The post-crisis market is yet to show signs of rapid growth, but that doesn’t mean there aren’t plenty of opportunities for businesses to thrive. Customers are adapting to the new normal and resuming their daily activities. Businesses need to adapt to the new situation too.
The market is only getting more competitive. Businesses are forced to be creative in how they approach the market in order to stay ahead. Fortunately, there is a lot that can be done in order to keep your business resilient to the post-crisis market.
Digital transformation is more than just a buzzword now that most customers seek products and services online. In order to reach a wider market, your business must adopt new technologies and go digital. The simplest way to do this is by opening an online storefront or an e-commerce site, but this tactic is relatively limited in its use. You also have to invest in digital marketing in order to drive traffic to the e-commerce site.
The more practical approach is integrating online activities and digital marketing campaigns with offline activities. By actively engaging customers online and providing them with valuable information about your operations, you can attract more business in the long run.
Manage Your Overheads
Managing your overheads without sacrificing operational agility is another thing that must be done in the post-crisis market. You have to keep overhead costs in check so that you can be competitive on the market, especially when it comes to pricing and promotional offers.
A good example of somewhere you could save money that’s often overlooked is your water supplier. Like your other utilities, switching water provider is easier than you think and they can often offer you a better rate. You can switch water supplier directly with the likes of Business Stream – the only supplier to have been serving the market since the first day it deregulated – or you can choose to switch with one of the many Third Party Intermediaries who serve the water market.
One thing to remember is that with water, often the best way to save money is to save water. Margins are tight so different companies will only be able to offer you small discounts here and there. It’s best to go with a good all-round supplier, who offers a good service, and is able to help you to make the changes you need to use less water and save more on your bills.
Customer experience and customer loyalty is more important than ever now that the market is growing more saturated. You need to be aiming for higher Customer Lifetime Value rather than a boost in sales, and the best way to increase CLV is by maintaining relationships.