Want to accelerate growth and ensure success in 2021 and beyond? You need to invest back in your company, employees, and processes in order to solidify your position on the competitive market and capitalize on new opportunities. If you haven’t concluded the previous year with a detailed SWOT analysis for 2021, now’s the time to do just that. Once you have the data in your hands, you can start strategizing and picking the right tactics to meet your goals, develop an even more successful brand, and take your organization forward.
These tactics should include linking your business with technology to achieve automation and greater efficiency, creating an omni-channel experience for your audience, tapping into lucrative revenue streams, staying on top of the latest trends, and investing more in cybersecurity. Let’s go over these important tactics and give you the blueprint to make 2021 the most successful year for your growing business.
Automating as much as you can
Throughout the years, automation has become somewhat of a buzzword that managers and executives toss around without really taking a calculated approach towards its implementation. In reality, automation is a set of tactics and solutions encompassing a myriad of industries, sectors, and processes that aim to elevate efficiency, minimize costs and repetitive work, and improve output across the board.
You can choose to automate a single process in your company, or you can choose to invest heavily in automation in 2021 to make your entire organization more efficient and effective. Luckily, there is a piece of automation software and hardware for every department and every team nowadays. You can choose to automate everything from sales and marketing to payroll and HR, all the way to manufacturing and inventory management – there is a tool for every need.
To do this without wasting money, you need to analyze the performance of your departments, correlate your findings with your goals for each of those departments, and identify the opportunities automation creates and the pain-points it can eliminate for your teams. This will allow you to make the right investments in the right sectors in your organization.
Building an omni-channel marketing experience
If you’re still running your marketing department on a couple of blog posts a month and a few social media posts, the time has come to update your marketing approach for 2021. No longer are you able to capitalize on marketing and sales opportunities by sticking to a single channel, instead, in 2021 you need to build an omni-channel marketing experience for your customers and in order to reach a global audience. This means that you need a marketing approach for every customer touchpoint in the digital world.
You should continue dishing out quality written content throughout the year, yes, but you should also invest in a video marketing strategy to capture the attention of millions of global consumers who are currently spending more time watching videos than reading lengthy posts. Develop an influencer package for your social media strategy, capitalize on user-generated content, and use customer success stories as an integral part of your 2021 marketing approach. After all, people want to see that other customers have already put their trust in your brand.
Diversifying your revenue streams
Of course, one of the most important considerations for your 2021 growth plan is how you’re going to diversify your revenue streams. Assuming that you have already solidified your existing revenue streams, now is the time to tap into other lucrative opportunities based on the latest trends. For example, given the fact that cryptocurrency is on the rise around the world, this might be a way for you to bring new capital into your company.
You can start accepting cryptocurrency payments to appeal to this rising consumer demographic, or you can invest in bitcoin mining hardware yourself to start mining cryptos and bring more stable revenue to your business. You can choose to trade these cryptocurrencies, exchange them for real cash, or store them to be invested later on as your company starts growing even further. Be sure to identify these types of revenue opportunities, and invest in those that make the most sense for your business model and long-term goals.
Capitalizing on predictive analytics
Investing in the right growth and revenue opportunities is important, but you can’t do it without cold hard data in your hands. The last thing you want is to follow your instincts and make those spur-of-the-moment investments that might backfire and put your company in jeopardy. Instead, be sure to employ data scientists and invest in risk analytics in order to identify the most lucrative opportunities in the short, mid, and long term. Remember, the key here is not just to invest in what brings the most money, but to invest in something that brings stability to your growing business.
Investing in cybersecurity
Finally, keep in mind that the online world is becoming an increasingly dangerous place for the average consumer. If you want to capitalize on the digital customer, you need to reassure them that they’re safe by investing in cybersecurity. Of course, you also need to protect your employees and your company’s data stores to avoid millions of dollars in damages, so all the more reason to take cybersecurity more seriously than last year.
In 2021, you want to maximize your growth but also ensure stability for your business as you’re ascending the market. To achieve both, be sure to make these investments and you will have no problem taking your business further than ever before.
Lauren Wiseman is a marketing specialist and contributor to bizzmarkblog.com. She helps clients grow their personal and professional brands in the fast-changing and demanding market, strongly believing in a holistic approach to a business.