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Top 5 New Business Development Strategies You Need for Your Business

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It’s no secret that the Covid-19 pandemic threw many industries into disarray, affecting both small and big businesses alike, with many unable to survive.

In 2022, it’s more important than ever for businesses to step up and take on new business growth strategies to stay afloat, increase momentum and stay at the forefront of their industry.

Whether you want to expand your partnerships, grow your customer base, or simply find new clients, you can increase your chances of real success with the following strategies.

1. OMNI-CHANNEL SALES STRATEGY

The latest catchphrase in strategic marketing is ‘omni-channel sales strategy’. What is ‘omni-channel sales strategy’? Marketing channels were limited to a few primary media; TV, print, radio, and word-of-mouth. Businesses identified the channels that worked best for them and then tailored their advertising to suit the media. It was a simple process: customers saw (or heard) an ad and then went to the store to purchase goods.

With the digitisation of our world over the last twenty years, the number of available marketing channels has exploded, as has the number of ways a customer can purchase your product. Omni-channel sales strategies allow customers to engage with your business across multiple platforms seamlessly, enjoying a cohesive and consistent brand experience. For example, a customer might start by seeing your FaceBook ad, move to your website for further information, then watch a YouTube video before either coming to your physical store or buying online. While branding is consistent across all stages of the process, the targeting and messaging can be tweaked to suit the demographics of the specific channel user.

Omni-channel sales strategy is a lead nurturing and user engagement approach which combines: marketing, selling, and serving customers or prospects across all available channels and devices to provide a targeted, relevant experience.

Regardless of which channel or device your customer uses to engage with your business, the end goal is always to provide an efficient and cohesive customer experience that your customer is seeking.

Creating an omni-channel strategy is especially critical in retail and ultimately determines your overall sales.

Omnichannel advantages include:

  • Greater reach

When you implement an omni-channel retail, marketing, or service strategy, you can reach your customers wherever they may be rather than waiting for them to (hopefully) find you.

Irrespective of your location or time differences, your customer service team or products are just a click, email, or direct message away.

  • Increased profits

When your customers are ready to buy, it will be much easier to purchase if your products and services are easily located across multiple platforms and channels. Omni-channel retail seeks to simplify; easy repurchasing, subscription renewal and securing regular sales.

  • Increased customer satisfaction

Your customers will appreciate engaging with your customer service team or purchasing platform, regardless of the device or channel they are using. This creates strong customer satisfaction, which will further cement trust and long-term loyalty.

If interacting with your business becomes difficult or confusing, you risk losing your customers to a competitor who is more prepared and primed with their omnichannel strategy.

2. CREATE A STRONG E-COMMERCE PRESENCE

Incorporating an e-commerce strategy is an excellent way to provide heightened brand awareness, visibility, and customer loyalty. For many companies, the shift to digital hasn’t been easy, with many being reluctant to embrace digital marketing practices.

Fortunately, it’s now easier than ever to increase your business’s digital footprint, whether through a website, email marketing or social media campaign.

Successful business owners create a unique offering in today’s competitive market and benefit from establishing a strong e-commerce presence as more and more customers choose to research and shop online.

3. STRATEGIC HIRING

With increased competition for top talent, hiring strategically and retaining great staff has never been more important, especially for smaller companies that may not offer the same perks that big businesses can.

Seek candidates who align with your company values, and be sure to promote all the potential growth opportunities which you offer. Outsourcing key tasks and responsibilities in areas where you or your current team may fall short is essential in establishing stronger business foundations and improving the business overall.

Importantly, be proactive when hiring for growth instead of waiting until after the fact to ensure you’re primed for reaching maximum success.

4. PARTNER SYNERGY

With the influx of digital advertising and similar promotional approaches amongst businesses, you will also need to look at other ways of growing your business.

Partnering with synergistic companies can be one such effective strategy. Working together with businesses in complementary markets can create multiple opportunities to expand your client base with minimal expense.

Whether through cross-promotions, database advantages, or thought leader contributions to newsletters and blogs, combining resources is one of the most effective ways to grow your customer base.

5. CREATE A POSITIVE COMPANY CULTURE

Prioritising company culture in the evolving work landscape is fundamental to staying relevant and successful.

Provide your employees with opportunities to learn and grow within your company, as everyone’s general health and happiness affect what your company can accomplish.

A stimulating workplace atmosphere with strong company morale will make employees genuinely look forward to coming to work every day, which improves the quality of their contributions dramatically. A workplace that people are excited about is just as important as earning revenue.

Offer your staff opportunities to feel good about their work and contribution to the greater good. By 2025, Millennials will account for 75% of the Australian workforce. Millennials are actively seeking activities and work that gives their lives purpose. Creating a positive company culture will keep your staff engaged and happy and permeate your entire business. Happy, involved staff will not only speak highly of your business, but they will also feel part of your growth strategy and deliver a superior customer service experience.

Implementing one or more of these development strategies tailored to your unique business and target market should be a priority. Creating a solid strategy, together with an associated plan of action, will propel you and your company to heightened levels of growth and profitability for years to come.  

If you want to learn more about the right business development strategy for your business or how to prepare your plan of action, contact Numble today, and we can help you get started.