How to Create a 2021 Business Strategy in the Face of Uncertainty

How to Create a 2021 Business Strategy 5 Tips for Avoiding Bankruptcy within Your Business

Executivechronicles.comHow to Create a 2021 Business Strategy in the Face of Uncertainty |  We’ve witnessed many businesses reopening during the last quarter of 2020. Yet an aching uncertainty prevails. In some states, companies have reopened in recent weeks only to be told to close or minimize their customers’ capacity, making it even more challenging to plan for the future. What’s more, business leaders and owners might wonder how they can develop a growth strategy for 2021. 

What most tend to overlook is a strategic direction. One that provides a purpose for the business and helps you set realistic goals to accomplish in the year that follows. Research on the other hand, shows that one in three businesses doesn’t know how to grow. 

Yes, growth is a must, but far too many organizations lack the knowledge they need to achieve it. And who can blame them? Growth is hard. 

Every business knows how tough it is to build trust with prospects and turn them into paying customers. But if your goal is to grow, and only to grow your business in 2021 but don’t know how, then our post can help. 

Security and Privacy in 2021: A Must 

Data shows that security, privacy, and accountability are major demands from the modern, tech-savvy buyer. Yet, only 57% of B2B businesses are poised that they meet those demands.

Given the latest cybersecurity challenges dominating the news, those whom your organization is trying to convert need to be convinced that you can be trusted with their personal information. Contact details like emails, names, and phone numbers are all potentially at risk when they sign up to your website. 

But to make sure you’re growing your business in 2021, you will need to prove to clients that their information is secure.  

But how can I improve my security and be ready for 2021? By following simple and effective cybersecurity protocols like: 

  • Investing in a GDPR-ready CRM system
  • Removing any personal data, you don’t need 
  • Switching your website to an HTTPS certificate 
  • Complying with GDPR and assigning a Data Protection Officer. 

Customer Experience 

Businesses do love their customers. But is that love reciprocal? For most customers, it’s not. According to a study from Cisco, customers would not care if 74% of the brand the use vanished. This research is quite frightening, as between 70% and 80% of a subscription-based business’s revenue streams from renewals and upsells from current customers.

As expected, B2B sales is no longer about the big budget; massive marketing campaigns aimed to engage hordes of new consumers. In 2021, it’s about focusing on the customers you already have – and making sure you please them with a positive customer experience every time they come in touch with your brand. If not sure where to begin, consider the following:

  • Be flexible on cancellations policies and refunds
  • Resolve customer complaints ASAP
  • Offer real-time customer service
  • Provide personalized and relevant customer marketing campaigns,
  • Surprise your audience and customers with event invitations, free upgrades and more.

Encourage  Risk-Averse Buyers 

The purpose of marketing campaigns is to engage your audience and convert them from a fan into a user. How? By identifying their pain points and crafting content with a message about how they absolutely cannot live without your service /product. Specify exactly what your audience can expect after purchase.

Here are common types of pain points valid to any niche:

#1 Monetary: Potential customers might be spending money on crappy products or services.

Tip: You can highlight your service’s or product’s competitive price.

#2 Productivity: Potential customers might be tired of using a service or a product that burns away most of their valuable time.

Tip: Highlight your service’s or product’s benefits and features.

Don’t forget to mention your current customer’s positive, productive experiences.  

#3 Support: Potential customers might not be getting a friendly, supportive and reliable customer experience throughout an entire sales process.

Tip: Reassure the customers that your patient and attentive customer support is at their disposal.

Build Your Reputation Through Testimonials and Reviews 

Building your revenues means building your reputation. Make time for outreach to customers for testimonials and monitor local reviews if you are in the retail space or SAAS channel. If the voice of the customer doesn’t seem on par with how your business is perceived, start by defining your strategic positioning strategy to make adjustments. For most, the recent months have been ones of unforeseen business disruption and change during COVID19.. The challenges associated with growing your business may not be different than last year, but they are certainly amplified. Carefully define your market position, your unique solution and proposition, and in so doing, pull away from your competitors and make it easier for your customers to make decisions to choose you and love your brand. 

How do Ratings Help Your Business?

Data shows that 87% of consumers won’t even look at a business with low ratings, 92% of consumers read reviews before choosing a service, while 80% consider reviews just as imperative as a personal recommendation. Testimonials and reviews go hand in hand when it comes to business growth in 2021.

The fastest way to build a strong brand reputation through customer reviews is right in front of you – your current customers. They make their decisions to do business with you by comparing other reviews. So, there is a great chance that they will be glad to offer their own review too. With the right approach, you will find that many people respond positively when asked to complete a review. Here’s how to build your strategy when soliciting reviews:

Fresh Experienced Drive Reviews 

Reviews weight heavy when people are able to reflect on fresh experiences. Yet, the experience must be impactful, which means the client has to have taken action or completed a transaction in order to have feedback that others will find relevant. For instance, if someone has purchased a product that will take a few days to ship, you need to reach out to that customer and ask for reviews after the product has arrived. Likewise, if your brand provides a service for the customer, ensure your send a request for a review after service has been completed.  

Keep the Review Process Simple  

The easier you make it for people to respond, the likely they are to leave a review. It’s necessary that you keep the review process as lightweight and fast as possible, as customers will be quick to abandon the effort if it becomes too complex. Always start with an indefinite question that acts as fast for their experience and includes guidelines for a quick response. This provides customers with a starting point for their reviews and framework for completing them.