3 Key Modern Business Strategies for 2020 and Beyond
As 2020 approaches, the modern business landscape is constantly changing, and altering the way that we’re forced to approach our strategies and plans. It can often feel difficult to keep up to date on the latest technology trends, but when mastered, they can really have a positive effect on a business. There are so many effective business strategies out there, one of the best has got to be ‘playing the long game’ which is utilised by the likes of Tesla who use selling their first few products at a low starting price and then generate more income as the brand name builds up over time. Tesla have previously done this during their first launch and are now known as one of the most lucrative brands in the car business.
If you want to ensure that your business is staying competitive in a dynamic, modern landscape then keep reading. Below is a list of different strategies that you might not have considered, and that you might want to think about implementing as the next decade begins. Doing so, you will see new heights of success and may even start to beat your most successful competitors in the market. Having a business strategy will give you clear goals going into the new decade and provide you with a path going forward to ensure your business becomes better than you could ever dream.
1. Offering value online
By today’s standards, if you and your company don’t have a website/portfolio of social profiles built up, then you’re doing something wrong. Looking forward, however, a new question of success lies in whether you can offer something of value to the consumer, other than just advertising your company – which is something that doesn’t retain as much attention.
Case study – For a prime example of this model, take a look at Truckcraft Bodies, a company based in Cheshire that specialise in providing bespoke, high-quality truck bodies based on shells “from a variety of leading vehicle manufacturers”. Having built a solid and trustworthy business over the last 15 years, the company already offer an aftercare service, but also utilise their website, truckcraftbodies.co.uk, in order to get across their company message and make it easier for new/returning customers to get in contact. Not only can you view the team and make enquiries directly through the site should you wish to find out more, but the usage of a blog section is something that may websites and companies are doing nowadays, and it’s worth looking into.
What steps should I take – Consider whether your business is doing enough to make it worth paying attention to, or whether you’re simply ‘keeping up appearances’ online for the sake of it. Like the above site and many others are doing, add interactive elements to your site, and consider providing additional information in the field surrounding your product/service, such as a blog or even perhaps video content. You may also want to grow your social media presence and start posting engaging content for your followers including up to date industry news and other news related to your business. Your potential customers will look at your current social media to learn more about your brand and this could be a deciding factor when choosing your business over someone else – especially your competitors
2. Modern commerce solutions
As well as using technology and new software to market your business and increase its visibility online, you might also want to utilise technology to help your business more from a productivity and efficiency perspective. This is particularly relevant for customer-facing companies and businesses. If you look at bars, restaurants and cafes nowadays, for example, many of them have elegant, sleek and portable NFC-equipped devices that make the payment process so easy that it’s even in some cases a memorable exchange for customers.
Making the in-store process as simple and efficient as it can possibly be not only makes your business attractive, standing out from others, but it’s a future-proofing step that can save you time and money in the long run. Some of these devices even pair up with tablets and smartphones, not only reducing the amount of excess kit that staff have to maintain and learn how to use, but also putting in the hands of the customer something intuitive that they’re already familiar with, and giving them additional options – such as providing feedback through built-in surveys, or sending themselves an email receipt of their transaction, which continues their journey with you as a customer outside of the premises.
Evidently, if your business doesn’t operate in this way then this might not be information that you can act on, but it’s still worth keeping an eye out for tech solutions of this nature than can simplify the day-to-day menial work and allow you to focus on what’s important.
3. Embracing a niche
In an age where there are so many different businesses and entrepreneurs coming up with ideas every day, it can be easy to feel like everything’s been done before. However, even in an oversaturated market, you can actually benefit from doubling down on what you think you can bring to the table, and how you are going to do/offer something that’s better than everyone else.
Remember – Don’t feel like you have to cover all bases in order to attract as many customers as possible – what you’ll just end up doing then is diluting the great idea that you have in order to please people that will simply go to other, bigger suppliers to get something that’s already being done better.
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