The way we do business is transformed. Successful companies are increasingly deploying unconventional business growth strategies to remain relevant to their customers.
I.e. do you know about the company that has the biggest travel service in the world without owning a single taxi? The company in discussion is UBER. World’s biggest retailer does not own a single shop. – Amazon.
There are many companies which offer accommodation across the world without owning a single property – Oyo rooms, hotel.com
What is the common point among all these businesses? These are all technology driven businesses. Technology has transformed the way we do business; conventional business growth strategies are no longer enough. Unconventional and out of the box strategies are required to grow your business.
As a business consulting company, we continuously innovate and help customers find new avenues of growth. Here are 4 business growth strategy tips that can help you get powerful ideas to set your business for next level of growth.
You must have heard about electric cars, driver less cars or even flying cars? You must have definitely heard how sensors are being integrated across sectors to aid communication, decision making & servicing. Telecom companies are a case in point, away from uber competitive consumer markets, telecom companies are heavily investing to enter home & factory automation in a big way.This innovation is threatening the old business models but at the same time creating immense opportunities to companies in auto, electronics and other sectors.
What is essential for the existing businesses is to sense and identify the right opportunities and ally with right partners. Companies -future will need to innovate and work to create new products and services using latest technologies at rapid pace.
Think Innovation: if you are selling through distribution channels then think can you directly sell to end customer?Elimination middle men will increase your margins and simultaneously reduce the costs to end buyers. This is already happening with grocery and vegetables. Paisa bazaar and bank bazaar are changing the landscape in banking & insurance sectors. Within next few years all businesses are going to happen online.
If you just surf Facebook and visit various business groups you will realize so many people today selling apparels & clothing online. No wonder, not just Laxmi Road, the busiest business street of Pune and Mumbai are getting deserted.
Unless a business creates a distinct identity and strong brand, it cannot command higher margins and generate consistent sales. Unless you establish a strong differentiator, the sales will be focused on pricing and there will always be someone who will offer your product cheaper than you.Technology can rescue you from this problem. Digital marketing and social media offer newer, faster and cheaper ways to reach out to potential buyers. Creating digital images, videos and relevant content could go a long way in creating the brand image that you deserve.
Technology can increase the speed of communication saving crucial time. Information, data, designs; can now be easily exchanged using the power of cloud.Many business systems and applications are now available to help track the entire sales process right from tracking the field staff to checking if a prospect has read your email
It’s now possible to track website visitors and make real time customized offers to them. Online CRM and analytics solutions can help you increase your sales conversion ratio at reduced costs.
Not only in sales technology can help unlock value in operations as well. In most of the companies that we work with, we realize that the owner don’t have proper control over costs. e.g.: Significant money is locked in inventory; higher costs are incurred due to improper planning & changing priorities. All of these can be better managed by implementing systems that offer pay per usage models.
Above methods are just few representative examples to show how businesses need to move out of conventional ways and move to Unconventional Business Growth Strategies. Technology advancements can aid in a big way. Technology can be applied to every business; depending upon industry and sector & nature of business the approach of application will be different.
At In-Unison we consult companies to use digital and power of IT effectively. In-Unision is a strategic business consulting company that can help you identify new opportunities and move your business from conventional to unconventional approach for exponential growth in today’s competitive market conditions.