The last 11 months have witnessed a lot of highs and downs in terms of revenue generation for businesses around the world. As we are approaching 2016, efforts should be geared towards the doing a thorough analysis of the lagging business product/service and of possible the entire business model to address the revenue fluctuation of 2015. Expansion drive should also be kicked in to broaden the business offering and diversify the risks. Here are 3 key strategies for expanding your business in 2016.
Adopt digitalization to survive
Information and Communication Technologies will continue to be the key driver of businesses in 2016. From developed to developing countries, customers are no longer staying and buying what they need in physical environment alone, but in an environment which affords them the opportunity of interacting digitally. It’s difficult to do business now without digitization of products and services and the information around them. Thus, the growth of your business, especially generating new lead and converting them needs strategic focus on automation of the process that will help in delivering what you promised. Otto, Macy’s, H&M, Ford, Audi and BMW have digitized their production and marketing processes. According to a recent study, these companies have achieved above-average customer intimacy. Another study has also revealed that enterprises with a high degree of digital maturity generate more revenues than average, are significantly more profitable and have a higher market valuation.
Creating more values
In 2016, customers will continue to seek maximum benefits from a naira spent on a product or service. Before a naira is expended on any brand, customers assess values at the point of purchase and after the purchase. Therefore, values need to be delivered at various levels. That’s why every staff should perform his or her duties uniquely and professionally to deliver undeniable and unique values to the appropriate clients. Providing high-quality customer experience is another way of creating more values. Customers want companies that will prioritize them in terms of friendly service offerings, especially from your ‘out-goers’ employees. They want to see you as their trusted friend at all times. For instance, McDonald Corp wants to separate itself from other competitors by offering ‘McPick’, a limited time deal that lets customers select two of McDouble, McChicken, small fries, and mozzarella sticks for $2 in the US rather than a price reduction, which is a norm among companies within its sector.
Starting a side business or product
Establishing a side business or creating a network of products will be useful in generating new streams of income and additional means of differentiating yourself from the competitors. This is also essential as businesses around the world experiencing a financial crisis. Business growth experts believe that this strategy helps in beefing up cash reserves for the future, most importantly when there is a need to scale up the business. The product or service diversification is a veritable strategy tool for businesses especially during revenue declining stage. Individuals also use this strategy of establishing an alternative source of income during the economic downturn.
Enterprations offers 1. Companies of all sizes business growth strategies which bring high returns on investment within a short period. 2. Highly skilled professionals, platform to bring their idea to life.