7 Strategies To Be A Successful Female Entrepreneur
Women have long been underrepresented in business. This is mainly because of the barriers that deter them from either running a business venture or shattering the corporate glass ceiling—gender bias, being subjected to sexual harassment, and more. While there are still barriers to break, women-led businesses today continue to make strides on a global scale, narrowing the entrepreneurial gender gap over the years.
Whether you are a small enterprise owner or a CEO of a big company, your entrepreneurial story can disrupt industries. Let these business strategies prop you up as you carve your business' way to success.
1. Break the mold
Escape monotony and start marching to the beat of your own drum. Business progress is not always attained by routinely utilizing the same set of strategies. It involves taking calculated risks.
To promote your product, you can go beyond traditional and try guerilla marketing, a tactic where a business uses unusual interactions to promote something. An example is "The dressing room in the street" by Arkaden, a popular fashion mall in Sweden. The mall's creative agency moved its dressing room out and made mirrors out of ad shells with photos of fashionable outfits for customers to see their stylish looks. This exemplifies how immersive and unique marketing strategies can pique consumers' curiosity and engage them. Of course, unique strategies don’t always have to be expensive!
You can do things outside your comfort's borders. Start asking yourself, "what can I do differently today?" Take a cue from these inspiring women CEOs who took the unconventional path to success.
2. Leverage your business' USP
Your unique selling proposition (USP) is what sets you apart from your competitors. This is defined as a feature or characteristic that differentiates a product or service. Examples include highlighting how your logistics company provides the fastest shipping service and how your food brand offers a five-star experience on a budget.
You should capitalize on your USP and let it resonate with every aspect of your business. This allows you to clearly communicate your brand, establish it in your current and potential customers' minds, perk up your revenues, and have loyal customers.
3. Define your goals
A business without well-defined goals is bound to stall. Aside from concretizing your company's mission and vision, you have to set short and long-term business goals. Know your target market and identify what you intend to achieve when you market your products and services. It is vital to set goals in place to know where your business is headed, ensure its sustainability, track its progress, and see actual results.
However, setting a goal is not as simple as ABC. You have to set SMART (Specific, Measurable, Achievable, Realistic, and Timely) goals.
4. Let your greater "why" be your North Star.
The goal is not just to make your business viable by generating bigger sales. You must also ensure that it is relevant by serving your greater "why" or your purpose. And it means being socially, economically, and/or environmentally advantageous. In addition to simply meeting your stakeholders’ needs through offering your products, ask yourself, "How can my business create a better value for my employees, partners, consumers, and the community where it operates?"
You may also want to identify your advocacy and how you can start supporting it through your business. Is it championing environmental sustainability? Providing more employment opportunities? Supporting underprivileged children’s education? Identify also what impact you want to leave behind. Let your greater "why" be your compass. After all, your business is a tool that can be harnessed to impact people's lives for the better.
5. Create the culture you envision
Organizational culture is a system of shared values, personalities, and vision that guides how your employees behave and perform. It’s your company's DNA. As an entrepreneur, you have to be intentional in creating your business' culture. This motivates employees to improve their work performance, pursue good work ethics, and effectively collaborate to achieve your business goals.
Some ways to create a good work culture include hiring the right people; empowering your fellow women to step up and lead (including men, too!); recognizing and rewarding your employees' valuable contributions; providing upskilling opportunities; introducing women-friendly activities that nurture productivity; creating a warm and welcoming space for everyone regardless of their age, race, gender, or beliefs; modeling servant leadership and mentorship; encouraging open communication; promoting environmentally sustainable practices; and instilling teamwork and effective cross-collaboration. Having a company culture where everyone thrives is instrumental to your business’ success.
Studies say women are naturally good communicators, emotionally intelligent, tolerant, and more flexible. These feminine qualities can surely aid in building your ideal culture seamlessly.
6. Future-proof your business by being data-driven
Data aids in decision making. It allows you to justify your decisions. Analyzing your previous campaign results, current market needs, varying consumer behaviors, and dynamic industry trends will help you maximize your future strategies and ensure that they will work effectively. With data, you can create tailored and highly targeted content to engage your audiences and improve your revenues. Per Invespcro, businesses with data-driven strategies drive up to eight times more Return on Investment (ROI).
Check out also the must-haves for entrepreneurs like you to help keep your business flourishing.
7. Diversify your network
Instead of competing, it’s better to establish meaningful connections built on trust with companies from different industries. This allows you to expand your business horizon, grow your influence, and further reach both horizontal and vertical markets. Some ways to diversify your network include collaborating with another business for a project, attending trade shows, sponsoring an event, and writing guest blogs.
Being a woman has always been an advantage. You are capable of actualizing the powerful, profitable, and purposeful business you envision with the right drive, skills, and strategies. But remember, success is not just simply measured by upward business figures but by how your people, partners, and communities thrive together with you.