Technology has advanced from analog mechanical and electronic devices to the digital technology we have today. Digital technologies have progressed significantly, faster than any innovation in modern history. They enhance financial inclusion, connectivity, and trade access for people worldwide and present business owners with a unique opportunity to strategically position their companies for growth.
Despite the numerous benefits businesses can enjoy from digital technology, several firms are yet to maximize the innovations within their reach. As a result, they are not attaining their full growth potential. This article will show you how to position your business for consistent growth in this digitally advancing world.
1. Have the Right Team
You need to have the right people around you for your business to grow. Of course, it may be possible to grow your enterprise yourself. But doing so will likely be a painfully slow process that might not allow you to reach the top. Therefore, you need a team that will help you execute a solid business growth strategy.
Digital technology has made it possible to hire talents regardless of their geographical location and enjoy the full benefits of having an additional member on your team. For instance, hiring a virtual assistant will free you up for profitable endeavors like planning and executing your marketing strategy.
Even with the right team, you still need to figure out how to consolidate their individual efforts. So, consider acquiring professional services automation (PSA) software to help you manage your team better. Your PSA software can help you coordinate your team across different geographies and schedule them according to their skills, proficiencies, and availability. Also, with such technology, it will be much easier to implement capacity planning and utilization strategies to enhance forecasting for your business.
2. Take Advantage of ECommerce
Although eCommerce has existed for decades, several small businesses have yet to take advantage of this opportunity to sell their products to a broader customer base. In this digital age, many people prefer shopping from the comfort of their homes and having the products they order delivered to their doorsteps. Even if you have a physical store, consider launching an eCommerce website.
Contrary to what many may think, the process of starting an eCommerce website is not complex. In summary, you’ll need to decide what products you want to sell online, create an online store, and get a merchant account with a payment processor like Stripe, PayPal, or Square. You’ll also need to figure out how to promote your brand to your target market and monitor your site’s performance.
3. Expand Your Product Range
Consider expanding your product line to widen your target market and open up your customer base. You can sell multiple variants of a particular product with different price ranges, and this will help eliminate the risk of losing potential customers through pricing decisions. Also, it will extend your brand’s reach and give customers a more inclusive shopping experience.
Furthermore, having a product mix helps you target various demographics and cater to your customers’ unique needs. You’ll also be able to maximize upselling opportunities by offering high-quality products. When expanding your product range, you need to have a streamlined and efficient product management process that updates automatically.
4. Focus on Maintaining Relevance
Digital technology has helped increase the number of products and services consumers can easily access from various brands. So, to succeed in today’s business world, you need to prioritize relevance in the marketplace. Instead of concentrating on executing a business model built around products or services, you should be flexible (ready to evolve) and keep up with industry changes.
Be prepared for unpredictable changes in the economy and customer preferences that can cause your business to remain stagnant. Therefore, staying in touch with your target customers and their needs is crucial for success. You can’t go wrong with catering to your customers’ preferences. Add a personal touch to your product offerings to show your customers how much you care about their satisfaction and give them a greater feeling of ownership. If you run a restaurant, this can be as simple as preparing a meal to a customer’s liking. Such a personal touch will likely leave a positive impression on your customers and result in repeat business and profitability.
Engage your employees and get them involved in your company’s decisions. To establish an engaging company culture, consider asking your team members to submit new tips and suggestions periodically about improving your products, services, and overall reach.