Do You Own A Family Business: Key Marketing Strategies You Must Know?
Having family members as part of your business seems to be the best way of doing business. It is like working for the family with the family. There is no scope for trust issues and there would be an assurance that everyone would keep their 100 %, as the sense of ownership exists in all of them. But according to market statistics, most the family startups end no sooner after they have started.
Family-based businesses were most common in the past and have successfully thrived well. In the modern age of globalization with different players in the market, there is high competition. Surviving in a market with old business rules is not possible.
There are many books and articles available about how to thrive as an entrepreneur or how to succeed in a family business. But all of them have failed to give a good understanding of should-do points in a practical world. Here is our attempt to expound the principles of doing a successful family business with a case study of a successful family business, celebrating 5th year of its establishment– Century Hearing Aids.
It is a small American Family owned business that offers hearing aid services to people at affordable prices.
We shall go in through different principles for successful business along with how the company has executed these principles.
A journey without a goal is bound to fail. It is important to fix a goal before venturing into a business. Be it philanthropical, religious related, or profit-oriented, a strong and reasonable goal is a must for any business.
Identify The Best Business
There are many areas of doing business starting from ball pins to rockets. One should select the business according to expertise, capital, manpower, the area of the establishment, and chances of surviving through cut-throat competition.
Understand The Priorities of Your Customer
One should understand the needs and priorities of customers to whom they are serving. Companies with customer-friendly approaches thrive well than companies without them. Good customer care service and grievance redressing mechanisms help in winning more customers.
Single Decision Maker
In a family-owned business, the sense of ownership sometimes can become a problem during decision-making due to differences of opinion. There should be a single decision-maker for a company to keep it growing without any disturbances.
Identify Skills and Assign Roles
Not everyone can do all the work; each person would have their own unique skills. One should identify the skills in their family and assign them roles according to their skills. A wrong job for the wrong person would spoil everything.
Having a good marketing campaign helps in taking a home business to the streets of markets and far across the places. Marketing through social media, print, and electronic media helps in reaching various customers.
Technology has become an integrated part of any business. One should embrace the benefits of innovative technologies to gain profits. Use of e-commerce websites and software for day-to-day activities like accounting, inventory management, and order details.
Be Passionate and Don’t Give Up
One should be passionate enough and have a strong desire to keep 100 % of oneself in the business and be ready to correct mistakes. Problems are bound to occur at the beginning, one should keep continuing efforts without losing heart.
Discounts and Guarantees
One should make good use of offers and discounts that be provided to customers which would attract them and good reviews. Providing a guarantee on the product you deliver increases the trust factor.
It is always good to donate some of your earnings to social causes or supply your products for reduced prices to the needy. This would increase goodwill among customers. They also help popularize the company name among the public. Most governments provide tax exemptions for money spent on donations.
A Good Example of Successful Family Business
Century Hearing Aids is established with the goal to provide hearing aids that usually cost $6000–$8000 a pair for 50 to 75% less money, with the same digital technology and features. The idea of Hearing aids at lower prices is the best idea in an area where there is a high cost for products and low spending abilities of customers.
Its customers are retired citizens with low spending abilities often reluctant and unable to use digital technology. The pricing policy and customer policy of the company are in such a way that all concerns of customers are well addressed.
Jon Stoddard is the owner of the company. He is a veteran of the US Air Force and later he started his own family business with his wife as one of his partners. He is the decision-maker and policy-maker of the company.