We all know the business lifecycle: launch, growth, maturity, and decline. When a company is experiencing a decline in any aspect, perhaps reinventing the business is the most suitable choice to rejuvenate the brand.
Thinking outside of the box can produce a significant positive change. In this post, you’ll find 5 ideas to take a new and creative approach and revamp your business for new opportunities and growth.
When is it recommended to revamp a business?
If your business is not growing anymore, but your products or services still provide benefits and solutions, maybe you’re investing efforts in the wrong focus, so it’s time for a business remodel. You already have the potential but a change of direction is needed.
Change can be threatening but with the right strategies means new possibilities, progress, and improvement. Here are the best strategies for business renovation, learn the basics for success and use this valuable information to your advantage.
5 effective ways to revamp your business
1. Develop a strong online presence
Developing an online presence it’s not an option, it’s a necessity. Any traditional business without an internet presence or e-commerce site gets stuck. So it’s time to operate differently and join modern trends.
How? Embrace technology and seek new opportunities on the internet to improve: Is there a system that can efficiently your operations? What resources can you use to save time and money? What is the best way to display your products and sell them?
There are five main points you have to consider for this strategy: your website’s main goal, hosting providers, selling platforms, website developers, and design. Start looking for fresh ideas and inspiration for what you would like to do and connect these factors to start working on your revamp.
For example, Best Buy embraced digital marketing, by implementing customized assistance and recommendations for consumers based on digitally gathered data, improved delivery times, as well as a price matching program. Simple changes that changed completely the customer experience.
Online presence doesn’t only refer to owning a website but also using digital marketing and social media channels to increase reach. For example, Target, that introduced online ordering and social media channels, focusing on direct-to-customer sales that allow deeper customization and easier purchase process. Without the help of social media, their sales wouldn’t be as high as they’re now.
If you don’t know where to start, maybe these blogs can help you:
2. Expand your market
Great opportunities come from finding underserved markets. So find their needs and determine how to best satisfy them. You don’t have to leave your actual market, it’s all about expanding and creating a unique niche.
Do the research and check where the market and world are headed. Use a strategic mindset to push on areas where there are opportunities to satisfy consumers with your products. Start working to get what you need to get there before the world does.
This doesn’t mean you need to change your product, but you can always work on improving it. Whether it is a new packaging, new sizes, new bundles, or new focus, there’s always room for developing small changes that impact big.
An example is Instagram, which recently changed its focus from the only image to video, adding lots of features to be able to compete with modern trends and becoming a platform for digital marketing and businesses at its finest.
3. Update your company’s identity
You need to ask yourself, does my business name and tagline tell customers clearly what I offer? If the answer is no, perhaps a change would make it easier for potential buyers to understand.
Analyze every root detail of your business: name, logo, tagline, mission, vision, values, and make changes where necessary. Sometimes it’s good to have an external view of how everything is working, to obtain fresh ideas for new opportunities, and eliminate assumptions and mentalities that prevent focusing on what needs to change.
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4. Change your story
Great stories begin with inspiring messages and causes. Ask yourself the reason why you created your company and the reason why you’re doing what you’re doing. Develop an emotional story that empathizes with your audience and makes your customers want to join you to make a change.
Watch this TED talk about the why to have a clear image of what we’re talking about:
Also, don’t forget about your workers and the culture inside your business. Remind them they’re valued members, ensure open communication, and share the passion towards a common goal. Improving the spirit and positivity will overflow from the inside out and reflect directly on how customers perceive your company and services.
5. Strategic partners
If you want to have a greater impact, you need alliances, collaborations. Identify who are leaders in your industry, who do people follow inside and outside your company.
Regarding the company’s inside, sometimes it’s not the CEO or supervisor, sometimes members at a lower level have the energy and innovation needed to motivate everyone. If that’s the case, give them the power to work on your company’s revamp and mindset change.
Talking about externals, you need to closely follow every stakeholder in your supply chain. Adding strategic partners to increase efficiency and expand your network can be the answer for a better innovative service.
To sum up
A business remodel is what you need to grow. It can sound difficult to cope with change, but it’s all in the mindset. Develop your unique market and branding and change the way your business does things if you want different results.
We hope this blog serves you as your starting point to look for the right strategies to make your business grow. And remember, be innovative and keep trying until you find what best works for you.