Top 7 New Year Tips for Greater Business Growth in 2023
Even though business owners may be mired in the craziness of the holiday season, it’s never too early to consider the opportunities and difficulties that the coming year will present. There are many chances for you to start 2023 off well as this busy season is coming to an end by implementing some new initiatives that increase consumer engagement and brand loyalty.
If one of your business goals is to achieve more growth and boost your bottom line, here are our top business growth tips to help medium to large businesses wanting to expand in 2023 and beyond.
1. Adopt Better Technology Solutions
A successful business requires constant effort. However, there are many different technological solutions that can relieve some of the load on your business, such as:
QR codes. With the help of this solution, organizations can allow cross-channel activities much more easily and increase client engagement. You can increase the number of followers on your Instagram, for instance, by including a QR code on your packaging that shoppers can scan to visit your account.
Real-time analytics. If you want to succeed in today’s fast-paced environment, you must have access to the most recent data and insights. In order to give customers real-time information that spur sales, such as updating stock levels at shop locations, it is essential to know where your inventory is housed and how many units you have.
Live chat. Brands must be able to enable speedier, more seamless communications since, according to a recent Social Sprout survey, almost half of customers (46%) now expect companies to reply to queries faster than 4 hours. Customers can contact you easily and affably by chatting with you live on your website.
2. Incorporate New Marketing Channels into Your Growth Plan
The marketing industry is constantly evolving as a result of technological advancements and new business models. Because of this, it’s crucial for firms to closely monitor these developments and consider how they may be incorporated into their own marketing strategies and expansion plans.
Some of the top marketing avenues that will cause a stir in the upcoming year include these two:
Social commerce. As more people utilize social media platforms to research new brands and products, selling directly through social media channels has gained appeal. It’s worthwhile to add this extra selling channel if you have a sizable following on Facebook or Instagram.
Video marketing. Nowadays, many consumers prefer watching videos than read about the products that a brand offers, therefore it’s important to consider how your company might benefit from this format. When video can be used in so many various ways, it gives your content marketing strategy a huge boost.
3. Find Ways to Grow Through Customer Referrals and Word Of Mouth
Social proof is crucial to persuading doubtful clients because there are so many vendors available for any good or service; 88% of consumers place the same level of trust in internet evaluations as they do in personal recommendations.
But you shouldn’t relax in the new year and count on clients to talk about you; instead, be proactive by giving them reasons to recommend your business to others, like:
- Offering customers a discount on their next order in exchange for leaving a review.
- Partnering with influencers to talk about your brand on social media.
- Giving customers the chance to feature on your feed by tagging you in their content.
4. Find Ways to Increase Your Customer Lifetime Value
Customer Lifetime Value (CLV) is a metric used to determine how much money a customer will bring in to your company over the course of their dealings with you. They are more devoted to you if your CLV is higher.
A business growth approach called increasing CLV calls for your organization to keep customers over several sales cycles.
What actions can you take in the coming year to draw in new clients and keep the ones you already have coming back to your store?
Answer: Focus on the customer experience.
Delivering a positive customer experience means paying attention to every touchpoint to ensure that customers feel supported during their shopping journey with you. It involves tactics like:
- Offering support across multiple channels — e.g. email, live chat, social media.
- Implementing a loyalty rewards program that incentivizes existing customers to come back
- Asking customers for regular feedback on their experience.
- Providing value-added content through your marketing channels.
5. Increase Sales by Being Present in Multiple Channels
Putting all your eggs in one basket isn’t the best way to build a steady revenue stream and cash flow. Brands have a growing number of online and offline selling channels to extend their reach and connect with potential customers, including:
- Setting up pop-up retail stores
- Selling products on online marketplaces (e.g., Amazon, Etsy)
- Selling through social media (e.g., Facebook, Instagram, TikTok)
- Engaging in “store-within-a-store” (SWAS) partnerships
This does not imply that you should start selling through every channel available, though; they must still be appropriate for your target market.
For instance, opening an Instagram shop isn’t really necessary if you don’t have a sizable Instagram following.
To learn where your target audience spends their time, it’s a good idea to conduct some audience research.
6. Launch New Products
New product development is ideal during the beginning of the year.
The holiday gift-giving season has probably increased the number of customers who are exposed to your brand for the first time.
The flurry of holiday and gift items during Q4 probably drew in more customers to your shop. As a result, the start of a new year is the ideal moment to launch some new product lines that will rekindle consumer interest in your company and help you attract additional customers.
Additionally, it’s important to keep in mind that return rates following the holidays are at an all-time high. To avoid losing money, you should be able to provide a customer a variety of options if they are thinking about returning something to your store.
To help you choose pertinent and interesting product offerings, it’s a good idea to assess the current market and refer to sales information from this time last year. You may also conduct surveys and polls on your social media platforms to learn more about the interests of both current and potential clients.
7. Accept Multiple Payment Types
As consumers choose a wide range of payment methods, including cryptocurrencies and scheduled payment models like Buy Now, Pay Later, they are moving away from traditional credit cards.
Millennial and Gen Z consumers have 14% fewer credit cards than consumers over the age of 35 due to a preference for debit-based solutions, which is part of a generational and demographic transition. The recent events have also had a significant impact on credit expenditure, with new credit card accounts plummeting by 65% in 2020 as a result.
Therefore, you may provide clients more flexibility the more payment methods you accept.
Giving customers more reasons to buy from you increases your company’s growth and cash flow. This is accomplished by offering better payment options. Additionally, this offers your company an advantage over rivals who are less tolerant of customer preferences.
Ready to Implement Your Business Growth Strategy?
For businesses, the beginning of the year is often an exciting but stressful time. The beginning of 2023 is the ideal time to evaluate your present performance and look for ways to improve the client experience when the dust settles after a hectic holiday season. You can acquire a competitive edge as we go into the new year with some forethought and by heeding the advice provided above.
If you’re looking to increase market share and level up your business success in 2023, call MCDA CCG, Inc today!
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