The need to make improvements in their company is inevitable for any business owner. The issue is that many of these upgrades can involve an immense outlay of cost for what seems like a minimal benefit. Fortunately, there are plenty of low-cost, low-risk improvements out there that can make any business better. Here are six improvements that you might want to consider making.
1. Upgrade Telecommunications Systems
The big story in telecom over the past two years has been the rapid upgrade to 5G. The change has the potential to make telecom companies big profits through monetization programs like a 5G charging function, but the upgrades benefit companies across the spectrum. Smooth connections mean the ability to avail yourself of cloud-based applications and time-saving remote meetings. It also facilitates another efficiency upgrade: employing 1099 freelancers, which has the advantage of cutting overhead and allowing rapid onboarding.
2. Improve Customer Service
Recent research shows an interesting trend in customer service. 71% of customers said they’d be less likely to use a brand that didn’t have human customer service reps…yet research also shows that the use of AI chatbots increases sales by around 67%. The reason is low overhead. Having live reps keeps customers happy, but chatbots are inexpensive and always available to help. There’s also a third option. A survey commissioned by B2C leader Avochado showed a definite preference for text-based customer service due to low wait times. In customer service, it pays to put yourself in the consumer’s shoes.
3. Enhance Your Digital Presence
Once you’ve invested in a landing page and social media presence, the difference between being mediocre and being memorable online has little to do with cash and everything to do with creativity. Make sure that your pages are built using proven drivers of viewership and conversions, like color psychology and science-based web design principles. It also pays to explore new channels you might not have thought of before, like TikTok videos and Instagram Stories. A combination of these small-scale marketing hacks could make a big difference in generating leads.
4. Create Strategic Partnerships
Partnering with other businesses is a powerful way of making the most of the resources that each entity can bring to the table. These partnerships can take many forms, but promotional partnerships are an especially lucrative idea and one which can be done through your existing social media channels via influencer marketing. This includes the new phenomenon of micro-influencers with smaller (and often more loyal) followings. Remember too that partnering with your customers themselves through referral programs is another great way to rapidly expand your influence.
5. Have a Winning USP
A unique selling proposition (USP) is something that every company needs but not enough have. Breaking through in a crowded market means leveraging your company’s individual points of difference. The best way to do this is by offering distinctive quality. Business owners often balk at enhancing quality since this often costs money, but there are ways around this. Offering better delivery and other services enhances the perception of quality. So does being responsive to and anticipating cultural trends in a niche market. Authenticity is what customers are really looking for, and the key to that is knowing your market.
6. Study Your Market
Having sound knowledge of that market is critical, and not as expensive as one might think. It often requires little more than gathering feedback and diving deep into market statistics. This is another business process that can benefit from AI-based automation. Traditional market reports solicited from a professional agency can cost anywhere from $15,000 to $35,000. Algorithms can do it for less, since making sense of big data is what they do best. Qualitative methods like focus groups are still informative, but they can be replaced in part by informal surveys. It’s always worth exploring all the options available for learning more about your customers.
None of these methods require a large investment of cash, but the most cost-effective solution you can implement is to hone your vision. In the end, the improvements you make to your company have to be a reflection of the plans you have for its future.