We all understand that growth is essential for any business. With that said, we also know that growth isn’t easy and many organizations struggle to find growth areas that work for them.
If you’re currently struggling to grow your business or are looking for new strategies, we want to inspire you. Here are our top 5 growth areas for you to incorporate into your 2021 business plan:
- Sales & Marketing Alignment
- Customer Experience
- Digital Transformation
- Data-driven Transformation
1. Sales & Marketing Alignment
If you want to see effective results, your sales and marketing teams should not be working in silos. When you align these two areas, you enable our business to increase conversion rates, generate higher revenue, and retain more customers through streamlined sales and marketing funnel.
A collaborative sales and marketing team will not only convert more leads but also generate higher quality leads too. When a strong sales team informs the marketing team on what a ‘good quality lead’ looks like, they’re far more likely to find them.
2. Customer Experience
You may think you understand your customers but you still have to constantly ask yourself, “How well do I really know my customer?” because, as we know, people are ever-changing.
In order to retain your customers, you have to constantly put them first. You can do this by understanding what it is they enjoy about your brand, and what they don’t. Focusing on creating a memorable and positive customer experience goes beyond just making the sale. Having a follow-up journey and personalized added extras will show your customers that you value their business and will go the extra mile to keep them coming back.
Related: A quick guide to Bridging Finance
3. Digital Transformation
2020 showed us that we live in a time of a full-scale digital revolution. If it’s not online, is it really there?
The power of technology has allowed any type of business to seamlessly fit into our lives. Going digital has also made it easier for businesses to simplify and streamline their internal processes for a more efficient way of working. For example, using online tools to store your data like accounting or human resource documents can free up your time and physical space to do more.
4. Data-driven Transformation
The great thing about the digital age is that most of the data you need is readily available at your fingertips. However, the biggest factor that should inform any decisions you make within your business should be based on customer feedback.
Using data from sources such as your cancellation feedback, customer reviews, and even your customers’ behavioral patterns on your website to inform what changes you need to make to your products and services, will add greater value to the growth of your business than a decision made by one person.
Related: Gear up your business for growth
Ongoing training is essential to the growth of any business and should always be a focus area year after year. Whether it’s technical training for machinery, customer service, or sales training, any form of educational improvement will spark new life into the quality of work your team pushes out. And it will show in your profits too.
By investing in your people, you’re directly investing in your business as well.
As we go into the new year, it’s important to stay one step ahead of the game and plan for success as far as possible. Use our 5 growth areas to kickstart your 2021 business projects with a bang.