Keeping Your Business Relevant in the Virtual World
The world of business is a constantly revolving sector that has time and again separated the innovative minds from the lacklustre ones, the ideological thinkers from the impersonators. No one could have foreseen the global pandemic that was COVID-19. It shook the core of every business and forced each one to re-evaluate their positions and come face to face with the weaknesses and vulnerabilities.
This became a game changer and it was no longer business as usual, but survival of the fittest. While some businesses crumbled under the pressures of the economic woes, others fortified their walls and dug their heels in, determined to stand their ground. Many were forced to launch and sell their goods and services on virtual platforms. But what are the factors that separated those who have been victorious thus far and those who have folded and closed their doors? What gave the winning edge to these virtual companies and provided them with the leverage needed to bolster their success? Below are five certifiable key factors that can keep your business relevant in the virtual world.
Social Media
Social media has taken the world by storm in recent years and, for business owners, has been akin to tapping into a gold mine. The possibilities are limitless. A company is able to expand their market reach in the local and international marketplace at comparatively little expense, and it allows seamless interactivity and engagement with the current and potential client base. Social media can be used as a tool to increase brand awareness, network and advertise the business with a view to increasing revenue. After some research, Hootsuite found that 44.8% of people used social media to research products in 2020, and Smart insights found that 90% of social media users have already connected with a brand or business through their chosen platform.
Product Diversity
What distinguishes your company from others in the field? Yes, being purposeful about client engagement and holding the business to a high standard of integrity and excellence are great qualities. However, a business with a strong virtual presence and platform which has a wide range of product offerings with persuasive advertisements is more likely to see an increase in sales. A company will stand a better chance of success in the marketplace if it offers a wide range of products for clients to choose from.
Market Research
Every business sector shares one common factor: the market is constantly evolving. Customers’ needs change, prices always fluctuate, and the competition never sleeps. Market research is an organizational tool and a vital part of ensuring the success of a business. It highlights who your customers are and where they can be found, how customers perceive your brand and how to strengthen engagement with the targeted demographic, as well as it pinpoints potential threats and weaknesses in both your company and the competition. All these findings will support business owners and facilitate strategic planning that outlines clear direction and provides measurable goals.
What’s Trending?
Business trends in different industries can be difficult to keep up with and, truth be told, many of them do not necessarily constitute innovation. Many trends are, however, worth adopting. For example, it is a widely demonstrated fact that digital marketing has become an integral part of modern consumerism, it is also a fact that there is a notably high use of social media marketing in recent years. Innovative collaboration is an ongoing trend as well, where businesses join forces with other prominent institutions and even public figures to spotlight their business by capitalizing on another’s already established customer base. According to HubSpot, companies that blog receive 97% more links to their website, and automated emails can boost revenue by as much as 320%. Many of these trends have already taken many businesses to the next level and yours could be next.
Get Creative
Do you remember when you were just starting out your new business, when your creative juices were flowing and clever ideas would surface when you were simply grocery shopping, having lunch, or watching your favourite television series? You would jot down new ideas everywhere so you wouldn’t forget them, whether scribbled on a napkin, typed in your phone’s reminders, or written on a sticky note. Let innovation and creativity fuel your vision to increase your company’s development and exposure. Avoid getting comfortable. After doing thorough research, dive in and take calculated risks while expanding your market reach.
