According to business experts and insiders, achieving real success is entirely dependent on external factors. Every business has hundreds of weak points and faces a wide variety of challenges almost daily. The last year with the global COVID-19 pandemic, only increased the challenges faced by any entrepreneur in any business venture.
Entrepreneur extraordinaire Eric J Dalius believes that business opportunities are brighter than ever before despite the setbacks and challenges. Most experts predict the normalization of all business processes within the first quarter of 2021. Keeping that in mind, here are the top tips for developing your business processes like a pro.
Customer ranking is a crucial feature – Eric Dalius
Only a small or a modest business venture can know the best customers by name and other personal details. However, in this modern day and age, this is next to impossible. Ideally, you need to rank your customers based on attributes, including spending power and other similar factors. Once you generate a customer list, you can plan your future endeavors better. You can use the list for future correspondence, reorders, designing better products, and sorting out account details.
Develop brand advocates
For any successful business, the most positive advocates are the customers that you have serviced. With the increase in popularity and social media usage, developing brand advocates is a significant part of a firm’s marketing efforts. Customers tend to leave reviews on Google and other social channels, which generates traction and traffic online. A very effective way to ensure positive reviews are referral incentives and discounts for repeat customers. So, make sure you are strategizing the right way.
Adopt agility as your company motto
Every business needs a strong business culture and work ethic to succeed. As stated in the previous section, the COVID-19 pandemic dominated 2020, and it taught us the need to be flexible and adaptable to any scenario, however grim. Keep in mind you need to prepare for the worst-case scenarios and ensure that your business plans consider all possible scenarios, from the stifling of cash flows to the workforce’s absence.
Employ digital media advertising tactics
Every business is dependent on the promotional and the advertisement campaigning of the products. Most entrepreneurs spend the top-dollar on securing the most air-time and fill-up the vacant spots for radio, TV, and newspaper ad campaigns. However, with the increase in social media popularity, you do not have to spend thousands of dollars promoting your service and products. These days you can run advertisement campaigns through Facebook ads, Google, and even Instagram at almost zero cost.
Diversify to serve the market better
Understanding the market is the key to serving better. Depending on the market’s nature, you might need to broaden and scale-up or narrow down to reach your ideal target demographic. You might even need to alter your operations to get rid of paper receipts and various physical processes in favor of automated systems.
These are some of the broad ideas that you can start implementing at the start of 2021 to achieve your business venture’s best. Take care!
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com