Growth is not only a sign of an organization’s success in business; it’s also the key to its long-term survival. A company needs to grow to be competitive and stay relevant. If a CEO or business owner is not growing, s/he is giving away the lion’s market share to his/her competition. And the customers are likely to choose their services or products instead.
So, it’s no surprise that growth remains the top strategic priority for CEOs of medium and large-size companies in 2021.
However, new research based on 500 businesses has found that one in three enterprises don’t know how to grow. Growth is a top priority, but too many companies lack the knowledge they need to achieve it.
Every B2B organisation knows how difficult it is to build trust with prospects and turn them into paying customers. Here are some trends that could help business owners to grow at scale in 2021.
The Office will Continue Evolving
Though remote work opportunities were on the rise before Covid-19, the pandemic forced many businesses to embrace them if they planned to or not. When executives noticed that they could maintain high productivity and employee satisfaction, attitude towards remote work began to change.
These changes are likely to continue even throughout 2021, as uncertainty looms ahead. Even in the wake of a vaccine and the possibility of near eradication of the virus, many organizations realize that much of their office space is unnecessary.
Data-driven Decision Making
Most business decisions are made based on a round table of opinions and gut instinct, which is not the most effective way to make decisions. A CEO should rely on data instead.
For instance, your company’s sales manager comes to you with a strategy for how to reduce churn. The manager suggests that the customers will not cancel their subscriptions if a chat option is added to the company website.
When it comes to successful projects, initiatives based on customer feedback prove to be the most successful. Hence, relying on suggestions and ideas to fuel the business, one must use data from the individual’s cancellation and feedback forms from customers who have stopped doing business with that individual.
A Renewed Focus on Networking
Physical meetings are still necessary for many industries and they will return to everyday life in the future. However, they are no longer the only way to obtain business and improve relationships.
Companies will require adjusting their marketing plans to concentrate on new, exciting experiences while maintaining their core values and visions. Social media outreach, more robust online customer services are included. The most successful companies will find ways to reinforce their networks in even tricky times.
Improved Online Presence
A company’s online presence and digital profile are beneficial for its growth. One must ensure that the company’s digital channels are built to accommodate remote workers, online customer meetings, and new technology.
Websites will be required for more interactions but remain easy to use. Communication channels should be clear, robust, and reliable. Online support needs to be as effective as a live visit or call.
People are shopping online now more than ever due to Covid-19 pandemic. If a business owner’s product or service is difficult to understand or even inconvenient to buy, the customers might switch to other similar sites.
It’s just only a few days left to enter 2021, and every company should buckle up with a plan for the year. But long-term goals still reign supreme in the world of business. Organisations will require assessing their own ability to adapt and grow in dynamic markets. Plans should revolve around flexibility, not only for things like working from home but also for potential cultural changes and social expectations.
The way business is conducted changed dramatically in just the past decade, and a business owner or CEO needs to be prepared to handle even more rapid changes in the next one.
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