The COVID-19 pandemic this year has posed a tremendous challenge to businesses across the world. For start-ups especially, the quest for survival has been more daunting than ever. According to statistics, 1 out of 3 UK businesses closed down due to the pandemic while others that continued operations reported a substantial decrease in sales. Although 2021 may come with promising prospects, it will not by any means be smooth sailing as competition will get more challenging than ever. Are you looking to grow your business in 2021? Here are a few tips.
1. Get financial support
In the current economic conditions, you will need a smart approach to financing your business. This requires a clear plan and strategy to outline the techniques the company will employ and what it intends to achieve. You should set up your strategy and objectives to attract and persuade investors about your business’ potential to survive and grow. Your initial capital will vary based on the type of your business, yet never shelve the prospect of securing external funding on the assumption that your business is too small.
Diversification is an extraordinary technique to adjust your business and stay relevant while standing apart from the competition. As simple as it may sound, this process demands careful thought and consideration. In diversifying your business, it is vital to seek customer feedback to discover products and services that will interest them the most. Diversification can be achieved through various mediums such as social media polling, email surveys and feedback via your business website. Responding to your customer needs in this manner is more effective than blindly diving into a new market.
3. Establish customer and brand loyalty
You may have defined your target before starting your business, however it is still necessary to know your target market even if your business is off the ground. With a clear understanding of your target market, you can streamline your products and services to appeal to them. Studies show that boosting your brand loyalty by 7% can lead to up to 85% increase in lifetime profits per customer. Invest your marketing resources to building efficient customer connections and brand loyalty.
Several branding and marketing experts have emphasized the importance of brand loyalty. However, is every branding effort effective? During a survey, 86% of consumers said that authenticity is essential when deciding on a brand. Yet 57% of customers believe that barely half of the brands create authentic content. Suppose you are into crypto currency trading or ecommerce, you need to be precise with your brand identity, sales follow-ups and communication across all marketing platforms. Every aspect of your brand must coordinate with your marketing efforts and resonate as authentic to ensure business growth.
While these approaches are vital to growing your business in the coming year, you should explore other strategies worth considering to open your business to new opportunities. Hopefully, the above tips will give you the start you need.