So You Just Bought a Small Business…

Congratulations on your new venture!

Now you're tasked with standing out in a crowded market. While traditional methods like improving product quality or cutting costs are important, there are other, often overlooked strategies that can truly disrupt your industry and position your business for success.

Let’s check out 7 effective strategies from startups turn industry titans that can help your company make it's mark.

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Innovate the Business Model

Think about Netflix, which moved from DVD rentals to a streaming service, completely changing how people consume media. By adopting a subscription model, Netflix not only increased its customer base but also set a new standard in the entertainment industry, leading to massive growth. What assumption are going unchallenged in your industry? There you may find gold!

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Enhance Customer Experience

Amazon revolutionized customer experience with its one-click ordering system, powerful suggestion algorithm, and now-standard incredibly fast delivery. This focus on making shopping as convenient as possible has made Amazon a global leader in retail, showing how enhancing the customer experience can attract and retain customers. What are customers just waiting for from a company like yours to do? What are they complaining about!?

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Utilize Data and Technology

Spotify uses data analytics and artificial intelligence to personalize playlists, which keeps users engaged and enhances their listening experience. This technology-driven approach helps Spotify stay ahead in the competitive music streaming industry by ensuring they meet their users' tastes and preferences. There isn't a single industry today that is not able to be touch and improved by technology. Lean into this.

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Establish Strategic Partnerships

Consider the success of Google’s Android operating system. By forming partnerships with a wide range of smartphone manufacturers, Google expanded its market reach. These partnerships allowed Android to become the most widely used mobile operating system in the world. What adjacent industries are looking for a partnership with yours but they've been kept at bay? Let them in!

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Focus on Sustainability and Ethics

Patagonia, an outdoor apparel company, has made sustainability a core part of its business model. By using recycled materials and donating a percentage of its profits to environmental causes, Patagonia has built a strong brand loyalty among consumers who value ethical practices, driving its growth and profitability. You may be in an industry that's resistant to sustainable business practices or maybe it's just gone ignored. There may lie your opportunity for an entirely new, and lucrative audience.

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Aggressive Marketing and Brand Positioning

Old Spice redefined its brand through a series of quirky and memorable marketing campaigns that went viral. This not only brought the brand to a younger audience but also rejuvenated its image, leading to increased sales and a dominant position in its category. Don't be afraid to switch things up. People follow other people. Remember this!

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Rethink Distribution Channels

Warby Parker disrupted the eyewear industry by selling directly to consumers online, bypassing traditional retail channels. This approach allowed them to offer designer-style glasses at a fraction of the cost, dramatically shaking up the market and growing their customer base. Reaching and connecting with people has never been hard, but you've never had greater access. Go where the people you want to reach may be just waiting for someone like you to show up.

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By implementing these often overlooked but highly effective strategies, you can set your business apart in a competitive marketplace. Each of these examples shows that with the right approach, it’s possible to disrupt an industry and pull of your BHAG. So think outside the box and consider how these strategies could be adapted to your new business. The next big success story could be yours.

The Clearly Acquired team is rooting for you!

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