A famous saying said it: there is nothing permanent except change. There’s no exception, especially in the business industry.
Existing in the business industry for a long time doesn’t guarantee business owners stability. Even if you bought an existing business from a listing in Australia, it doesn’t mean that it will last forever. As a business owner, you need to prepare yourself when the time of disruption comes. To simply put, know how to handle the changes. Here are tips on how to navigate the waters and overcome challenges that come your way.
Keep Up with the Trends
What’s working before doesn’t necessarily mean it will still work in the future. Again, the business sector is ever-changing; there are a lot of factors that can affect how businesses provide service. One example is impact technologies, especially artificial intelligence (AI).
Before, AI is only available in technology-centred businesses. Now, social media allows any business to embed artificial intelligence to help them answer enquiries. Through chatbots, business owners don’t need to stay online 24/7 because chatbots can respond to customers instead. Chatbots can answer simple or frequently asked questions, saving time for businesses.
Tap Into Digital Marketing
There’s no denying that marketing costs money. If you want to have a TV commercial, it will cost you millions to have minutes of airtime. And don’t forget about the production costs as a whole. But, there’s no need to worry. There’s a different space wherein businesses can promote for less — the digital world.
There are different platforms you can take advantage of to put your business on the map. For small businesses, social media is a great start. These platforms enable you to target your niche properly. It also allows you to tap into potential markets that you weren’t able to do so using traditional media. Above all else, social media is cheaper than some traditional marketing strategies.
As for businesses with websites, search engine optimisation helps increase your visibility than your competitors. Through the use of analytics, business owners can have informed decisions based on customers’ actions as well as have a smooth-running website that provides excellent customer experience and compelling content.
Look into Your Reputation Management Strategy
How do your customers see the business? Is it good or bad?
Hate to break it to you, but reviews can heavily affect your business and how customers perceive you. A streak of negative reviews will definitely convince customers to stay away from the business.
As a small business owner, it’s best to create a reputation management strategy to mitigate negative reviews and increase the positive ones. Monitor and respond to your online reviews on different platforms as much as possible to show that the business cares and is willing to improve the quality of service.
Another strategy is highlighting customer reviews on the business’ social media page and website. Highlighting good reviews is useful because it can persuade considering customers to convert. After all, leads often look for other customers’ testimonials before deciding to make an action or not.
Establish an Omnichannel Customer Experience
Aside from reviews and testimonials, customer experience can also make or break your business. There’s no denying a business that’s able to deliver excellent customer experience has higher customer retention than those businesses that don’t invest in customer experience. In today’s era, customers value their experiences. They want to connect with businesses easily. For business owners, a great strategy is implementing an omnichannel customer experience. A customer’s time is valuable, and businesses need to value it.
An omnichannel approach is offering multiple channels but still provide a seamless experience. An example is when a customer connects with the business to discuss concerns. The first connection happened through a direct call to customer service; however, due to a weak signal, they need to transfer to a different channel. The customer chose to use Facebook messenger instead. The agent complies, and the conversation continues. Even if they move to a different channel, the conversation will continue without starting the process all over again. In other words, the customer will no longer need to provide personal details for authentication, and the conversation will continue where they left off even if it’s a new channel.
The business industry is an ever-changing sector. It’s a must for small business owners to keep up with the trends to know the current effective marketing strategies. They should also invest in digital marketing to build a presence on the internet and gain more visits to their websites. Lastly, take care of customers. Integrate an omnichannel approach to provide convenience for customers as well as give them an excellent customer experience.
No matter what your small business is, if it’s about flowers or someone who promotes a business for sale in Australia, these tips will surely help you navigate the wild tides of disruption in the business industry.
If you’re a business owner who’s planning to sell their business, National Brokers Network can help. We also use the tips mentioned above to help increase visibility for your properties. We actively update our listings and post if on social media to notify followers of new properties; hence, your property, if listed with us, is marketed to those who’re interested.
List with us. Our brokers can help in representing you during negotiations, assist in due diligence, and provide insights on what market to tap.
Contact us through the following to get in touch with a representative:
Phone: 03 9226 9222
Fax: 03 9078 6315