The wider economic landscape presents numerous challenges for all forms of business and industry. Currently, there are higher-than-normal levels of inflation in many developed and developing countries. This can create a situation where material and component costs are higher than before for many businesses. Eventually, these costs are passed on to the consumer in the form of higher prices, which can harm a firm’s sales revenues and profitability. In addition to the challenges of high inflation, there is the issue of increasing competition in many marketplaces. Every year, more companies are set up across all forms of industry.
Many of these companies will trade online (or focus exclusively on e-commerce channels), meaning local companies may need to compete internationally. These challenges make it increasingly difficult to enjoy sustained success in many different sectors of business. However, in 2024, it is still possible to enjoy high levels of profitability, increased market share, and improved revenue streams regardless of the industry in which your business operates. The following article outlines seven unique business strategies that can help to foster a culture of sustained success in your organization. These strategies are suitable for businesses of all sizes and across a range of different industries and business sectors.
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It is estimated that 4.95 billion people use social media channels for communication and entertainment, many of whom do so daily. This equates to approximately 61% of the global population and illustrates how popular this form of media has become worldwide. All business forms should create a social media marketing strategy to promote their company and generate increased revenue streams. A key way to achieve this is by creating short but memorable video promotions that are released on social media platforms used by your target market of consumers. Search online for professional video companies such as can be found at Hydraulicstudio.com. These firms will be able to offer a consultation with your marketing staff to fully understand the promotion you seek to make.
They will collaborate with you to produce a professional quality video that incorporates key branding requirements and a message that will resonate with your intended audience. Ideally, you will want to create a short but memorable piece of video that serves as a call to action for customers. Add your business website URL to the promotion, ideally with a link that potential customers can click on that will take them directly to the product page you are advertising. This can help to effortlessly convert an interested potential customer into a paying one.
2. Hire or cultivate exceptional leadership
One of the key facets of any successful business is that it benefits from exceptional leadership. Effective leaders can help to create a positive organizational culture where dedication and innovation thrive. Essentially, an exceptional leader will be able to demonstrate the values of the firm in their actions and words, encouraging all staff to adhere to them in their working practices. The best leaders will also act as mentors to a wide variety of other staff members, offering advice and inspiration that allows them to reach their potential in the firm. Leaders may also delegate tasks to the staff they mentor, helping them learn new skills and broaden their understanding of the company.
There are two main ways to gain exceptional leaders in your company. Firstly, you may choose to recruit them externally by advertising a senior leadership role in your company. This can be ideal if you are seeking to find the best senior talent from outside your organization. However, do not underestimate the value of cultivating in-house leadership from within your organization. Some middle-level staff in your firm may be ready to take the step up to a senior role and may be able to demonstrate that they have solid leadership skills along with in-depth knowledge of your firm and the wider industry. Recruiting leaders internally can also serve to motivate the wider workforce by demonstrating that staff can progress to senior roles within the company.
3. The power of SEO for your website
In 2024, your business must have a dedicated website, regardless of the industry in which you operate. However, only 73% of small businesses had a website in 2023. Put simply, firms without a website are missing out on e-commerce sales channels and are not taking steps to improve their brand image and visibility in the online spaces. In short, this should be a priority if your business does not yet have a website. It is important to understand that simply having a website for your business may not result in improved revenues and profitability. It is paramount that your website is visible online and ranks highly on the search result pages when potential customers search for products your business sells.
A wide range of techniques serve to facilitate high ranking on search results; collectively, these are known as search engine optimization (SEO) best practices. For example, web pages should load quickly (ideally in less than 1 second from clicking on a link or navigation button) and should be easy to navigate on a range of devices, including the smaller screens of smartphones. In addition, any content you produce for your website (e.g., blogs or articles deemed to be of interest to your target market) should be authoritative, easy to read, and well-referenced. In short, by obeying the best practices of SEO, your business website will become more visible online and you stand a greater chance of enjoying improved online sales revenues.
4. Demonstrate eco-friendly credentials
Modern consumers are increasingly concerned about the environment and are well-educated about global warming and climate change. There is a growing recognition that the planet is on the verge of a climate catastrophe, and action is needed by all forms of business to reduce CO2 emissions and safeguard the wider environment. Today, millions of consumers want to trade with companies that can demonstrate their concern for the environment and are taking active measures to operate sustainably. Recent research indicates that a third of customers now want to buy from companies that have taken steps to reduce their environmental impacts and are seen to be doing valuable work to protect it. Put simply, if your business is not operating sustainably, you will likely lose potential customers.
Companies can build eco-friendly credentials in several ways. For example, they can ensure that waste materials are recycled rather than going to landfills. Products and packaging can also be made from recycled materials to reduce the demand for producing new materials. All firms should thoroughly examine their production processes to see if they can be modified to use less power, produce less waste, or reduce harmful emissions from the production of goods. Another strategy is to support environmental charities by donating a proportion of sales profits to the organization or foundation. This can help improve your company’s public image and increase the likelihood that eco-friendly consumers will want to switch to your brand.
5. The value of data-driven decision-making
In many forms of business, long-term success can be achieved by making intelligent business plans and long-term strategies that support business growth. However, there has traditionally been a high degree of uncertainty in business decision making which can lead to failure of plans and unexpected outcomes. This is because business managers and leaders often have limited information to make high-level decisions. They relied on their knowledge of the marketplace and business acumen. While this knowledge could result in success, it may not always consider a comprehensive range of economic and business factors, which could make long-term decision-making riskier.
However, in recent years, business managers and leaders are increasingly using business intelligence platforms to aid their strategic decision-making. BI platforms, such as Microsoft Power BI, take high-volume data, often from several sources. This is then combined and subjected to advanced analytical processes, which would be difficult to undertake with even the most gifted staff members with statistics and reporting expertise. This information provides insights and statistics that can play a key role in guiding business decision-making. Using high volumes of relevant business and economic data helps to reduce uncertainty in strategic decision-making and can be a key way of gaining successful outcomes from corporate plans.
6. Excellence in customer service
Finally, one of the key components in ensuring long-term business success across all industries is to deliver excellent customer service. Customers expect their purchasing experience to be pleasurable across all consumer touchpoints (including online and in-store) and that any queries will be handled promptly and efficiently. If a customer complains, they will expect a swift resolution and one that is fair when the company has been seen to be at fault.
One way to deliver efficient customer service online is to use chatbots in customer service. They can be used to direct online customers to specific answer pages for frequently asked questions, thus saving time and providing a rapid resolution of such issues or questions. However, all businesses should continue to employ dedicated customer service and complaints staff so that complex queries and formal complaints can be resolved effectively, helping to ensure repeat custom from the individual.