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The disruptions to the market by the COVID-19 pandemic have put a lot of entrepreneurs at rock bottom. The restrictions caused unprecedented challenges in supply chains and market demand. Various industries took a nosedive with the global recession for two consecutive quarters. But in the last year, the market has started to regain its footing and bounce back.
Today, businesses race to meet customers’ pent-up demand. They must also keep up with the competition in the evolving market environment. Flexibility and creativity are primary tools to outdo many of your peers. This article will provide some tips to strengthen your market positioning.
Marketing has always been vital in establishing your market positioning. It drives the demand for your products and services. But the events of the last two years have led to changes in strategies and media. With more people staying in their homes, businesses have flocked to the internet. This development coincided with the peak of digital transformation and e-commerce.
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Now, marketing is geared toward search engines and social media. With or without brick-and-mortar stores, online marketing has become a popular trend. Many customers prefer to check browsers and apps over going to physical stores.
The Internet World Statistics show that more than five billion individuals have internet access. Asia comprises the vast majority, as 53 percent of internet users reside on that continent. But the highest penetration per population is in North America.
However, things do not simply end there.
You need to identify something that will set you apart from your competitors. To that end, take advantage of the tools of web design. Web design is integral to propelling user engagement and generating leads. Your website must be intuitive and straightforward. What’s more, it must provide the best solutions for your customers.
The first five to ten seconds of web landing are crucial to lead conversion and bounce rate. The Global Online Consumer Report by KPMG shows that over 50 percent of visitors read reviews first before purchasing. Given this, even small businesses are flocking to the internet. By 2040, 95 percent of companies will have an online presence.
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Ensure the Quality and Timeliness of the Products You Bring to Market
Businesses do not turn to technology for marketing alone. Technology can also simplify business processes while ensuring efficiency and quality of production.
Workflow optimization and employee monitoring software may help you manage your business even if you are away. They assure you that employees are giving their best with fewer redundancies. Therefore, it also helps reduce burnout while meeting customer expectations.
Even businesses without a brick-and-mortar presence can ensure the timeliness of product delivery. For example, field service dispatch software helps owners locate and monitor their items. They can communicate with the dispatchers and drivers for updates. It also provides data analytics to let them know what to improve to satisfy customers better.
While you and your employees can determine the business process, your customers will rate the quality of your output. Their choices have an enormous influence on your market performance. It is a must to communicate with them often. What’s more, their feedback will help you enhance your products and services.
For many businesses, quarterly business reviews (QBRs) are fundamental in assessing the value of your output. It provides you and your customers an avenue for comprehensive discussions. You may also talk about the gaps to bridge and new goals to reach. With proper practice, this can drive customer satisfaction and retention.
You can also reach out to customers when you are about to roll out new products or concepts. By doing product validation, you can pre-assess an upcoming product or service. This is also applicable when you plan to modify existing ones.
Pre-assessments will determine if new rollouts can meet the needs and expectations of your stakeholders. Will it add value to the market? Will it capture the attention of customers and generate more revenue? In short, this method is best done in the early planning stages.
In short, whether your business is established or a startup, surveys and discussions are vital for getting information. To conduct a survey, you can go to supermarkets and hand out slips or forms to customers. Online customers may fill out questionnaires before checking out. Phone calls also work well.
Add Value to Your Products and Services by Making Them Convenient
Your creativity and flexibility will help your business flourish in the evolving market. But you should not focus on your output alone. These turbulent digital times spur businesses to prioritize convenience and efficiency. These aspects are also what customers value most. Smooth transactions will drive customer retention.
Payment methods are also factors to consider. Online payments must keep up with the increased number of online customers. Remember that customers prefer to stay home and have their orders delivered rather than line up in stores. Nonetheless, physical stores must also add contactless payments, such as contactless cards and e-wallets.
Developing economies are also geared toward digital payments. Both mature and emerging markets showed a notable decrease in cash transactions. In the US alone, the percentage plunged from 51 percent to 22 percent in 2020. The most noticeable drop was in Sweden.
Show Appreciation to Your Employees
Labor is the lifeblood of production. Without it, your machinery, equipment, and materials would be a giant white elephant.
Nor do you want to train new employees. That is time-consuming and costly. Instead, make your current employees feel secure and appreciated.
If you cannot provide a raise yet, you can motivate them in other ways. Listening to their concerns and opinions will establish harmonious relationships. Investing in the right technology to ease their burden is also a plus. Perhaps the best you can do is create a vibrant work environment that will make them decide to stay.
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Guard Your Finances Amid Macroeconomic Changes in the Market
Keeping track of your finances must work hand-in-hand with your product and service concepts. That is why doing surveys, QBRs, and product validation are vital to capture market demand. These methods will help you determine what to produce more or less and what to improve. It will help drive revenue generation while keeping your costs and expenses manageable. Check your cash and borrowings to know if you can meet your payables and sustain expansion.
Moreover, watch out for changes in macroeconomic indicators. Inflation rates may affect your expenses and the purchasing power of customers. Having an understanding of the current inflation rate will help you to know the price to set to balance your spending with returns.
Also, you have to keep an eye on the interest rates. It will go up to stabilize the economy, so check your borrowings to avoid higher payments.
The New Market Landscape Offers Boundless Possibilities
The current market landscape provides multiple avenues for growth and development. But the tighter competition requires a business to become more flexible to changes. With proper strategies and technologies, you can keep up with your peers. There are more challenges to overcome, but there are more tools to bring into play.
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