Child watering a sprout showing ways businesses are growing
5 Ways Your Favorite Businesses Are Growing

5 Ways Your Favorite Businesses Are Growing

A lot has happened in the last decade, and within those 10 years, we saw hundreds of ways that businesses changed their operations spanning from marketing methods to product delivery. If you want to keep up with the most successful businesses, here are the top five things you should be implementing in yours. Your favorite brands are already doing this and so should you.

1. Cybersecurity

Millions of transactions are being done online now. With this, cybersecurity is becoming more important. With very sensitive transactions such as banking and money transfer, institutions need to ensure that the identity and information of their customers are safeguarded.

It’s not enough to verify a person with just a username and password. Big companies are now using sophisticated software which also looks into the person’s biometrics. This makes it hard for hackers to compromise an account.

If you handle sensitive information, cybersecurity should be your top priority. One breach could mean death to your business and your reputation.

2. Automation

Most business processes can now be automated including marketing, accounting, sales, employee monitoring, and much more. Consider automating certain parts of your business to save time and money. The great thing about automation is that you only need to set it up once and then you can leave it to run by itself.

For example, you can keep track of all your due payments by setting up accounts payable automation. Set a time to brainstorm of all the individuals you need to be paying to run your business efficiently such as your suppliers and employees. Set it up in your automation software and voila! It’s done. You then only need to check it once in awhile to ensure it’s doing its job correctly.

3. Personalization

Online users are getting pickier with the content they consume. They only want relevant information shown on their screens. This also applies to the products and services that they look for. No one wants to sift through hundreds of items when they’re really only looking for that one thing. That’s why search filters exist.

For your business to thrive, you need to offer some form of personalization in the shopping experience. You can do this by separating your products into categories or even providing recommendations based on their past purchases. You can also apply this to your marketing efforts by providing them with ads and emails that only apply to their needs.

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4. Subscription services

Certain services such as movie streaming, cloud storage, and web hosting are now run through the subscription model. Businesses can easily attract customers through this model because it requires minimal commitment. Just look at Netflix, Amazon, and Thrive Market. They run their business on subscription which makes them attractive even to low-income customers. If you want more people coming to you, consider switching your model to one that is subscription-based.

5. Sustainability

People are now looking into companies’ ethics and are boycotting ones that are socially irresponsible. Thanks to the internet, consumers can now call out big companies that are being wasteful.  It’s not enough for your product to be great anymore. If you are not doing your job helping the planet, you’re as good as any big corporation doing dirty business while harming the environment.

A great way to attract customers into your business is by practicing sustainability. This means sourcing your materials ethically, using sustainable packaging, and paying your employees fair wages. Highlight these strengths in your marketing and people will gravitate towards you. Just make sure you don’t fall into the greenwashing trap. Greenwashing is when companies claim themselves to be eco-friendly when they’re really not. Stay true to your company’s values and people will support your business.

 

Which of these developments are already in your business? Share your thoughts in the comments below.

 


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