2017 has been an exceptionally good year for businesses across various verticals. Be it SMEs, large corporations, or fresh-off-the-oven start-ups, every business entity has had its share of challenges and likewise, a multitude of opportunities to explore for the most apt solutions. Thanks to 2017, herein are the top 7 business lessons, which according to analysts at Technavio, will define the most successful and productive business strategies in 2018.
1) Crème de la crème amid 2017’s business lessons- Always be hack-proof!
2017 witnessed a high number of hacks, information loss, and data breaches, thus, maintaining a very high standard of data security is perhaps the first and most important lesson to learn. Regardless of the size of your business, what remains critical is that proper checks are in place so that such massively expensive, time consuming and reputation killing mishaps can be avoided.
The ransomware episode has made it clear how malwares have turned into a multi-dollar business that is all set to grow further in 2018. Thus, the best way ahead is to invest in competent data security software, update the existing security infrastructure, choosing a robust online backup service, and importantly, train your employees to be hack-proof.
Read: How Compliance Training Can Help your Business?
2) Realign your priorities and don’t forget the millennials
The key to any successful business is understanding the new demands of the customers and keeping a close watch on the changing paradigm of the client base. It is a no-brainer that millennials form more than 50% of the working population, and therefore their likes and dislikes play a vital role in framing sales and marketing strategies. To ignore this group all together is sure to mortally hurt any business’s bottom line. Millennials are the lucrative target group that calls for special attention.
3) Reinvent social- Leverage your business through social media groups
Many businesses make it a point to have a strong presence on various social media platforms. But one area where most of them fumble is leveraging social media groups to their advantage. Social media groups help business strategists get the most current insights on the products that are highly sought after by customers, core areas of improvement from a strategy-sales-analytics perspective, and importantly, it helps them size up the competition.
By joining the conversation on social media groups, businesses can also build a positive brand image by always being present to answer the concerns and doubts of the customers.
Read: Know How Social Intelligence Can Help your Business Grow
4) Understand the power of influencers and recruit the best of them
2017 has been a particularly good year for influencer marketing campaigns. If anything, it has made one point very clear– “most consumers trust recommendations from authority figures”, which is why it is essential to get an influencer to promote your brand. Apart from credibility, influencers play a major role in boosting the reach of the product and the brand.
One of the best ways to introduce the power of influencer marketing campaign across your business is by resorting to micro-influencers. Encouraging customers to advocate your brand on social media platforms is the easiest way to activate this network of micro influencers.
5) Business lessons 101- Customer engagement will never go out of style
Whether it is 2017, 2018, or 2028– customer engagement is an aspect that is here to stay. It is almost impossible for any business to flourish by assigning their customers’ best interests to the backburner.
Apart from social media platforms, in-product messaging channels, offers like ‘free trials’, and generating content that answers most of the customers’ queries, are some of the most effective ways in which businesses can build a strong connect with their patrons.
The benefit of a clear-cut customer engagement plan is increased sales, customer ambassadorship, and most of all, lasting customer loyalty. Of all the listed business lessons, this, ensures that your establishment holds a relevance with its target audience, years and years from the actual point-of-sale.
Read: Did you know that Big Data Can be Leveraged for Better Customer Engagement?
6) You either innovate or stagnate!
No matter how good be your business, eventually there are chances of it going redundant– thus, the only way to stay continually relevant and also beat the competition, is by constantly innovating and rejuvenating your products and services.
Customer engagement and innovation are quite closely related. The more you engage with your client base, the clearer you are about the most productive ways in which to hook your ideal customer. Predicting what your customers want, even before they themselves know about it, is the first step to profitable innovation.
7) Don’t underestimate the power of insurance
This is especially true in the case of small businesses, which have traditionally regarded business insurance as a major expense. In the long run, insurance is the protection net that can shield the business against litigation, catastrophic loss, and other such emergencies. As your business enters the year 2018, it is sensible to choose an insurance plan that best suits your requirements and respects your limitations.
