2020 made clear how precarious a business’s situation can be if it isn’t prepared for tough times. While you can’t plan for every eventuality, there are some things you can do to improve your resiliency. One of the things you can do is to build resilience into your business model. Here are a few tips on how you can make that happen.
Develop a Better Marketing Strategy
Most businesses rely on their marketing to bring in new customers and remind prior customers that they’re still there. If your marketing strategy isn’t good enough though, you’re not going to be effective at attracting new customers and will likely struggle to retain old ones. Take the time to evaluate your marketing strategy. Run a SWOT analysis to identify areas that could be improved and then come up with strategies to make those improvements.
Attract Younger Customers
Don’t make the mistake of thinking your work is done once you’ve attracted a loyal customer base. Aging is one of the facts of life, and ultimately a business that fails to focus some of its efforts on attracting younger customers will see its existing customers grow old and move on. You’ll need to adapt your marketing and operations to attract younger customers. For example, mobile payments are popular among younger customers, and 80% of customers prefer them. Cash, by comparison, is far less commonly used to pay for goods and services. If you want to cater to the younger, upcoming demographic, you’ll likely find that transitioning to mobile payments is better for your business.
Make It Scalable
Scalability in business is highly valuable. Of course, the hope is that you can scale your business up. During difficult times, however, you may find yourself needing to scale your business to survive. To make sure your business can successfully scale up, use key performance indicators to measure the success of your business and identify areas that may need improvement. KPIs can alert you to problems in different areas of your business before they get too big, but only if you’re measuring them and paying attention to the data.
Building a resilient business model can make a huge difference in your business’s ability to survive long-term. You can do this by developing a better marketing strategy, attracting younger customers, and making sure your business model is scalable. This will help you put your business in a better position to find long-term success and navigate difficult times when they arise.
A successful business requires solid branding. Contact us so we can help you to develop yours!