voice.
- Craft a beautiful visual identity that will inspire trust.
Research the market and the competition
While there is nothing remotely inspiring or creative when it comes to researching industry trends or examining the success stories of your competitors, it’s important to note that meticulous research has a vital role to play in building long-term success. With that in mind, your research should focus on the consumer market as well as your top competitors.
Researching the trends in the marketplace will give you an idea as to the best way to position your brand and appeal to the sensibilities of your demographic. On the other hand, researching the competition will not only allow you to implement top-performing practices yourself, but also improve on their methods. This will also give you an insight into the common mistakes service businesses make and how to avoid them.
Treat your clients and prospects like royalty
When people are buying products, they care less about your level of service and more about getting their hands on the product itself – even though customer service is an important factor. On the other hand, when prospects are “shopping around” for a service, they are almost exclusively going to base their decision on your level of service. They want your full attention, they want stellar service, and they want to get to know you.
If you are to get ahead in the service world, you will need to treat your clients and prospects right. This is an area of business that Australian entrepreneurs have mastered over the years, so take note.
In the Land of Oz, business leaders make sure their clients are taken care of at all times, providing transport through bus hire in Sydney to and from the airport and of course, structuring work and play time just right. Following the same principle, you want your clients to feel pampered throughout their visit. Even if you’re simply meeting them for lunch at a restaurant, your level of service should always have a distinct note of creativity in order to evoke that deal-closing “wow” factor.
Use social media to your advantage
We live in a world of social media, a world where every service-based business stands to benefit from marketing its brand on SM platforms. This is your opportunity to connect with your local audience, spread the word of your amazing service, raise brand awareness, and reach out to prospects in an effective way.
There are no limitations to what you can achieve with social media, provided that you tend to proper SM management and marketing. Be sure to reach out to prominent influencers in your niche as well who can advocate your brand and spread the good word among their followers. Complement these efforts with regular posting and community engagement, and you will create some much-needed social media buzz.
Remember, you are selling an experience
On a final note, keep in mind that a successful service business doesn’t battle other companies on price points, but rather builds its success on the value of its service. As a new company, you cannot afford to wage a war with your competitors by dropping prices, nor should you. This will send a message to your potential clientele that your services are subpar to the rest, and it will jeopardize your ROI.
Instead, emphasizing the value of your service through branding, creative copywriting, and client satisfaction will allow you to dictate your price range, set yourself apart from the competition, and build your own legacy. Sell the experience, not the service.
Launching a service-based business comes with many perks, but that doesn’t mean that selling a service is easy, no matter how much your particular offering might be in demand. Use these tips to effectively promote your brand from the get-go, shape the mindset of your audience, and build a thriving business.