UK-based businesses are optimistic about the future
Norwich-based outsourced sales and events company, Iconic Strategies, has enjoyed rapid growth recently leading the Managing Director, Simon Reynolds, to offer guidance to fellow entrepreneurs, inspiring a new generation of business owners.
The business specialises in providing face-to-face customer service and acquisitions on behalf of a variety of top brands. This direct approach to marketing is an extremely effective form of promotions; not only does it allow personalised presentations, improved brand awareness and the development of a long-term customer-base, it also allows the business to test target audiences and see results first hand. This is especially important at the launch of a new campaign, as customer feedback can be gathered, interpreted and implemented without delay. Iconic Strategies’ capacity for campaign analysis has helped the company grow beyond the boundaries of the UK market, with international opportunities in the pipeline.
In his article Exporting Not a Current Pursuit for Small Businesses, Ben Lobel discusses the statistics surrounding small and medium-sized enterprises and their capacity for growth, with emphasis on international exportation. According to the Great British Export Report by FedEx Express ‘more than half (51.9 per cent) of the 1,000 UK small and medium-sized enterprises (SMEs) surveyed said they would require more support to achieve international expansion.’ Lobel goes on to identify that a lack of expertise and funds were key factors in this struggle, with ‘20 per cent of companies surveyed reporting a lack of technical knowledge and a concern over the costs while 14 per cent are waiting for economic conditions to improve further.’
However, it appears that there is a silver lining; of ‘the companies which currently do export, 41 per cent predict that their activities will be mostly international in just five years time, rising to 57 per cent in 15 years.’ This suggests that UK-based businesses are optimistic about the future, despite the challenging financial obstacles in their way.
The Marketing Donut outlines several growth options for businesses, stating that ‘fast growth is easier to achieve in sectors driven by innovation, and launching new products or services can fuel growth quickly’. Iconic Strategies has certainly enjoyed rapid growth and can credit several of the strategies below for its recent success:
Sell more to existing customers: Whilst moving into new markets and pursuing a new customer-base is important for growth, it is essential to remember and value those existing customers that have helped to bring early success and expansion.
Introducing new products: Thorough market research and a ‘clear product strategy’ will allow the introduction of exciting new services, providing companies with an ‘instant edge’ in the marketplace.
Create partnerships with other businesses: working alongside other businesses and sharing ‘resources and expertise’ is a smart way to develop and grow, allowing businesses to ‘flourish without overstretching’.
Networking: This is central to building solid working relationships, with the potential to bring in further ‘customers, business partners, investors and mentors.'
With many ventures, ‘growth involves risk and commitment’, however, as The Marketing Donut concludes, ‘well-managed, it should be achievable for most businesses. It will not necessarily happen fast or enable you to retire next year; but every large business started somewhere’. Iconic Strategies has adopted this philosophy, and the Managing Director is now offering mentor-ship to aspiring entrepreneurs looking for opportunities in direct marketing and management. This is a chance to boost interest in the industry whilst contributing to the growth of the business and the wider economy.
It appears that SMEs can expand providing they utilise the right tools and approaches to business. There are many strategies that can be applied to support this growth and Iconic Strategies have taken steps to embrace these techniques on a daily basis. By mentoring aspiring entrepreneurs Iconic Strategies is actively encouraging the next generation of business owners, providing access to the skills and expertise that many small companies admit they lack.
Press release distributed by Pressat on behalf of Iconic Strategies, on Monday 18 August, 2014. For more information subscribe and follow http://www.pressat.co.uk/
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