Well-planned business strategies are important for an entrepreneur to ensure success and profitability. They act as roadmaps to your business goals so long as they are effectively executed. Here are profitable business strategies.
Profitable Business Strategies for 2021
Like all strategies, you need to take into consideration the many factors that are affecting the market, the industry, and your business. For instance, in the year 2020, the COVID-19 pandemic has greatly impacted many businesses; let’s make a great difference this time around 2021. This impact has influenced changes and adjustments to business strategies.
Here is a list of 11 business strategies you can use for a successful 2021:
With the pandemic, there is a growing demand for digital marketing due to an increase in digital media consumption. Take this opportunity when your audience is at home, glued to their smartphones, to forward your business by upping your digital marketing game.
Social media marketing
Social media platforms have become an integral part of our everyday lives. We use it to communicate, be entertained, and keep ourselves updated with what’s happening globally.
Similarly, social media is gaining ground in the e-Commerce industry. Now, you can set up an online store on Facebook, buy items from Instagram shops, and get commissions from Twitter.
Invest in social media marketing for your business so you can easily tap into a wider audience. Setting up accounts is free and easy; all you need is good photo and video curation skills and creative content creation to go with it.
You can use your social media accounts for data gathering as well. Most social media platforms have free analytics tools you can use to analyse and optimise your marketing strategy.
2. Local SEO
SEO has been the foundation of digital marketing for years. It is the best way to bring exposure to your business by dominating search engines’ page ranking. Google stays as the leading search engine globally and has become an integral part of the customer journey.
During this pandemic, with mobility still restricted and social distancing still enforced, it is good to prioritise local SEO. If you have a brick-and-mortar store, you can focus on improving your SEO rankings in the local search, starting with registering with Google Business and tagging your business with your physical address.
3. Optimised Customer Online experience
Customer experience is reshaping the way we do business. Businesses do not only sell products or services. They strive to design a customer experience that sells in order to get them to keep coming back. In a nutshell, you should be an experience of sale.
Businesses in the e-commerce industry, or companies that have moved their physical stores online during the pandemic, should invest in optimising their customers’ online experience.
An easy-to-use interface, high-speed web pages, and visually pleasing design will be more inviting to customers who want to purchase your products and services. If they get annoyed at your website or the mobile app keeps crashing, they might be discouraged to push through with buying from your business.
4. Affiliate Marketing
Affiliate marketing is still one of the low-cost business strategies you can maximise. Tap into reputable websites to give a boost to your marketing efforts.
Reinforce your branding to stay on top of the minds of your customers. With so much online noise, you can set your brand apart with a strong brand strategy.
5. Inbound marketing
Inbound marketing helps establish your company brand as a thought leader in the industry. It is both a marketing and a branding strategy that strengthens your business’s reputation. Create valuable content for your customers by capitalising on your business’s existing expertise and providing valuable experiences for them.
The beauty of inbound marketing is that it provides content that your customers are most likely actively seeking. It also opens opportunities to connect with them and provide solutions to problems your target market might be experiencing.
6. Corporate social responsibility
People are more likely to buy products from a business with a heart. This is especially true among millennial consumers, who claim that part of their purchasing decision-making depends on a company’s values and ethics.
During the pandemic, hard-sell marketing will be ignored at best, or worse, criticised. However, companies who emphasise their contribution to society foster goodwill among their consumers. This has both marketing potential and a lasting effect on the business’s brand.
7. Branding visuals
Most people consume visual content. Good branding is best represented by good design. Upgrade your visual branding by revamping your website, picking a colour scheme, and designing a logo that is both unique and remarkable. To make a brand complete, ensure that you have an engaging copy as well.
With good brand visuals, there are higher chances of brand retention and recognition from your audience. Couple a good brand with a strong marketing strategy. You get an effective equation that results in more profits.
8. Brand authenticity
Customer trust in businesses is at an all-time low. Boost yours by focusing on authenticity so you can get your customers’ trust.
You can achieve this by interacting with your audience on your social media platforms and showing social proof of your common good efforts. Consumers don’t hesitate to purchase from companies whose efforts aren’t only for show. If you are preaching for loving the environment, for instance, make sure that you adapt eco-friendly materials and procedures all across your processes.
Manufacturing has been severely affected by Coronavirus this year. Supply chains are interrupted, and local prices have increased. Business owners should be prudent in devising a strategy for business production.
9. Supply chain alternatives
Imports and exports are limited, and raw materials for production are harder to obtain. Negotiate with alternative suppliers to ensure that your production continues. Of course, this might mean higher prices due to high demand and calls for a balancing act on business owners’ decision-making.
Another business factor affected by the pandemic is your workforce. Part of your business strategies for 2020 should include flexible talent management to ensure that you have enough workforce for your business processes.
When it comes to a manpower dilemma, outsourcing is one of the options that come to mind. Outsourcing is a fairly inexpensive solution for businesses looking to improve efficiency. It can be used for business continuity planning as well. It is also ideal for businesses caught in turbulent times and needs flexible scalability.
11. Remote Work
Another solution to your talent management problem is to fortify remote work arrangements by investing in technology. Have your business in a cloud server for more efficient data sharing and storage. Cloud servers also provide cyber-security benefits that are beneficial in maintaining your company’s data privacy.
Upgrade your infrastructures to support work-from-home systems better and strengthen corporate connectivity.
Lastly, there are tools for remote team communication and productivity that are inexpensive or even for free.
These business strategies can be overwhelming to implement, but you only need to start with one. As you go along, you’ll figure out the next best step to take, to ensure your efforts are not in vain, and that you come out at the end of this year not only surviving but thriving against all odds. Follow us on Instagram for more quick updates and some thoughtful mindset for the day!