Finding Nemo is one of the most famous Pixar films, despite being released in 2003. The adventures of Marlin and Dory looking for the clown fish Nemo have touches billions of viewers across the world. So it might seem strange at first that a clown fish could prove helpful in your small business structure. But it is, and it does because NEMO stands for Nurturing, Economics, Marketing and Organization, four elements without which you can’t drive your company to success.
N is for Nurturing
For small businesses, it is especially important to build a customer loyalty strategy, as it helps first-time customers to come back and purchase again. Building a strong customer base is obviously a key to business growth. However, this matters even more for small businesses, as the cost of customers acquisition can be extremely high compared to customer retention. You need to develop ways of making your customers feel special by making the most of the service you provide. For instance, for hairdresser salons, offering a free haircut to loyal customers is a great strategy. The principle of nurturing is to give your existing customers a bonus for purchasing with you.
E is for Economics
Economics relates to the way you handle your budget. Startups and small businesses can sometimes experience up to two years of difficult business before they can break-even and attract new investors. Consequently, it’s about relying on a strict business plan to manage your expenses and working with fast business loans to manage capital rush and emergencies in 24 hours. Another helpful approach to manage your budget is to purchase the equipment you need is to work with equipment finance, which is tax deductible and supports your cash flow.
M is for Marketing
Can there be any business without a marketing input? At the core of your business success is the marketing and PR strategy that you use to launch your brand image. Your business image is essential to be competitive on the market. Your brand is your identity. Without a solid branding strategy, your business goes unnoticed. Consequently, it’s important to understand the factors of your brand awareness. Your business presence on online platform needs to not only be accessible and clear, but it should be also irreproachable. If you share visuals of your office, you need to present a clean and tidy office, for instance. Working with and observing online communities can teach you a lot about how your business is perceived. Social media platforms offer a market insight for free! It’s something that you can use to develop your brand.
O is for Organization
How organized is your business? This might sound like a trick question. But in reality, business organization refer to the way your team, your business structure, and your customer service support your growth potential. For example, if you handle customer orders manually, it’s likely that you don’t allow your business the organizational room for growth. But if you choose a marketing automation program, you give your business the organizational support it needs to grow the customer base.
As simple as it sounds, for all your business growth needs, you need to go back to finding NEMO: Nurturing customers, keeping an Economics understanding, providing brand-focused Marketing, and relying on the appropriate business Organization. Your success might well rely on a clown fish!