4 Ways to Optimize Business Strategies for 2021 and Beyond
Due to mask mandates, stay-at-home orders, and a general sense of uncertainty all related to COVID-19, many businesses either closed or struggled to keep their doors open throughout 2020 and into the first quarter of 2021.
For business owners like you who still have the lights on, you should be commended for surviving an exceptionally difficult year. In order to make it through the rest of 2021 and into 2022 as successfully as possible, you may wish to optimize a number of areas of your business, with the help of the following suggestions:
1. Work with Reliable Manufacturers
The last year has made it abundantly clear how important the supply chain is to both company owners and consumers. For instance, the infamous toilet paper shortage that impacted so many retailers was indicative of a supply chain issue combined with panic buying — not an actual shortage of products.
To help ensure you’re able to sustain a smooth supply chain process for your company and keep loyal customers happy, it’s important to assess each of your vendors and work with only those who are reliable and reputable and can keep you stocked up on the products you need.
2. Keep on Keeping on with Remote Work
Like it or not, the global pandemic forced many employees to work remotely. While there were some initial bumps in the road, it’s safe to say this new work setup is enjoyed by a majority of workers — and will continue for the foreseeable future. Indeed, as business leaders decide they no longer need expensive office space, embracing remote work will become a key strategy for success.
In that vein, consider offering remote work as an option for those who enjoy the freedom in working from home or who would also embrace a hybrid approach. You will undoubtedly find that your team appreciates the flexibility and lack of a commute that remote work offers, and, with enough people working from home, you might be able to downsize your office space and save on rent, utilities, and other expenses.
3. Hone in on Your Core Demographic
Another effective way to optimize your business and improve your bottom line is to spend time getting to know more about your core customers. This will allow you to focus your marketing strategies in a more effective and specific way. While you may believe your appeal stretches across multiple demographics, chances are good that may not necessarily be the case.
Use as much customer data as you can to get a good handle on who your most common consumer is, as well as social media analytics to identify your core customers. Once you determine that, say, busy moms between the ages of 35 and 55 are your proverbial bread and butter, you can start targeting this demographic with ads and follow-ups.
4. Embrace Social Media More than Ever
Social media is one of the most important tools a business owner has in their toolbox. In fact, ads on Facebook, Instagram, and LinkedIn are one of the most common ways consumers discover and find out more information about different companies. In addition to using paid ads to bring in new customers, business owners should also maintain an active presence on these sites for people already following the company. Frequent posts about new products and services will keep your business on your existing customers’ radar, and if someone asks a question on a specific post, replying quickly is a great way to show you’re committed to customer service.
Here’s to a Better 2021
While the past year was about survival, it’s now time to focus again on thriving. By assessing your supply chain to ensure you’re working with only the best vendors, considering keeping remote work as an option, getting to know your most loyal customers, and embracing social media, you should find that your company will grow and be as successful as possible both this year and next.
