The arduous journey of 2020 is coming to its end, which means we’re finally allowed to start wishing for better times. Instead of succumbing to daydreaming, let’s sit down and compile a list of new year’s resolutions for your business.
Here is a realistic list of goals you can set for your company for 2021:
Complete your digital transformation
We’ve long known that going digital is essential if you want to do business the right way. This covers everything from accessing your paperwork online to taking advantage of digital advertising and building a strong online presence for your brand.
Digitising your business is an important resolution because it would allow you, your team and your customers to access your information and resources whenever you need them. This would make you agile removing the shortcomings of old models but it would also provide valuable insights into customer behaviour and market tendencies. This way, you’d finally stop guessing and would easily translate the insights into product or service optimisation.
Contemporary businesses need contemporary solutions. Note, however, that your digital goals are unique and should be based on specific needs that you’ve recognised through your own experience. Analyse your processes and identify the ones that would contribute to your primary objectives the most, so you can prioritise them.
Improve customer service
We can all agree that the customer is king, so your resolutions should reflect that. Now that you have more tools that you can use to get to know your customers, you’re also better equipped at resolving issues.
Data is our friend, so let’s turn to statistics to illustrate the importance of customer service. A Deloitte report on the true value of customer experiences states that brands can curb the cost of serving customers by 33% by improving the experience they deliver. In order to do that, however, you need verified data to show you what works best in your case.
This year, invest in a better customer experience and show your clients you care about them. Utilise email, chatbot and phone to analyse customer sentiment towards your brand. This will help you understand the reasons behind churn and improve your product to meet customers’ expectations. Make sure your team members access the same verified data by using an integrated platform that consolidates all sources.
Explore new marketing ideas
Up to very recently, many companies would underestimate the importance of online advertising. They thought that if they did business offline, they didn’t need to invest in social media, building a website or even listing their office hours on Google.
Now that more and more companies invest in digital marketing, there are new opportunities around every corner. Moreover, with 2020 bringing stagnation across a series of industries, both customers and businesses depend on 2021 to resume their activities with the previous vigour.
Take advantage of this new hope and explore the marketing opportunities that you couldn’t try out this year. You can expand your brand’s online presence by going on new channels that you feel comfortable creating content for. These include podcasts, PBNs, YouTube channels or simply an account on a social media platform you’re not on right now.
If you feel more adventurous, you can ride on the wave of enthusiasm and try out guerrilla marketing online or offline. Whatever you decide on, just don’t forget you need to be able to track performance, so you can adapt and optimise your efforts.
In 2021, you can finally start introducing automations. They come in many forms and can be applied to every process from logistics through marketing to human resources and finance, removing the risk of human error thus also saving you money.
Introducing automations doesn’t mean that you’re going to reduce your staff. Quite the contrary, it would actually allow them to do their jobs more efficiently, giving them room to grow and learn new approaches to the tasks they’re used to.
Forbes reports on a number of companies where the adoption of automations has led to an increase in business that on its turn has opened new jobs. This means that optimising your processes is an essentially positive workforce shift that both your profit and your staff will benefit from.
Start using your data
If 2020 taught us anything, it’s that unpredictability is the greatest risk to any venture regardless of how long it has been around. Although we can’t foresee major global events, we should be aware of what’s going on at an industry level. This means that we should be familiar with the user behaviour but also keep up with the competition.
All of this information can be found in the data that is generated every second by customers, partners and competitors. We can now easily access this data and use it to run predictive analytics to form better estimates of campaigns and be well-prepared for different developments.
Each of the business resolutions that we suggested so far is based on the efficient use of data. If that sounds overwhelming and you don’t know where to start, we’re here to help by building your first integrated data platform.
And since the holidays call for generosity, here’s an extra suggestion that definitely comes from experience:
Invest in expertise and growth
This is a new year’s resolution that you can make for both your professional and personal life.
2020 caused many companies to shrink their training and development budgets. However, we all saw that having versatile competences and adding to our skill set is crucial not only to staying competitive but to staying afloat.
In 2021, make it a priority to invest both time and financial resources into your team’s expertise. You’ll gradually start outsourcing fewer tasks and become independent in solving issues that would otherwise require hiring an external team.
You can also incentivise the acquisition of new skills by allocating a training budget. This would allow you to quickly gain the expertise your company can use right away. Keeping this resolution would serve a twofold purpose of bringing new expertise and provide a sense of accomplishment to your team.
How to keep your business resolutions
Once you’ve set realistic goals, you need to make sure you keep them. Here are some Dos and Don’ts to help you:
- Set deadlines for each goal;
- Allocate resources beforehand;
- Let your team know about your plans.
- Postpone your plans;
- Neglect checking your progress;
- Obsess over obstacles.
Follow these and you’ll have a detailed roadmap of feasible resolutions that you feel accountable for.
The Infinite Lambda team wishes you a happy, safe and productive new year!