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Peter Drucker, commonly referred to as the father of management, said that a business that doesn’t innovate will eventually die out – which still applies in today’s digital age. How does a business move with the times and pivot its marketing and branding strategies not only to stay relevant, but to thrive in today’s economy?
Looking at this same question from another perspective: What mistakes do business owners and entrepreneurs make that keep them from reaching their true potential, unrelated to how the market and the economy are performing?
Mistake 1: Not modifying, adjusting, rotating, or satisfying today’s tech-savvy customers
The global pandemic has forced companies to adapt and revolve their customer acquisition and delivery processes without notice. Businesses around the world have been forced to shut down and serve their customers virtually, except in a few essential industries. A study has shown that more than 30% of businesses were shut down during quarantine in 2020, and many of them are likely to no longer operate.
Companies that have adapted and pivoted their business models and customer acquisition systems have survived and, in many cases, have even thrived. In contrast, those who did not pivot and adapt suffered massive financial losses or disappeared altogether.
Here are just a few examples of how a business can pivot, change, adjust, and meet the needs of today’s digital customer:
Build a strong social media presence using platforms like Facebook, Instagram, Twitter, Tiktok
Develop an online marketing funnel that interacts with potential customers or offers digital educational resources
Incorporate virtual events, workshops, meetings or conferences
Accept payments online using software tools like Paypal, Stripe or even wire transfer
Take advantage of digital marketing platforms like Google Ads or Facebook Business Manager
Integrate easy-to-navigate digital payment pages that can accept payments and process backend notifications related to order fulfillment
The writing is on the wall: innovate and adapt, or stay the same and disappear, especially if your competitors have already incorporated more digital and modernized ways of attracting, acquiring and delivering to customers.
Related: 5 Ways To Avoid Common CEO Mistakes
Mistake 2: failing to integrate mobile strategies into your advertising and conversion channels
Statistics show that more than half of all website traffic comes from mobile usage, and ignoring this in your strategy could be a costly mistake for your business.
For example, if you do a quick Google search for local law firms, chiropractic clinics, or dental offices in your city and browse a handful of websites, you will notice that a good percentage of them may not be. not having a mobile friendly website or landing. pages. They are either too outdated, too complex to navigate, offer too much information, or worse, not even compatible to be viewed on a mobile device.
As a business owner, you have to put yourself in the customers’ shoes to understand their psychology and cross their eyes. An easy way to do this is to observe your own buying habits:
How often do you check your smartphone?
What kind of content do you consume on your phone?
Do you buy goods or services from your phone?
What types of websites do you find intuitive versus cumbersome?
Investing in the development and deployment of a robust mobile strategy could dramatically increase market share, increase profit margins, and perhaps open up new revenue channels that you might have missed.
Related: 5 Lessons You Learn From Your Trading Mistakes
Mistake 3: Not conducting market research or using data to make decisions
If you want to grow your business in a strategic and calculated way, it’s a good idea to spend time developing an analytical and data-driven approach that allows you to create solutions that the market really needs, rather than guessing. what consumers are looking for. for and hoping they buy what your business sells.
Businesses large and small spend more than $ 70 billion a year on market research, giving them a better understanding of their customers, market trends, spending patterns, emotional trigger patterns and digital behavior. global. This type of data gives business owners the knowledge and insight to design and deploy strategies based on real data, empowering them to create content, workflows, offers, websites, mobile pages, offers and presentations specifically tailored to what consumers are actively looking for on sites like Google, LinkedIn and Facebook.
With access to billion-dollar technologies, search tools, browser extensions, and analytics software products, most of which are free or cost just a few hundred dollars a year, your A business should invest its time and resources in developing cognitive research techniques and methodologies that can help you make better decisions that positively impact your short and long term results.
Related: 5 Reasons Your Employees Shouldn’t Be Afraid To Make Mistakes
Adapt or perish
Darwin’s theory of evolution reduces the key to survival to the ability to pivot, adapt, and evolve as conditions around us change. Drucker calls it innovate or die in a business context.
If you are looking to lead and manage a business that can withstand all changes in the economy and adapt to changing social and consumer behaviors, following these three strategies can help you avoid losing market share. market and profits.