Sustaining relevance amidst change has become an existential challenge that affects not only businesses but every aspect of our lives. Over the span of four years, we witnessed seemingly successful businesses suddenly lose momentum and fade away, such as Pan American World Airways, Blockbuster Video, and UTC Nigeria Plc, among many others. They failed to innovate and keep up with customer purchasing patterns and the technological advancements that facilitate those patterns.
Understanding your customers and prospects inside out is crucial for remaining relevant. To achieve this, you must adopt a flexible approach to marketing, messaging, and operations. Additionally, fostering open communication within your workplace is vital for attracting and retaining the creative talent necessary to stay ahead of the curve and maintain relevance.
Here are six strategies that we know will help your business become and stay relevant today:
- Be Open to Learning
To stay relevant, you need the right knowledge. Adopt and encourage a growth mindset among your employees. Don’t just hire people with degrees; hire individuals with proven skills and a commitment to continuous learning. Encourage your staff to stay updated on industry trends and attend workshops and conferences.
- Pay Attention to Your Customers
Whether you cater to individuals or businesses, it is important to understand their needs and preferences. Know where they are communicating (digital channels), listen, and gather feedback. Understanding your customers allows you to seize opportunities and create appropriate marketing and customer service strategies.
- Foster Agility and Adaptability
Your ability to pivot quickly in response to market shifts will keep you relevant. Cultivate a culture of innovation within your organization, encourage experimentation, and provide the right tools for employees to embrace change.
- Take an Active Interest in Technology
Technology plays a crucial role in maintaining relevance. Use digital tools to streamline your business processes, improve operational efficiency, and respond to customer demands promptly. An example of such a tool is an ERP system. Stride ERP is an enterprise resource planning software that provides a centralized platform for streamlining operations, including inventory management, financials, sales, human resources, project management, and customer relations.
- Rejuvenate Your Brand and Marketing Channels
This is an area where many businesses fail to grasp the importance. Regardless of how long your business has existed, periodic reintroduction of your brand to the target market is necessary. Consider a new look, a new product, a new service, or added value. Always look for ways to reinvent your business and broadcast your message through the right channels where your customers will see and engage. Don’t exhaust your efforts trying to keep up on every marketing channel. Prioritize digital channels and build a sustainable strategy around them.
- Collaborate with Influencers and Businesses
Look at successful examples like Nike and Michael Jordan, Coca-Cola and FIFA World Cup, Spotify, and Uber, Mastercard, and Airbnb, among others. Well-planned partnerships between complementary influencers/companies can invigorate both parties and create a more pertinent profile. Small businesses can also gain advantages by collaborating with a network of other small business partners.
In conclusion, it is essential to stay informed about advancements in adjacent industries. These developments can profoundly influence your own field. By actively monitoring progress and innovations in related sectors, you gain valuable insights to inspire new ideas, fuel creativity, and uncover potential opportunities.
Thank you for reading our latest article. Here at Stride ERP, we are passionate about empowering businesses with the tools and knowledge they need to thrive. Click on this link to Book An Appointment with our specialists to discuss how Stride ERP can transform your business.
To stay updated on our future articles, simply follow our blog. You can also connect with us via Facebook, LinkedIn, Instagram, Twitter, and YouTube. We would also love to hear your opinions in the comments. How do you think businesses should stay relevant? Your opinion matters to us.
Have a wonderful day!