Last year was a rough one, and no matter the industry you’re in, you probably experienced the hardships brought on by the pandemic to some degree. Hopefully, you have been able to stay afloat and even grow in 2020, and now is the time to ensure continuous business growth in 2021 as well. Unfortunately, the COVID-19 pandemic is not going anywhere anytime soon, so it’s important to stay on your toes and keep investing back into your company to solidify your position, scale safely, and maximize the value of every customer.
There are many technologies and alternative solutions that you can implement to reduce expenses while increasing revenue, but you have to manage your investments carefully. One wrong decision might push you into a downward spiral, so you have to be smart and prudent. With that in mind, let’s take a look at some smart and a couple of alternative ways you can ensure business growth in 2021 and beyond.
Prioritize SEO over paid advertising
Search engine optimization and paid advertising go hand in hand as the crucial pillars of any digital marketing strategy. That said, if you have been focusing primarily on ranking high in the sponsored search results, then you might want to shift your focus to grow your organic reach, brand visibility, awareness, and reputation online.
Now more than ever before, online shoppers are looking for trustworthy brands and companies that consistently rank high in the search results, because they want to find authoritative businesses they can develop a relationship with. To that end, in 2021 you want to double-down on your SEO efforts in order to rank higher in the SERPs, make Google love you, and build your online reputation. This will not only deliver results over the long term, but SEO is relatively affordable compared to paid advertising and sponsored ads on social media.
Maximize customer lifetime value
In 2021, continuous business growth will come from retaining existing customers instead of trying to get new ones. Yes, you should keep pushing for customer acquisition, but the bulk of your efforts should center on maximizing the lifetime value of every customer. Because of the pandemic and the economic uncertainties around the world, people are wary of buying from brands they don’t know, but they’re happy to keep buying from the brands they have a relationship with.
With that in mind, now is the time to build up on that relationship and reach out to your past customers to get them back to your site. It’s important to customize your offers, personalize your emails and communication, and simply keep in touch with your existing customer base to ensure your brand stays a part of their everyday life. This is not only more affordable for your business, but bringing existing customers back is noticeably easier than trying to convert new ones.
Manage waste to manage expenses
One of the best alternative ways to support business growth is to actually focus on waste management. Your job is not only to bring more money into the company, but also to minimize your expenses and lower costs so that you have more capital to work with and allocate across your organization. To that end, you have to think of ways to minimize expenses – and waste can be a big financial burden.
While you can’t eliminate waste production, you can install waste management equipment that is efficient and ensures legal compliance while minimizing operational costs. With the right waste management solution and a provider that offers lifelong maintenance for your assets, you can manage your waste in a smarter way, leading to higher financial savings over the long term. What’s more, proper waste management is essential if you’re looking to capitalize on sustainability and green transformation in your business.
Host virtual events on relevant matters
Another alternative growth strategy you might not have considered before is having more facetime with your customers and the global community as a whole. Rather than overinvesting in advertising, you want to engage your online audience in meaningful conversation through virtual events, talking about relevant matters and topics that are important to your demographic.
The key, however, is not to talk about your latest offers or organize events intending to sell something, but to talk about the customers, their needs and pain points, and stand up for the same values and causes. People want their brands to stop trying to sell them things and start caring for the same things they care about, and engaging with them in this way will help you generate more leads and conversions than ever before.
Make your offers more concise and impactful
When you do have a new offer or a new set of products and services, the last thing you want is to overwhelm your audience. People are overwhelmed by the pandemic and all the stress it brought into their lives, so rest assured that they don’t have the patience to listen to your longwinded pitch. Their attention span is severely limited, and their patience is fleeting, so now’s the time to be as concise and transparent as possible.
Stay on point, show the customer what the product or service is all about, be honest, and leave them be. You will catch more leads by showing your customers a hint of your offer and making an impactful statement than bombarding them with complex storytelling. Leave the captivating narratives for your blogs, and use concise but impactful wording in your communication and sales efforts.
This year, you want to support business growth by stabilizing your position in the market, and leveraging alternative solutions. Use these tips to grow consistently throughout the year, lower your expenses, and make an impact on the industry as a whole.
Guest author, Raul Harman, is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying football and great food, you can find him on Technivorz.com