Communicated Content – Technology evolved at a rate much faster than was anticipated. The evolution of modern-day technology marked the beginning of a new era for the business world. The internet provided a platform through which business owners can promote their brand and earn additional revenue by selling their company products & services online.
For large businesses, it is easier to stay in the competition because they have all the resources and manpower but small businesses usually struggle to make major strides. Small businesses need to follow digital advancements and differentiate themselves from the competition. For this purpose, we will be exploring some tips that can help small businesses to stay in the competition in the digital age:
Gather Funds Through Creative Funding Sources
For any business to become successful, it needs to have capital that will fund its growth. Getting capital for your business isn’t easy and unless you inherited millions of dollars in wealth, it becomes difficult to raise funds for the growth of your business. Fortunately, there are now several ways available apart from business loans to gather capital for business.
There are now various options available including Crowdfunding through which you offer investors a perk in exchange for investment, Factoring through which you sell your accounts receivables to a financial firm to receive money upfront, and Supplier Financing in which the supplier is willing to fund your inventory and online fundraising platforms like GoFundMe where you can ask people from around the world to support your business financially. Without gathering funds, it is nearly impossible for small businesses to grow in this competitive age.
Use Digital Marketing In A Creative Way
Almost every business out there uses digital marketing since it is the most cost-effective method to promote your business in front of a large audience but being creative with digital marketing can help small businesses to grow quickly. There are multiple options for business owners available using which they can attract more customers and generate leads.
Digital marketing campaigns should not only be visually appealing but your content also needs to be creative & engaging and shows your brand in a unique way. Instead of doing what everyone else is doing, small business owners need to become creative such as creating a local narrative for their business, engaging with the local community, utilizing online localness, using local media, running social media campaigns, etc.
Offer 24/7 Quality Customer Support
It can be challenging for small businesses to offer this but it can really boost their growth. A major differentiating factor between small businesses can be the quality of customer support provided. Customer support is not giving automated and scripted responses to your customers but it is actively listening to your customers’ problems, empathizing with them, and resolving their issues as soon as possible to develop strong relationships with them.
In a world where it is getting harder and harder to get someone’s attention, offering 24/7 customer support with timely responses and resolution of problems is appreciated by customers. For a small business to beat its competition, it will have to offer round-the-clock customer support, which can be through a website, mobile app, or social media. If a small business is able to earn a reputation for offering round-the-clock customer support, it will not only gain its customers’ loyalty but also receive positive word-of-mouth from its customers, which leads us to our next point.
Work On Word-of-Mouth Marketing
Word-of-mouth marketing is one of the best marketing forms that can help small businesses grow. It is when customers like a brand so much that they talk about the products and services of that brand to people in real life. Small businesses can use word-of-mouth advertising to build trust and credibility in the minds of consumers. Small businesses can encourage word-of-mouth marketing through social media which can help increase brand awareness.
Small businesses can ask their customers to share their experiences on Facebook through a post, on Instagram with a story, on Bazoocam’s live stream, or on Twitter via a Tweet. When more and more people will hear good things about a brand, they will be tempted to try out that brand.
Create Multiple Sources Of Revenue
Last but not least, small businesses need to create multiple sources of revenue in order to succeed. Can you imagine the top brands like Google, Omegle, Amazon, or Facebook would have succeeded so much if they would have stuck to only one category? or would Elon Musk have become the world’s richest person if he had only one source of revenue? Probably not.
In this digital age, if a business wants to grow, it will have to come up with multiple revenue streams so that in case one product or service fails, the others are there to back it up and that too should be related to the internet or technology because these are the most reliable platforms of income in this day.
