Growth is a sign that a company is succeeding in business. It is also the key to the firm’s long-term survival. If you are growing, you are doing something right as a business, such as helping investors get information about OTCMKTS and other areas of the stock market. Companies should focus on ensuring they have a competitive edge and stay relevant as they grow.
Below are growth strategies that companies can utilize in 2021 and beyond:
1. Privacy and Security
Data privacy, security, and accountability are among the demands of modern buyers who are digitally connected. Unfortunately, not all companies are in a position to meet all these demands.
The news is being graced occasionally by issues such as high-profile data breaches. It is advisable to ensure that clients can trust you with their personal information such as name, contact information, phone number, email, among other details.
If your business is set to grow further, ensure that the clients’ personal information is secure.
You can improve privacy and security in the following ways:
- Getting rid of any personal information that you don’t need.
- Switching the website to an HTTPS certificate.
- Complying with GDPR and hiring a data protection officer.
2. Aligning Sales and Marketing
If the sales and marketing team is working from a silo, your business’s growth will be affected. Learn more about how to enhance the growth of your business.
After ensuring you have aligned your sales and marketing teams, the revenue being generated by your company will grow significantly. The client retention rate will also improve.
The sales teams usually need marketing leads, and the volume may be high, which means the sales team may have a poor conversion rate. By combining the marketing and sales department, such an issue will be solved.
3. Client Experience
For companies that offer software as a service, a large percentage of the revenue comes from the subscriptions resulting from upsells and renewals from existing clients.
As for B2B sales, the main focus is not on a big budget currently. To attract new clients, mass marketing campaigns should be put in place. However, the main focus should be on existing clients. Businesses should ensure the existing clients have a positive client experience each time they purchase certain goods and services.
The following tips can help to improve the customer experience:
- Being flexible on cancellation policies and refunds.
- Ensuring client complaints are resolved quickly.
- Delivering relevant and personalized marketing campaigns.
- Providing customer service in real-time.
- Surprising clients with free upgrades and event invitations.
4. Real-Time Client Service
Imagine an instance whereby you’re supposed to sign up for a certain subscription service, but you have a question that needs to be answered. You send an email to the sales team. The main issue is that the sales team takes time to respond, which means you’ll have lost the need for such a tool, or you can even sign up with one of their competitors.
Such scenarios are common, and they may be happening to your business currently. The average customer response time is normally at least 12 hours. However, some firms take more than a week to respond to the questions posed by the clients.
Most of the clients expect a business to respond in at least an hour. Clients appreciate the real-time support offered by businesses. The best option is to ensure there’s a live chat in place.
The live chats will respond to the queries by the clients in real-time. When used appropriately, the chat response time will be immediate, and the sales will increase. The customer satisfaction rate will also improve.
Fortunately, there are numerous tools available in the market, which means businesses will respond faster without losing prospective clients.
During the past decade, personalization has become a major issue. There are also rumors that platforms such as Google and Facebook are spying on users to predict different individuals’ online behavior.
It may seem creepy; however, personalization can help a business attract new clients while also retaining the existing clients when it is done in the right manner. Personalization ensures you’ll offer the consumers what they want.
Many buyers are willing to pay a considerable sum of money for personalization, which explains why such a growth trend has been in the limelight this year.
The business world is quite competitive, and to survive, you should grow. We have looked into different strategies your business can utilize in 2021 and beyond.