With 2020 comes a new decade, and with it, a new range of challenges every successful business must overcome to increase sales and grow their customer base. How can you set your business up for success, while also setting yourself apart from your competition? Here are some tips from Dr. George Day, a marketing expert at the University of Pennsylvania.
1. Invest in talent
Leading companies put talent at the top of their list and invest time and money scouting and attracting expertise to lead transformative business initiatives. Success begets success, which is why companies like Apple and Samsung have stayed on top for so long. Everyone wants to be part of a winning formula, so it’s much easier for these high-performance companies to attract and retain the best talent in the market. On a smaller scale, however, businesses must work harder to seek out and develop the kind of talent that could exponentially enhance the company and attract new clientele.
2. Look outside your own walls
The most successful companies look beyond their own office for new ideas, turning to customers, field data and industry experts for the insights they need to take their business to the next level. Top businesses invest heavily in perfecting the customer experience journey, analysis, and research to continually adjust, adapt, and reshape their business. Collect the customer data you already have and analyse it to make strategic business decisions. If you don’t yet have the data you need, start collecting! Targeted social media campaigns, competitions, and newsletters are great places to start.
3. Take risks
You can’t get ahead without taking a few calculated risks. Research suggests that many companies are following the lead of start-ups and venture capitalists, encouraging risk-taking in their businesses through rapid prototyping and implementation of lean start-up methodologies. Companies like General Electric in the US encourage employees to think up concepts and develop standout ideas. It’s a catalyst to encourage creativity, freethinking and innovation, develop talent and enhance employee engagement.
Automate as many tasks as you can to improve productivity, opening time and space to focus on taking your business to new places. Tools like MailChimp (automated newsletters), Buffer, Hootsuite (scheduling social media posts), Xero, or Quickbooks (expense tracking) can make processes cheaper, and more efficient. Marketing lies at the core of every successful business, and the marketing automation space is full of new tools.
Platforms like HubSpot can manage your leads and build campaigns in a few simple steps, triggering when they are sent at every step of the customer journey from the first point of contact. It also tracks activity from first visit to latest purchase and captures and calculates user metrics so you can refine and adjust based on what works most successfully.
Give your business a competitive edge
Kick off the decade with a membership in Australia's largest supportive business network. Bartercard helps businesses move inventory and attract new customers with a helpful online marketplace. Start your decade with a bang. Contact Bartercard today to learn more!