There’s no doubt that 2020 was a challenge for most businesses. With the new year now in full swing, business owners should be looking to build and grow in 2021.
If you’re on a mission to take your business to the top, here are some tips to help you gain a competitive edge.
Product development and diversification
Many companies saw sales slump in 2020, but there has been enormous growth in some sectors, with changing consumer trends triggering a surge in sales of products, including active and loungewear, home gym and workout equipment, entertainment and technological gadgets and cleaning and sanitation products.
As a business owner, it’s advantageous to look for opportunities and to try and tap into emerging trends. Working from home, for example, is set to be part and parcel of modern-day life for years to come following the mass exodus from offices and workplaces in March 2020.
If you can diversify your product range and create new designs based on items that are in demand and changes in lifestyles and consumer habits, you could experience a substantial increase in sales. Use market research and data analysis to identify openings and conjure up ideas and work with companies that offer reliable additive manufacturing and 3D printing services.
Look at what people are buying and how they are shopping and work on products that are going to become more sought-after in the months and years to come.
Revamping your marketing strategy
If your sales have slumped, customers are deleting emails without reading them or you’re not getting enough traffic on your website, it’s time to rethink your marketing strategy.
Define your ideal buyer and create campaigns that target audiences that are likely to have an interest in your products. Use email, social media and website features like live chat to engage with your customers, provide information about promotions, deals and new products and make use of analytics and customer feedback.
Monitor every part of the funnel and see where you are losing leads. Try to address any weaknesses or gaps as swiftly as possible and use testing to see which strategies or design elements are most attractive to your target customer.
It can be tempting to slash prices and run a huge sale if you’re desperate to boost sales and revive your business, but consumers are not always looking for the lowest price.
Most shoppers search for value. You can make your business more appealing than rivals by offering better value for money. You might charge the same prices as a competitor but offer free delivery, a promotional product with every purchase over a certain amount or better quality ingredients or materials, for example.
Keep a close eye on what your competitors are offering and talk to your customers so that you know what they want and what would persuade them to buy from one brand over another.
2020 was a difficult year for many business owners. If you’re looking to rebuild, recover and grow in 2021, take these tips on board.