In a world of big data, it’s important for businesses to stay one step ahead of the technology game (or, as close as they can get to it). From establishing e-commerce to improving employee satisfaction, today’s businesses need to adapt new technologies in order to survive. Here are four ways to reinvigorate your business model and modernize your company.
Consider Online Sales
Borders, Blockbuster, and The Bon-Ton fell out of favor with consumers because these businesses didn’t keep up with the times. Competitors like Barnes & Noble, Netflix, and Amazon went digital, offering e-readers, streaming services, and extensive online ordering capabilities. This caused many brick-and-mortar-based companies to file for bankruptcy. While in-store shopping is not yet extinct, with only 51% of American consumers preferring online shopping, e-commerce expansion is almost a business necessity. Consider how your goods or services could benefit from digitized sales, and make an effort to put an e-commerce plan into action.
Utilize Social Media
Social media usage is at an all-time high, with the average American spending over 11 hours each day on profiles such as YouTube, Instagram, and Snapchat—that’s a 9-to-5 job and then some. Huge businesses have already flocked to sites like Twitter; for example, McDonald’s Twitter account had over 3.5 million followers as of July 2019. Social media is a terrific avenue for marketing your business’ expansion into e-commerce, and since there is no cost associated with most big-name sites, it’s an affordable option for any business.
Establish a Strong Company Culture
According to a 2018 study by Mercer, prospective employees look for flexibility and dedication to health and wellness in a company. These elements fit into the idea of strong company culture, which can improve the satisfaction of employees and the success of a company. As you embark on establishing a company culture, write out your business goals and take those into account. Are you hoping to retain employees? Would a given position be a springboard for growth? Make sure your company culture is a good fit for the company before making any sudden changes.
Focus on Customer Relationships
Customers aren’t wholly focused on finding the best deal. For many, interpersonal factors are what make or break a relationship with a business or product. Delving into the world of social media is one way to connect with customers, but there are other methods of making a lasting impact. For starters, it’s important to build trust and rapport through clear communication. If the customer is utilizing your service, explain the process and answer any questions they may have in a timely fashion. Similarly, make sure you understand the extent of a customer’s needs and expectations, as to avoid unnecessary confusion or frustration. These positive relationships will lead to word-of-mouth promotion and long-lasting loyalty.