In the United States, there are more than 30 million businesses. With the high volume of small businesses and the wave of businesses that exist online, establishing a competitive edge is critical. The dynamics of conducting business in an ever-changing marketplace can be somewhat confusing for those used to the traditional ways of doing business. This guide will give you tips to help your business compete in 2020.
Build Strong Customer Relations
How well are you interacting with your customers or clients? Customer Relationship Management (CRM) software platforms are designed to make the connection between your clientele and your organization.
When a customer patronizes your company, how do you get them to return after the initial sale? This is where the power of CRM software comes into play. SaaS CRM platforms collect vital demographic and personal data on your customers. This data includes name, address, email address, age, gender, purchase history, and more. This data is used by the software to retarget past customers with promotions and special offers.
Present Special Offers and Promotions
Companies that do not understand the fine art of structuring a strong promotion and special offer will always be a step behind their competition. A special offer and promotion may involve a 15%-25% discount on popular items. Limited-time offers create a sense of urgency in your customers. Those that are anxious to participate in the promotion will return to make purchases within the specified time.
Demand generation marketing refers to anything that is used to spark interest and generate a demand for your products or services. This is the primary focus of special offers and promotions. There should be at least one major promotion every season. Monthly specials are also guaranteed to generate a consistent demand.
Conquer Social Media Marketing
If there is any benefit that your company can gain from social media marketing, 2020 is the year that you need to set your social media strategy into motion. If your competition is using social media in any capacity, it must be a priority of your organization to also take advantage of these hugely popular platforms.
Companies that find out how to be social while offering outstanding promotions make the most significant impact on social media. Many companies benefit more from purchasing ads on social media sites rather than looking to build profiles with hordes of followers. Have your marketing department research the best social media marketing options in your industry.
Price Competitively
Understand the power of having the best price. There are businesses that choose to charge more than their competitors in efforts for a variety of reasons, none of which are worth driving away customers. If you feel that charging more will make you seem like you have a higher level of quality, yet you are not outperforming your competition, you should reconsider that strategy. Charging just a little less than your competitor is enough to increase your market share.
Automate Basic Functions
Business process automation (BPA) is a trend that involves the use of technology to perform recurring tasks rather than executing them manually. BPA automates daily tasks and increases efficiency. There is a wide array of functions that can be automated with BPA.
Functions that can be automated include talent recruitment, research, IT processes, document management, dangerous or risky processes, monotonous and repetitive tasks, and clerical functions. Depending on the type of operation you are operating, the automated tasks you choose to incorporate can differ wildly from other business types.
Focus on Increased Customer Service
Exceptional customer service will never go out of style. In an era that seems to have forgotten how important it is to treat customers like family, it is crucial to create a culture of good customer service within your company. Customers tend to frequent establishments where they are treated with appreciation and respect.
Customers want to be listened to and catered to. Studies show that customers are even willing to pay more for exceptional customer service. A smiling and attentive representative is welcoming to customers. Patience and understanding go a long way. Make customer service training an integral part of your operation.
Conclusion
The year 2020 holds a ton of promise for businesses that are willing to be creative and incorporate technology trends and traditional, time-honored practices. Gain the competitive advantage by leading the way to making the necessary changes in your industry. Use the tips and resources included in this guide to gain an edge over the competition in your sector.
