Many experts believe that this is the year the economy will bounce back in the UK. However, this means that businesses must begin acting now to prepare for a change in spending habits and customer behavior. UK businesses have been running a risk averse operation and not making major changes to their brand, but now is the time to make changes that will keep you relevant and stable in the future.
A reluctance to change is very human, but not always beneficial in the business world. Customers are already trickling back into buying; by the time most businesses realise and react to this, other businesses will have had ample opportunity to lure the market away. Whether you are the one gaining new customers or losing them in droves depends on your behaviour now. Here are a few ways you can expand your UK brand to position your company for the future.
Evaluate your logo design. There is a good chance that you haven’t paid a lot of attention to visual aspects of your brand for years. With a value-oriented customer base, this simply hasn’t been as important. However, 2010 is the year to consult a logo designer and see if your logo design is giving a relevant message to your prospective customers.
Develop new products and services. Customers who come back to the market will be looking for more than the basic, recession-friendly goods that have dominated the market for years. They will be looking for something new and fun, products and services that entice and enthral them. Don’t fill your stores with this merchandise yet, but get through the long development process so you can move quickly when your market starts demanding something more.
Prepare for increased foot traffic. While hiring new staff before the customers trickle in might be a bad idea, do you have policies and procedures in place for when it becomes necessary? Similarly, do you have suppliers capable of producing an increased number of products? Do you have new and enticing merchandise in the development stages? By developing a plan and finding suppliers now, you will make your life over the next year much easier and sleep well at night knowing that your business is ready for the coming surge.
Focus on your brand. If you are one of few compelling brands left on the market when the economy finally makes a turn, you will automatically stand out and have a huge chance of success. This could be your moment—but only if your brand is one that your customers can believe in. Consult a UK branding expert today to see if your brand is still still relevant and unique.
Adapting to a new and busier market may seem daunting, but you will stand to gain from the process. While other competitors have been squashed by the downturn, you will come out as a strong and established choice. While many businesses are incapable of handling the increased business flow, you will be able to take the customers that they can’t. Other businesses are keeping their heads down; imagine the boost in sales when you are the only one to reach out to customers.