Over the last decade, businesses have been going through many challenges in their operations. The last few years have particularly been tough for most companies because of emerging risks, such as the instability of the global economy and pandemics. These trends appear to cement the argument put forth by McKinsey that over a third of the corporations that were leaders in the 20th century would not survive 25 years into the 21st century. Now, it appears that the problems are not just for the old companies, even the new ones are not spared, with a significant percentage exiting the stage five years into their operations.
The big question that investors have been asking is, “what is the best way to take my company forward?” In this post, we take a closer look at the business drivers that you can count on to push your firm to the next level.
Focus on Customer Satisfaction
The 21st-century customer is completely different from that of the 20th-century. Gone are the days when people used to watch ads and immediately rush to buy products in the nearby shop. Instead, the modern customer is tech-savvy and wants to be convinced he/she is getting the highest value for money. The client will check the product reviews and talk to past users before making the decision to buy.
To win over modern clients, it is important to ensure your company’s marketing is focused on customer satisfaction. This target should be factored into the entire buying journey. For example, the product should be designed with quality in mind and presented appropriately to ensure it meets the expectations of the client. Again, your company should be present in different platforms to address issues or answer queries from clients for enhanced satisfaction.
Focus on Sustainability
When looking for customers for your business, it is paramount to also put a lot of focus on sustainability. The realization that people’s actions can help address the threat of global warming is making customers quickly sieve out all businesses that are damaging the environment. Therefore, your business has to change its focus by including sustainability in its strategy as a crucial requirement by customers and other stakeholders.
In markets such as Hong Kong and Singapore, only companies with clear strategies for promoting sustainability can be listed on the capital markets. Some good actions to promote sustainability include cutting down the carbon footprint, social justice, and good governance. Also, you have to accurately report these efforts for stakeholders to see.
Competition on the market can be costly and brutal for businesses. However, the capitalist nature of our market requires creativity to be able to move towards clearly pre-drawn goals. Even as you work on developing better products and strategies, focus on creating ecosystem-driven approaches for growth. This means that you develop useful networks where your customers, staff, and suppliers work together to offer a better user experience.
The collaboration helps to make every party involved in the supply chain and, therefore, own the results. For example, involving consumers in product development or improvement makes them anxiously wait and buy when it hits the market. As your referral, repeat clients can help to strengthen the brand and sustain high sales. This might be the cog you need for faster growth and success.
In this post, we have highlighted some of the expert tips that you should consider to navigate your company to success in the 21st century. According to Adrian Cheng, investors, leaders, and managers should not simply try to preserve their businesses. Instead, they should progressively renew their strategies and adapt them to emerging customer and market demands. So, start by reviewing your company’s processes, draw clear goals, and come up with an excellent plan to achieve them, factoring in the tips we have listed in this post.