OnDigital | 5 Effective Ways To Reinvent Your Business

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A global pandemic, new competition, loss of a major customer, weak management, turnover of key employees, or off-target marketing could all have a negative effect on the growth and sustainability of a small business and be the reason for a company’s downturn. However, if the business’s products or services still provide benefits and solutions to customers and their problems, perhaps it is time to reinvent your business.

You have surely heard the famous saying “The definition of insanity is doing the same thing over and over again and expecting a different result.” How true this is for small businesses! So, when business is down or stagnant, perhaps the solution is to seek change. Maybe it means making a product or service improvement or coming up with a new marketing campaign. Basically, the alternative to doing the same thing over and over again is to take a new and creative approach.

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      Have a greater internet presence

      Traditional, established businesses can certainly get stuck in the past while their competitors gain traction in the future with a ubiquitous online presence and an e-commerce site. The global pandemic has caused most individuals and employees to isolate to a certain degree, and also forced businesses—whether business-to-consumer or business-to-business—to operate differently than in the past. To operate in the new normal, a company needs to seek expanded opportunities on the internet.

      Implement operational changes

      Traditional, established businesses can certainly get stuck in the past while their competitors gain traction in the future with a ubiquitous online presence and an e-commerce site. The global pandemic has caused most individuals and employees to isolate to a certain degree, and also forced businesses—whether business-to-consumer or business-to-business—to operate differently than in the past. To operate in the new normal, a company needs to seek expanded opportunities on the internet.

      Be creative with your pricing

      Many businesses get in a rut, always charging the same price for their products or services. Pricing, however, does not have to be static. There can be discount pricing for sales, of course, and there also can be discount pricing for quantity purchases, second item purchases, and special day or hour pricing. On the flip side, there can be premium pricing for extended warranties and services, add-on products and services, and personalized services. Being creative with your pricing could also improve sales.

      Locate underserved markets and target them

      It’s easier said than done, but great opportunities await small businesses that can find an underserved market, discover the needs of that market, and then determine how to best satisfy those needs. A small business can maintain its core target market while expanding into new markets, creating a unique market niche.

      Update your company name and signage

      Yes, sometimes a name and signage change might be in order. Does the business’s name and signage actually tell customers what products or services the business provides? Loyal customers may know, but what about new customers? If it isn’t clear, perhaps a new name, signage, and accompanying tagline would make it easier for prospective customers to understand exactly what the business sells.

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Reinvent your business to grow your business

Rather than simply trying to keep up with the competition, a small business can develop its own unique market and branding. If a business continues doing what it has always done in the past, it will probably continue to get the same results, or even less.

Be innovative, be ready for change, try something different—and keep trying—until you find something new that works better. The future of your business just might be reinvention.

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ORIGINALLY PUBLISHED: https://www.forbes.com/sites/allbusiness/2021/08/27/5-effective-ways-to-reinvent-your-business/


FAQ

  • What is Digital Marketing?

    Digital marketing is any marketing initiative that leverages online media and the internet through connected devices such as mobile phones, home computers, or the Internet of Things (IoT). Common digital marketing initiatives center around distributing a brand message through search engines, social media, applications, email, and websites.

  • Which digital marketing is best?

    There are many types of digital marketing that you can leverage to increase your audience reach. Using multiple digital marketing channels can help you create a well-rounded strategy that will yield the best results.

  • Is digital marketing Easy?

    Like many professions, digital marketing requires both a core set of hard skills (which can be relatively straightforward to learn) and a longer list of career attributes that might take years to master. But at least in terms of what it takes to enter the field and begin working as a Digital Marketer, the fundamentals are manageable.