If your business has managed to survive the whole of 2018, then that means that there’s hope for a brighter 2019! You may be currently evaluating your performance from the beginning of the year so that you can put plans in place to continue growing your business next year. In order to move forward, you often need first to look back and learn from any major mistakes that you’ve made. You then know moving forward what you should avoid if you want to see exponential growth. Having said that, you will find four things your business should avoid in the coming year below.
Not Capitalizing on Social Media
Although not everyone is a big social media user, it can be argued that every business should be. It doesn’t mean that you have to be ubiquitous across all platforms, but you should be where your audience is. Social media can help you build a better relationship with existing customers as well as win their loyalty. It is also a given that it likewise exposes your brand to potential new customers.
If you don’t have an active social media account or struggle with regular posting, get a social media manager to help create and disseminate your content. Some benefits of social media for your business that should motivate you include being able to market on a shoestring budget, getting better insights to improve your business, and it being a more accessible platform to perform your customer service duties on.
Not Embracing New Technology
Technology is becoming something that businesses cannot escape, so instead of running away from it, you should embrace it. Assess each department in your business and see how each is performing as well as areas that need improvement. One of the solutions to the weaker areas may be introducing relevant technology that can help make it run more efficiently.
For instance, blockchain technologies and smart contracts could be used to streamline operations if you were in the investment sector. In the same respect, as a modern-day business, you could accept bitcoin payments on your e-commerce platforms. If this sounds like technology you’d be interested in integrating into your business, you should consult an ICO lawyer for better insight and advice.
Ineffective Branding
In this day and age of media overload, branding has become increasingly important. The reality is, if you want to get noticed by your audience, you have to give them a good reason to stop and listen. There are so many brands that are competing for your audience’s attention, so what’s most likely to get it is a strong brand and story. Your presence should be felt by the value that you add to their daily lives. When branding your business, try and create a consistent voice and ensure it permeates throughout all of your content and messaging. Remember to keep the conversation going and be as consistent as possible.
Not Investing in Market Research
Market research is crucial for your business, and it’s an ongoing affair. Try and avoid getting slack as your customers’ needs are ever-changing and you want to stay one step ahead of them. Invest in not only gathering research but also making sense of it and seeing how you can apply it in all of your business activities.
You can’t predict what will happen in the coming year, but you can increase the chances of success. By applying some of the above tips coupled with a few of your own, you will be off to a good start!
