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Peter Drucker, also known as the Father of Management, once said that any business that doesn't innovate will eventually die. This is still true in today's digital age. How can a business adapt to the changing times and change their branding and marketing strategies in order to be relevant and thrive in today's economy?
This question can be viewed from a different perspective. What mistakes do business owners and entrepreneurs make that prevent them from realizing their full potential, regardless of how the economy and market are performing?
1. Not adapting, pivoting, and catering to today’s tech-savvy customers.
Businesses have had to adjust and pivot their customer acquisitions and delivery processes in the wake of the global pandemic. Businesses all over the globe were forced to close their doors in order to serve customers remotely, with the exception of a few critical industries. The quarantine of 2020 resulted in over 30% of businesses being shut down, and many will not be able to operate again.
Companies that adapt and pivot their business models and client acquisition systems have often survived and even thrived. Those that didn't pivot or adapt suffered huge financial losses, and some even disappeared.
These are just a few examples of how businesses can adapt, pivot, modify, adapt, and cater for today's digital customers.
Integrating strong social media presence via platforms such as Facebook, Instagram, Twitter and Tiktok
Develop an online marketing channel that engages potential customers or offers digital education resources
Incorporating virtual events, workshops, meetings, or conferences
Accepting online payments via software tools like Stripe, Paypal, or wire transfer
Leveraging digital marketing platforms like Google Ads or Facebook Business Manager
Integrating digital checkout pages that can be accessed easily and accept payments. Backend notifications regarding the fulfillment of orders are processed.
The future is now: Be innovative and adapt or fade away. This is especially true if your competition has already adopted more digital and modernized methods of attracting, acquiring, and delivering customers.
Related: 5 Ways To Avoid Common CEO Mistakes
Second mistake: Not integrating mobile strategies in your marketing and conversion channels
Mobile usage accounts for more than half of all website traffic, so not incorporating this strategy into your business's strategy could prove costly.
You will see that many of the websites you find are not mobile-friendly if you do a Google search for local chiropractic clinics or law firms in your area. These websites are often too complicated, out of date, not compatible with mobile devices, and offer too much information.
To understand the psychology of your customers and to see their world through your eyes as a business owner, it is important to place yourself in their shoes. This is easy to do by observing your purchasing habits.
How often do your smartphones get checked?
What content do you consume on the phone?
Are you able to purchase goods and services using your smartphone?
Which websites are more intuitive than cumbersome?
A strong mobile strategy can dramatically increase market share, improve profits margins and open up new revenue streams that you may have missed.
Related: 5 Lessons Learned from Your Business Mistakes
3. Mistake: Not using data or market research to inform decisions
It is important to develop an analytical and data-driven strategy if you are to grow your business strategically and in a calculated way. This will allow you to find solutions that the market needs and not guess what they want and hope that they buy what you are selling.
Market research is a key part of every corporation, large and small. It allows them to learn more about their customers, market trends and spending habits. This helps them understand emotional trigger patterns, digital behavior, and market trends. This data provides business owners with the information they need to develop and implement strategies that are based upon real data. It allows them to create content, workflows and offers, websits and mobile pages, and offers and presentations that are tailored to what customers are searching on sites such as Google, LinkedIn, and Facebook.
Your business has access to billion-dollar technologies and research tools, as well as browser extensions and analytic software products. It should therefore invest its resources in cognitive research techniques and methods that will help you make better decisions and positively impact your bottom line.
Related: 5 Reasons Employees Shouldn’t Fear Making Mistakes
Adapt or perish
Darwin's theory of evolution focuses on the ability to adapt, pivot and evolve to change in order to survive. This is what Drucker calls "Innovate or Die" in a business context.
These three strategies will help you to avoid losing market share or profits if you want to manage and lead a business that is resilient to economic changes and adapts to changing consumer and social behavior.
