Are you interested in increasing your business capacity with the existing resources in 2021? Developing a successful strategy for a business bothers many owners and top managers regardless of the field. Stepping up from the pandemic and getting along with new realities may not be easy for business. However, it’s possible to grow significantly within the new normal. One just has to understand how to do that and how exactly business development strategy works.
2020 and 2021 have shown how meaningful business strategies and adaptation are for business capacities growth. For example, fintech faced the necessity of digitising services, as social restrictions were imposed. Industry players were trying to embrace digital engagement as much as their capacities allowed. So many of them moved to remote services, implemented digital transactions, and improved home-office conditions for their employees. Forbes even called it a “digital tsunami” which showed the value of banking strategies for growth and strengthening the new roadmaps of change. As a result, new types of business strategies appeared to work, and Dashdevs will make you acquainted with them just in a while.
These strategies encompass new ways of dealing with necessary transformations or covering any possible threats, shifting in the ways operations are carried out, as well as the degree to which the change in strategies application is necessary. However, before embracing and developing a new strategy of growth for a business, one has to recognise the need itself.
To begin with, let’s consider what is a business strategy and its adaptation power for businesses in doing something new with what you already have.
Examples of Business Strategy that Work Well
Currently, many organisations are trying to reinvent the ways they comprehend business capacity and increase strategies of adaptation to thrive. For that, one has to choose strategies for businesses that work. This differentiates successful companies from the rest. In order to employ new marketing strategies for online businesses, we suggest getting acquainted with several examples. For instance, Entrepreneur suggests the following examples of business strategies for growth; namely, they are:
Successful content marketing plays an essential role in promoting products and services online. According to Statista, it constitutes almost 18% of all marketing activities. It’s vital for anyone going online to do business there. Sharing professional and expert content with customers done professionally delivers astonishing results.
Done professionally, it may have a positive impact on sales in a way more than traditional marketing. It can also improve customer engagement and boost interaction with users. This implies the increased capacity of sales, speed, brand awareness, and trustworthiness — if you aren’t online, for some customers you may even not exist.
SEO is another example of business strategy. It adds visibility to your business. SEO is done organically; it doesn’t require additional resources or investments. Just as content marketing, its key aim is to either boost sales or generate awareness without additional spending.
Overall, search engine optimization has a share of 30% of all the internet traffic. As a powerful part of search engine marketing, additionally, SEO helps to check up on competitors.
Social media marketing
SMM is another tool of online promotion capacities. It can be part of content marketing, as well as it can be a separate tool for actively engaging the customers, improving visibility. It’s a great opportunity to show what you’ve got.
To make it work, make a selection of social media channels for your business. Choose the type of content you want to promote according to the buyer persona. Then engage with your audience actively. Don’t forget to set KPI and measure your performance.
Email marketing and outbound strategies
It can be used as a wonderful retention tool for existing customers and keep connections with them to support customer loyalty. In addition, it has an outstanding ability to boost return-on-investment (ROI). What type of business would actively employ these examples? Any that would wish to go online: e-commerce, fintech, banking, and many others. So when it comes to digital marketing, there’s no limit to its endless possibilities.
Business Growth Strategy: Key Constituents for Success
Any company would wish for growth. More importantly, it’s how to do it with the existing resources and avoid wasting extra time and money. Success in business growth strategy comes when the demand meets the business abilities. In this case, growth will be determined by what you can do. Companies would like to develop any activity that brings profit. Ideally, one achieves it without any additional efforts, simultaneously avoiding any constraints. And yet, this task is achievable.
The key here is to adjust and be flexible enough to meet the requirements of time, market, niche, or whatever may be your constraint. In this light, digitization and online marketing shape the perfect business strategy for growth with what you already have, especially in banking. According to Statista, in 2021, the share of people actively using digital banking in the U.S. comprises more than 60%. Any doubts now that digitization is helpful in subsequent growth? Going online can indeed be very helpful in subsequent growth.
Banking growth strategies are, in fact, the best examples. However, let us consider broader growth approaches for businesses: both B2B and B2C. They are a perfect match for banking, financial institutions, and fintech companies so that they can be viewed as digital strategies in financial services. Still, they can be applied to any business:
This strategy is sound when the company wants to get a broader comprehension of customer needs. In practice, this may relate to services extension, partnering, or consolidation with other organizations. As a result, we receive not only higher profits but also increase market share.
2.Improving value for customers
In practice, it means offering more than customers expect, providing them more value in services, as well as making their user experience (UX) more interesting. For example, make their decision journey better with improved communication. It may be in the form of an app, live chat, or extended information as a piece of content on the website. This is a good opportunity to be creative.
New digital growth strategy models can positively contribute to growth and development. This can be done by providing exclusive online services and increasing digital presence overall, as it was done by British Digital Only Bank Dozens. As you see, non-traditional digital strategies in financial services are strongly welcome to employ innovation.
4.Strategy of data monetization
This strategy is actually ideal for the banking sector and e-commerce. For example, data can be used for secure access to the services for a broader range of customers. In addition, we use data monetization for developing a more comprehensive portfolio of services.
5.Implementing backend infrastructure
With its help, do the things that others can’t. For example, one needs it to provide unique services to other businesses and organizations. Such as specific algorithms to improve loans, insurance management systems, or backend technical services.
This list is complete but not exclusive; it outlines key digital growth strategies that can be successfully employed by various businesses having resource constraints.
Tips How to Increase Production by Carefully Considering Resources
In order to succeed, businesses are trying to embrace changes. Want to find out how to increase production with existing resources? Then Dashdevs suggests the following tips:
- Say yes only to the most capable and profitable customers. Sadly, but one has to choose what’s best for you.
- Make staff revision. Consider only those who are able to keep up with changes and their skills correspond to what you need. In addition, rethink motivators and rewards for your employees.
- Consider third parties to work with or increase the business contacts of contractors/ suppliers. The best options can significantly support business production capacities and move the business forward.
- Invest carefully in an operational capacity. In case of scarce resources, it’s wise to invest in something that can increase it. To make this decision, discuss it with financial managers.
Implementing these tips will help you to achieve an increase in production and save resources. Isn’t that enough to sparkle your interest?
Factors to Count Before Implementing Business Growth Strategy
The key factors that influence capacities are mainly determined by:
- Change necessity
- Growth necessity
- (Un)stable environment
These factors are universal, and they require us to change our mindsets and approaches towards business development. However, there are much more. Depending on the answers, they indicate that change is required.
In current realities, there are things that any business owner or CEO always has to bear in mind. After considering these questions, one can decide whether growth is required. They are:
- Pandemics, is it really over? Always consider COVID influence, as we do not know when it is going to end. It will still sustain its impact on every aspect of our lives, as scientists state. This can be an opportunity, as well as a threat.
- What do customers want and need now? Where are they? Currently, one should be able to cope with any fluctuations in customers' behaviour, find and meet customers whenever they are.
- How do your employees feel? Can they perform their jobs? What are the constraints for them?
The best way is to carefully consider all these questions before applying and implementing a strategy for growth to meet the demands and constraints of it.
How to Increase Business Capacity? Essential Practical Steps
Capacity in business is the ability to have various resources in use. For example, it can be defined as an increase in sales, speed improvement, security, and trustworthiness. There’s capacity planning in business; it’s when we determine how many resources we have or need for functioning and development.
For some, the definition of business capacity may be in expansion, retention, services improvement, faster-to-market operational capacity, or profit increase. It mainly relates to business functions. Nowadays, it can also be strongly related to the ability to sustain and thrive within an unpredicted environment, as we’re experiencing during 2020. Perhaps we’ll have these turbulent times even longer. Businesses need to know how to succeed under any conditions. Not only do the outer conditions require companies and businesses to adapt, but the businesses also have to be able to change from within. HBR mentions change as something amorphous and intangible and yet necessary, especially with a view of the current pandemic (or future, who knows?).
To answer the question of how to increase business we need to think about any possible limitations. And after considering the environment and all constraints, the Dashdevs team recommends the following capacious steps.
Step 1. Reconsider
As we already partially mentioned, we underline its importance. These resources require careful consideration. If employees are lacking skills, they have to be boosted and rewarded; if contractors are slowing operations down, they have to be changed. In this case, one has to remove anyone or anything which isn’t serving business needs.
Step 2. Improve
- Any technical and operational inefficiencies
- Equipment maintenance to make it work, as suggests RBC Royal Bank
- Templates usage to sustain efforts to develop something new
- Reconsider project management techniques you apply to make things work better
- Leadership approaches to keep the strategy working
- Revise marketing for additional adjustment to the market needs
- Set KPI to measure performance
All these greatly influence growth from within, don’t you think so?
And What Business Growth Strategy Suits You Best?
More than ever, businesses nowadays need to know how to use business strategy for growth under any circumstances and under scarce resources. The environment that businesses operate in isn’t constant. Just as we experienced in 2020, when sudden change forced us to shift our approaches, realities require the new approaches to apply timely. These strategies are affordable and accessible.
We trust your best knowledge and opinion, but if you’re in doubt, drop us a line, and we’ll develop the best fintech solution for your business.