Each year seems to arrive earlier than the last, and in a world steeped in new and rapidly evolving technology—smarter AI, leaner management systems, more flexible mobile solutions, and more—we’ve adjusted to the reality that nothing stays the same for very long.
In the business world, we can’t survive if we can’t adapt to the changing times. To keep pace, check out Bartercard’s top three new year’s resolutions to consider for your business.
1. Extend your outreach to millennials
Millennials are driving the changes and trends we see all around us. If you haven’t yet tailored your marketing efforts to this tech-savvy and engaged generation of consumers, you’re missing out on a big—and growing—slice of the market.
Generally, we consider millennials more connected, discerning, selective, and empowered consumers than other generations. Their habits are a product of their lifelong relationship to technology. As the first generation whose upbringing has been totally immersed in digital channels, they are connecting with brands in new ways, looking for great products, competitive costs, and brand values that align with their own.
To really keep up, companies need to tailor their marketing strategies to millennials, who adopt new technologies faster and with greater proficiency, and care about the major issues facing the world, including the environment, economic equality, and ethical business practices. Find out what topics lie closest to your target audience and align your business values with these goals. Engage your target audience on their platforms of choice with relevant conversations that link your brand identity to these values. In return, millennials can provide a powerful free marketing tool, sharing your social media content far and wide across multiple channels, helping you increase sales.
2. Determine what your brand stands for
Staying true to your brand and establishing a clear vision of what you stand for will not only stand out from the crowd, it will help your customers identify with you. Every company evolves. The challenge is staying true to what your brand stands for while adapting to a changing environment. Preserving your core values and maintaining a clear message will build a stronger bond with your customers. A sturdy association with positive values will help you distinguish yourself in a cluttered market.
Anyone who tells you that branding is nothing more than packaging, a catchy jingle, or some superficial effort to elicit a response, should question their own approach. Brand identity needs to be internalised and ingrained in every layer of the business in order to appear genuine. The sincerest brands have the power to shape conversations, shift paradigms, and fundamentally alter consumer behaviour—all very powerful stuff!
3. Consider the outcomes of digital, rather than just digitising
Over the past decade, we’ve seen a shift in the digital age, but because the topic has been so widely discussed, people are growing weary and tuning out. This makes it difficult to stay up to date with the latest news. Business owners need to go a step further than just reading up on digital breakthroughs. They need to consider how these outcomes are going to shape not just their own business, but the market as a whole.
As an example, the explosion of QR codes a few years ago failed to break into the mainstream market because they couldn’t provide a compelling solution for consumers. Today, however, QR codes have found their footing with more practical applications—such as mobile wallets—which are revolutionising payment systems and allowing consumers to make purchases with ease. Will this lead to a decline in paper money and coins? Who carries money in their wallet anymore? As we start a new decade, it’s important to watch these trends closely, carefully considering the experience your customers are responding to.
Make 2020 a year to remember for your business
Being in business isn’t for the faint-hearted. Even the most successful entrepreneurs have off days. It’s inevitable that things won’t always turn out the way you planned, and while you can’t always control the outcomes, you can control the way you react to them. With that in mind, remember to roll with the punches and celebrate the wins along the way.
Rather than focusing only on outcomes, set some resolutions that will remind you to make better decisions for your business every day. As your business grows, don’t forget to contact Bartercard to learn how we can expand your business network and move excess stock.