Considering the extraordinary tempo at which the modern digital
market is evolving, a business can either stay stagnant and fail, or find a way
to keep up (if not take the lead) and stay ahead of the game. The very same
development of the digital world has enabled people to become entrepreneurs
virtually overnight, while personal and professional brands pop up practically
at the speed of light, claiming their slice of the digital pie. To succeed in
such a fast-paced realm, one that changes so quickly, you need a strategy to
match your digital needs.
From the usage of social media in the purpose of your business,
all the way to how you make the most of your email campaigns and your physical
presence to build your online reputation, every digital market comes with its
own unique quirks and challenges. However, certain steps are considered
fundamental in the chase of your digital dreams, so make sure to include the
following essential five into your growth strategy so as to join the leading
ranks of your digital market.
Listen to what your customers say
Too many modern brands use their digital outlets to spam and overwhelm their
audience with too many ads, albeit well-tailored ones, content that celebrates
their brand, and other formats that have zero value for the end-user. First, implement a feedback strategy to generate
reviews from your customers. However, your journey only starts there, as you
need to listen to what they have to say and actually implement what they
suggest for your brand – at least to the best of your ability and as long as
those changes are in line with your brand identity.
The last step of the process should be actually notifying your
customers about the changes you’ve made based on their suggestions. They’ll be
even more inclined to give you constructive ideas on boosting your business,
and they’ll love feeling appreciated and heard for their contribution.
Attract top talent for your business
People are the backbone and the lifeblood of your business. It
all starts with the group of people you call employees, the ones that help you
build your brand from the ground up, the ones who communicate your brand’s
values to your customers, and the ones who ultimately allow it to grow through
their own skills and hard work. The bottom line is, you cannot afford poor
hiring choices when your key goal is to grow your business since the main
ingredient needed for successful growth to occur are your people.
for growth in any direction. Have you ensured proper training for your
employees? What about cross-departmental education to help each employee
understand every branch of your brand? They also need regular recognition and
rewards so that they know you appreciate their contribution. Giving each team
member a branded universal gift card so that they can
treat themselves is an excellent way to express your gratitude and inspire
loyalty. Only with a group of happy, loyal employees can you hope to build
loyalty in your customers.
Focus on customer loyalty
With so many digital competitors out there, it’s no wonder your
customers have a hard time finding your brand, let alone staying true to your
offers when there’s so much to choose from. Now that you have happy, loyal
employees working along your side, you can actually develop a strategy for
inspiring loyalty in your customers, too.
ads on social media, setting up contests on social
networks, and sending email notifications when their favorites are on sale.
However, as with every industry, you need to go the extra mile and find unique
ways to appeal to your customer base, since only you can pinpoint their
preferences and use them to create tactics that will inspire greater long-term
loyalty.
Ensure strategic funding
Business growth can come in many shapes and forms. But no
matter how you define your growth goals, they all have that one common
denominator that will ultimately determine how successfully you accomplish
those growth goals: money. Whether you’re looking to boost brand awareness
through social media and marketing campaigns, expand your services or product
selection, partner up with another business, or expand into a new market – it
all takes funding.
action, you need to find the right source of funds for your efforts. Although a portion of
your budget will come from your revenue, you need to add supplement sources
such as bank loans, partnerships, angel investors, or alternative loan
institutions with a reputable track record.
Master the art of effective operations management
Finally, all of the aforementioned factors cannot work in
perfect harmony if there’s this final piece of the puzzle missing – your
effective management. Some of the simplest processes within a business can make
or break your growth potential, hence the need to look towards the ways you can
better your existing processes before you start investing in growth.
Can you improve your shipping or delivery service? What about
your customer service and support? Can you visit more networking events and
expand your client base? Or improve your PR strategies to gain more exposure in
the media? All in all, it takes creativity and a very detail-oriented mind to
spot potential gaps in your current operations in order to make room for
seamless, streamlined growth.
The digital market is a fiercely
competitive one, and as such, it forces companies to rethink their models and
to change as the digital tides change in order to thrive. Use these tips to
propel your brand towards digital success and grow your business effectively.
Author Bio:
psychologist, based in Brisbane. Passionate about marketing, social networks,
and business in general. In his spare time, he writes a lot about new business
strategies and digital marketing for Bizzmark blog.