While businesses can succeed in the short term by creating buzz or thinking up gimmicks, surviving over the long term requires complex strategies.
First and foremost is building a loyal customer base. No matter what your business, much of your revenue comes from repeat, long term customers with whom you have built some sort of relationship. This is why customer loyalty programs are so important for many business. The advantage to loyal customers is that they provide a steady revenue stream.
The next source of business if branding, or reputation. As you build a distinctive brand, people become increasingly aware of what you have to offer, and are attracted to your business.
Another major source of business is word of mouth. If your customers are happy with your business, they will talk about it, and that will be a source of more business. Social media strategies are a way to use technology to expand the number of people you reach by word of mouth.