Let’s face it, business growth is essential for any company. And if you’re an entrepreneur, you are aware of the fierce competition in the business world. Also, if you aren’t growing, your competitors are, and you are losing out on new business. According to new research, one of the most prominent challenges businesses face today is finding strategies that help them grow.
Although it may seem challenging, business growth is not only a marker for company success but an integral aspect of long-term survival. Moreover, to maintain your lion’s share of the market, it’s imperative to stay relevant and ‘fight’ to dominate the IT industry. It’s no surprise that business growth is a top strategic priority in 2020, with a startling 53% of senior business executives seeking to scale up their businesses. So, how can you improve your IT business in 2020?
Know your target audience
Developing IT products or solutions that sell fast only works if you know the needs of your customers. And what better way to get this information than through research? Today’s generation lives and breathes technology, meaning that as a company, you need to understand your customer base and go where they are, mostly on digital platforms.
Digital platforms give you a marketing advantage in terms of creating brand awareness, generating leads, and driving traffic to your website. But most importantly, it helps you understand who your buyer personas are from their age, interests, place of work, residency, and so on. What’s more, through social listening, you can find out what your target audience is interested in or even directly request for feedback in real-time. Research and feedback are among the best ways to develop services or products that meet market demands.
Customer service is key
Regardless of how excellent your service or product is, if your customer service isn’t up to standard, then customer satisfaction is impossible to achieve. Today, creating a positive customer experience is about focusing on the clients that you already have. It involves making them feel special and appreciated every time they interact with your brand. Here’s what you can do:
- Respond to and resolve customer complaints fast
- Provide a personalized, real-time customer service such as live chat
- Be flexible on your cancellation policy as well as refunds
- Engage your clients with discount promotions, event invitations, free upgrades and so on every once in a while
Leverage social media platforms
Social media platforms have become a potent tool when it comes to marketing your business. With nearly half of the world’s population, it’s the natural place to expand your audience reach and brand awareness. However, you need to pinpoint the social media platforms that you are sure to find your target audience.
Take TikTok, Snapchat, or Instagram, for instance, these mobile-centric platforms have experienced a shocking growth of users since they were launched. However, these platforms are packed with millennials and Gen-Zs. Therefore, if these are your target audience, you can begin from here. Not convinced that social media is the way to go yet? Consider this: over 80% of users on Instagram alone follow at least one business, which means it’s a great platform to market your business.
The good news is, once you understand who your target audience is, it will be easy for you to determine the essential social media platforms for your business. After, you can start posting engaging content that adds value to your followers at least three times or more in a week. Don’t underestimate the power of social media marketing in your locality, as this provides you with an opportunity to establish yourself as a relevant thought leader.
Research your competition
Study and learn about your competition to figure out what it is they are doing differently to meet market demands. Go through their digital platforms, their landing pages, ad copy, and other stages of the sales funnel to know all you can about the brands you’re up against.
Consider using apps like SimilarWeb or Adbeat to get competitive intelligence and uncover your competition’s marketing strategy. From here, figure out what can possibly work for you and emulate those in the overall strategy.
Network, Network, Network
Networking allows you to form strategic partnerships with other complementary businesses while offering more insights about their target demographics. Although this is one way of landing more customers for your business, identifying these businesses may be a lot trickier. Nonetheless, it is possible. Moreover, through networking and establishing partnerships you may be able to unlock new business opportunities for business growth.
Considering we live in a world of constant ecosystem competition, to succeed, you need to be in a position to develop a strategy that can help other businesses create value. Luckily, this can be achieved through strategic partnerships as well as networking. To network effectively, attend local business workshops or seminars that are related to IT. While at these events look for companies that are complementary to your own and approach them or contact them later to propose a win-win opportunity to work together.
Modern technology and innovations are on the constant upsurge. This means that as an IT business, you have to be on top of your game and keep up with changes to satisfy market demands. To successfully scale up your business you need to see through all the fundamentals discussed above and maintain consistency in your approach.
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