The start of a new year can be a time to reflect on your success and milestones achieved from the previous year, as well as set new goals for your business. The goal of this article is to offer a few ideas that you can consider in 2024 to help grow your business.
Put yourself in the shoes of your target market and look at all aspects of your business. It can be easy to want to jump into new trends, but it can be a waste of precious time and capital if it is something your consumers won’t use or buy. Gather data from your customers so you can think like them. Where do they hang out online? How often do they purchase from your business? What annoys them about your business? If they switched to you from a competitor, why did they? By getting to know your customers and their habits, you can outline an approach to 2024 with more confidence.
In the business world, “the competition” is often seen in a negative light- you are, after all, going after the same customers. However, analyzing the who the players are in your industry and what they offer can also lead to some creative ideas and innovations. Is there a product or service that your competition currently does not offer that you could? How is your competition gaining new customers? Another idea is to look at similar business models as yours that may not necessarily be competition, but which may have a similar target market.
While your consumers may ask about your business from people they know, it’s also very likely they’ll take a look at your website before they approach you for your service or product. Your website is a tool that can be accessed all hours of the day by curious business prospects who want to learn more about who you are and what you do. You should make a plan to regularly audit your website, and ask yourself these questions:
It is important to be strategic about new steps that you take with your business. Before making changes to your website, be sure they will not cause legal problems down the road. Use photos that you have licensing for, or you yourself took. It may be wise to consult with a qualified attorney to review language and claims made on your website. Depending on the industry that you are in, if you offer advice on your website, you should consider Errors and Omissions insurance.
SEO, or search engine optimization, has been a key priority for many marketing strategies. If you have not already started optimizing your site for search engines, you can find many helpful articles online for doing so, or you can consider hiring a vendor to do this.
If you have been creating content for SEO, look at how you can refresh that content for 2024.
It’s no secret inflation is impacting businesses. Consider your spending and what return you are gaining on it. Explore cost saving options such as reducing travel. While trimming costs in the short term, consider the long term effects of cutting back. Instead of eliminating services altogether, see if you can reduce costs.
While the “deinfluencer” trend emerged in 2023, people are still consuming a large amount of video content on a daily basis. Partnering with a social media influencer is one way to bring awareness to your brand. While this strategy may not be a good fit for every business, people tend to trust third party reviews more than content coming directly from the company. When choosing an influencer, be sure your brand aligns with the content being shared. Before agreeing to a partnership with an influencer, understand what level of control you will have over the finished product.
Digital marketing still remains important, but your target market may be looking for a more “authentic” in-person experience. Connecting with your audience through trade shows or live demonstrations can give your consumer a chance to see, feel, or try your product.
Think of other services that you could offer that complement the business model you already have. Adding additional services may even be as simple as drilling down on a service you already offer. You may look to similar businesses for inspiration on what services they offer.
When adding to your list of services or otherwise expanding your business, make sure you are prepared to take on additional risk. As your business grows, touch base with your commercial insurance agent to evaluate if your current insurance coverage is still appropriate.
While 2023 brought many changes and developments in the digital world, businesses should continue to focus on the habits of their core customers going in to 2024. While budgets may be a concern with inflation and the rising costs of business, cutting services altogether may be more expensive in the long run. SEO continues to be a focus for reaching potential customers. As your business grows, consider reviewing your commercial insurance to see if the policies you have in place are still appropriate.
This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
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