Times are changing. We are well into an era that has a strong online presence, which means that businesses that previously survived quite well with nothing but a brick and mortar store, face the reality that they need to adapt and grow, or simply be left behind.
For those business owners that have put off the creation of a website, social media and the thought of online advertising, the process can seem daunting. Therefore, it may be wise to consult a professional marketer to gain insight into the current trends and the components they believe you should implement to stay relevant in the ever-evolving world of business.
So, what are the basic changes I need to make?
There is no right answer that suits every business. Each business is unique and staying relevant in your industry is going to be a different process to your neighbour. However, let’s take a look at some important changes that may need to be undertaken to stay current in 2020:
- Website: Is your website outdated? Do all the links function properly? Does it take a while to load? A crisp, modern website that reflects your brand, is easy to navigate as a viewer and has concise information about your product and/or service is an asset to your business. Gone are the days of the majority of your customers using the yellow pages to find you. If your website isn’t up to scratch, your customers will most likely find a competitor that looks better from the outside.
- Social Media: Statistics show that younger demographics are searching for businesses using social media more than they search via Google. That surprised you, didn’t it? Not on Facebook or Instagram? You should be! These free platforms are just another advertising tool that allow you to connect with your target market. It’s not enough simply to ‘have them’, you also must use them. Post relevant facts about your service or product, the industry, FAQ’s, fun facts. The list is endless. Use these platforms to build professional relationships and advertise to your target market.
- SEO: Otherwise known as ‘Search engine optimisation’, SEO works on keywords and allows your business to be shown more prominently on search engines, such as Google. Using SEO correctly means more people visiting your website, finding out about your business and hopefully converting into customers.
- Online Advertising: With the increase in popularity of social media platforms such as LinkedIn, Facebook and Instagram, comes the ability to advertise via these platforms to reach your customers. Gone are the days where you’d put an ad in the paper and hope that people see it. Nowadays, the internet collects information about your behaviour online and then social media platforms and search engines (such as Facebook and Google) use this information to display ads that appeal directly to the viewer. Long story short, online advertising is targeted and much more precise than it used to be – meaning it can be a valuable tool for modern businesses.
- A customer-first approach: As time goes by, more and more competition arises in the market. More products and services are available in more areas, making it harder for businesses to secure customers. People value a deal, but they also value the experience. Emphasise your customers’ needs and desires, putting them first and making them feel important and special. Creating customers that return to your business time and time again is invaluable.
- Monitor your competitors: Stay up to date with what your competitors are doing in the industry. Are they a part of events? Where are they advertising? Are they hosting a customer function? Producing a publication? Whatever they are doing, keep your finger on the pulse and find a way to go one step further (if what they’re doing is successful, of course!)
Before you make any changes to your business model and plans, it’s always wise to do a risk analysis – building a moat around your business so that a potential buyer does not see too many risks associated with your business when it comes time to sell.
At Core Business Brokers, we advise that you chat to a Business Consultant to grow your business into its most productive, profitable state. Make sure to conduct due diligence before making changes and always view your business from the eyes of a potential buyer. If you’d like to chat through ways to stay up to date in your industry, in preparation for a potential sale. Contact Core Business Brokers, on (02) 9413 2977, or email Roy on [email protected]. We’re always happy to lend a hand, offer advice and assist with your business needs.