Consider These 6 Key Factors to Grow Your Business in 2020
Regardless of the industry you're in, you've likely seen how things are getting more competitive. In this fast-paced world, it's no longer enough for your business to merely survive—it has to grow. As they say, there's no way to go but up.
Indeed, growth tops the list of strategic priorities for CEOs in 2020, based on the Gartner 2019 CEO and Senior Business Executive Survey.
Is growing your business a priority this year? If so, spend time to develop a sound strategy that will steer your business to where you want it to be.
Consider these six critical trends as you create your strategy to seize exciting growth opportunities for your business in 2020.
1. Digital Transformation
While it sounds too big a term for small businesses to appreciate, digital transformation simply means using the latest technologies—like apps, IT equipment, and business software—to increase productivity, cut costs, and improve customer service.
Ultimately, going digital helps achieve strategic goals for business growth.
Digital transformation is not just for big corporations. Even solopreneurs and startups can benefit much from having a digital transformation strategy.
Here are a few examples of how to integrate digital transformation into your business strategy:
Work productivity: Using web-based and cloud-based platforms such as Trello, Slack, and/or Asana to manage projects more efficiently and promote better collaboration between members of your team
Marketing: Using online tools to automate or enhance social media management, data analytics, content management, etc.
Sales: Using customer relationship management (CRM) software for tracking and nurturing leads
E-commerce: Offering more convenient payment options such as mobile wallets that allow customers to pay for purchases using their smartphones
2. Data Security and Privacy
With data security risks lurking around, consumers have become more skeptical when it comes to sharing their personal information online. They make sure that their sensitive data—including their contact details and credit card information—will be kept secure and won't be compromised before they do business with you.
So, how can you assure your customers that they can trust you with their personal data? For the most part, having proper data management and server management systems in place can help prevent data breach and loss, as well as their costly consequences.
3. Real-time Customer Service
It's every business' goal to delight customers. But what exactly makes customers happy?
Attracting and retaining customers is no longer about running big-budget ad campaigns and giving away extravagant prizes. Actually, it doesn't take that much effort and money to satisfy customers.
People hate to wait—everyone knows that. However, it takes companies 12 hours on average to respond to customer inquiries, according to this Customer Service Benchmark report.
Can you imagine how frustrating it is to wait that long for a reply?
If you can shorten your response times, ideally to an hour, potential customers are more likely to buy from you rather than your competitor. Complaints are resolved more quickly, and people are saying good things about your brand instead of sharing negative opinions that can ruin your business reputation. In the long term, quick customer service response times help increase sales.
To provide customer support in real-time, consider using email autoresponders and live chat software. This way, you ensure that your customers are happy and satisfied with your service.
4. Personalization in Customer Experience
Personalizing the customer experience is a strategy that has spurred the growth of many businesses in recent years, and it will continue to be a trend in 2020 and beyond.
The benefits of personalization are hard to ignore. An Evergage study found that personalization programs helped marketers improve conversion rates (63%), overall customer experience (61%), and visitor engagement (57%).
Want to reap these benefits? Here are a few tactics to personalize your customers' experience:
Address your customers by their first name when sending them messages.
Know what your customers purchased from you in the past.
Suggest products or services similar to or related to their purchase history.
Offer exclusive deals to customers individually.
5. Big Data
Before the advent of technology, business decisions used to be based on gut feelings and personal opinions brainstormed in the boardroom.
But times have changed. Business executives have started to rely on data—specifically customer demographics and feedback—to gain actionable insights on buying behaviors. This enables businesses to make informed decisions on improving customer experience.
Even if you're running a small business, having a big data strategy is still crucial for growth. Take advantage of free and paid data analytics tools available online, so you can get a deeper understanding of your customers. This way, you can come up with strategies and solutions that match their interests or needs.
6. Cost Management
The Gartner study notes the rise of cost management in CEO priorities, from rank 10 in 2018 to rank 8 in 2019. Although it's a given that most businesses, if not all, implement certain cost-cutting measures, managing costs has never been easier before the internet age.
For instance, companies use automation software tools to handle repetitive tasks and increase productivity. Instead of hiring in-house web developers and designers, some businesses choose to pay freelancers to do the job remotely. Others outsource IT services to save on costs related to network, security, and server management, among other IT costs.
Thanks to the internet, you can allocate your money and other resources only on the aspects of your business with the greatest impact on your bottom line.
Keeping up with the growth trends through your business strategy will make for a more profitable 2020. And when you've come up with a solid strategy, find a technology partner you can count on to help you achieve your business goals.
PoundIT Business offers not just the products and services you need for business growth but also the IT expertise to help you save time and money on your business hardware and software procurement. Contact us today to get a quote, and we'll get back to you soon!