The way people make purchases has changed over the years. Today, customers usually prefer buying products or services online and that's one of the major reasons why businesses consider having a digital presence. Growing a business digitally may sound fascinating but it's easier said than done, as you face many challenges. Some of these challenges are easy to overcome whereas others demand patience. If you're thinking about stepping into the digital realm but don't know how to get started, here are a few tips that can help. 1. Know Your Product The first step to growing your business digitally is knowing yourself. And that means getting acquainted with your product attributes. People don't buy products; they seek solutions for their respective problems. And without knowing your product characteristics, it would be difficult for you to present it as a fitting solution to the right people. Knowing yourself enables you to connect with a relevant audience and that's essential for your business growth. 2. Know Your Customers The second most important thing to consider when growing your business digitally is knowing your customers. Exploring the needs and preferences of your potential customers is the prerequisite for devising fool-proof targeting strategies. Plus, knowing what makes your customers tick lays out the groundwork for you to reach out to a relevant audience and pitch your solution in the best possible way. Customer insights enable you to tailor your marketing messages as per the targeted interests which in turn helps you generate quality leads for your sales funnel. 3. Do Competitor Research When striving to grow your business digitally, gather as much information as you can about your competitors. Your target audience is similar if not completely identical to the one targeted by your competitors. So competitor research gives you some helpful insights when getting started. Moreover, studying your competition helps explore the competitor strategies that worked and the ones that didn't. That's extremely helpful and saves time as you don't have to devise your targeting strategies from scratch. You can take inspiration from what's working and come up with stellar strategies of your own ensuring that you don't make the same mistakes your competitors did. 4. Create Relevant Content Content is king. It's not possible for you to grow your business digitally without an efficient content strategy. By creating relevant content, you generate awareness and provide your audience with the answers that they seek. This in turn enables you to build trust and authority in your respective niche. People don't make purchases on a whim anymore. They make informed buying decisions based on their research and recommendations. Content enables you to target the queries used by your target audience and helps present your brand as a worthy alternative to consider. 5. Search Engine Optimization What's the first thing that comes to your mind when you don't know an answer to a question? Google it. Right? Search engines help us find answers to our questions and explore fitting solutions that best serve our needs. And that's why they play a key role in helping you grow your business digitally. By targeting the right queries, you can leverage search engines and attract a relevant audience without having to break the bank. All you have to do is produce relevant and informative content best suited for the targeted search intent. Keep in mind that search engines rank content as per its usefulness and user experience. So, sticking to the quality guidelines and SEO best practices helps you rank higher than your competitors on a particular query. 6. Social Media Marketing When expanding your business digitally, producing relevant content isn't enough. You have to make your content accessible to your target audience. And social media can help you with that. There's been a surge in the popularity of social media over the years. More than half of the world's population is active on different social media platforms—and the number is continuously growing. This has led businesses to consider social media marketing as a reliable strategy to reach out to a relevant audience. Ideally, you should be active on all leading social media platforms or at least the ones where your audience is readily found. Leveraging different social media platforms, you can easily connect with your target audience and generate awareness by sharing relevant content. Interacting with your audience increases your brand's acceptance as you become a trusted name in your respective niche. And that's extremely helpful for your business growth. Final Words Having a digital presence is a must for all businesses whether they're established companies or just getting started. If you've been thinking about it lately, try out these recommendations and see if they work for you. Source: https://www.forbes.com Image Credit: Getty Images
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The first step towards building a successful small business is keeping yourself aware of the latest industry trends and adapting to changing situations. In this post, we will share four trends that new business owners must look out for in 2023. #1. Digitization Investments Will Grow Although small businesses have come a long way in adopting digitization and tech products, 57% of small business owners believe they still need to upgrade their IT infrastructure for streamlining their operations. Implement tech solutions that would make lives easier and help your business achieve its goals. For example, an upcoming SaaS business can use a dedicated tool to design an effective product management process and monitor the project process. Similarly, an eCommerce business can leverage a shipping route optimization platform to facilitate faster deliveries. #2. Sustainable Packaging Will Be More than Just a Buzzword Contribute to creating a sustainable future by adopting environment-friendly business practices. 32% of small businesses surveyed by QuickBooks believe that environmental sustainability is important for the economy. Source raw materials from local suppliers to reduce transportation and support the local economy. Use eco-friendly packaging and ship multiple products in the same packaging to reduce the number of packages. Encourage bulk purchases by offering additional discounts to customers. #3. Immersive Buyer Experiences Will Attract and Engage Customers Better Positive experiences add emotional value that fosters customer loyalty and helps small businesses stand out amidst the competition. 80% of customers feel the experience a business provides to its consumers is as important as its products or services. Leverage modern immersive technologies, such as AR, VR, and more to deliver engaging experiences and efficient support to customers. #4. Flexible Work Model Will Be Widely Adopted The flexible work model is gaining popularity because of its benefits. A flexible workspace is the first step toward adopting this work model. Coworking spaces offer the best flexible work solutions for all kinds of businesses. No wonder, the global coworking market is expected to rise to $13.03 billion by 2025 from $8.14 billion in 2021. Sign up for a private office in a coworking space and get started with your business operations in less than a week. You could save up to $2700 by leveraging coworking space for setting up your office. Source: https://smallbiztrends.com Image Credit: https://smallbiztrends.com
Every year, new technologies are introduced or improved upon that have a major impact on the business world. From major to minor innovations, and from physical machines to complex code, each advancement has the potential to change the way the world does business—and this year was no exception. There were a multitude of technological innovations and improvements within the last 12 months, and to share a few of their favorites, the members of Young Entrepreneur Council chime in below. Here, they each share one technology that they think has the most exciting implications for business in the coming year and why they believe its impact will be so great. 1. Virtual Reality One technology that has the most exciting implications for business in the coming year is virtual reality (VR). VR has been around for a while, but it is only now that the technology is becoming more affordable and accessible to businesses and consumers. There are a number of reasons why VR is so exciting for businesses. One is that it provides a new way for businesses to engage with their customers. For example, businesses can use VR to create immersive experiences that allow customers to try out products before they buy them. This can be particularly useful for businesses that sell expensive products, such as cars or houses. - Abhijeet Kaldate, Astra WordPress Theme 2. Hyper-Accurate Positioning Technology Hyper-accurate positioning technology is one of the great achievements of this year. GPS tech has revolutionized both our personal and professional lives; however, future ultra-precise locating systems have a few centimeters or millimeters accuracy, whereas current GPS is only accurate to within five to 10 meters. New opportunities are available, including delivery robots, self-driving cars and landslide warning systems, but it will likely impact the shipping industry the most. Hyper-accurate positioning redefines the shipping industry today because it allows ships to be positioned more accurately than ever before. It means that shipowners and operators can know exactly where their vessels are at all times, which is crucial for the safe and efficient operation of the shipping industry. - Candice Georgiadis, Digital Day 3. Smart Business Cards For many years, exchanging contact details at a conference meant searching through your pockets for a physical business card that may or may not be up to date and that you may have forgotten to bring along with you anyway. Digital business cards, like the extremely popular Popl, change all that. Updating is simple via an app, sharing happens instantly with a tap or scan and there's an opportunity to express yourself through photos, video and other media. As the world becomes increasingly paperless, and Gen-Z in particular search for ways to reduce their environmental impact, it makes sense that business cards will be replaced by their digital counterparts en masse over the next 12 months. - Greg Ashton, GROW 4. Cloud Technology I think cloud technology will continue to prosper in the year 2023 and facilitate businesses to build advanced and secure system infrastructures. Over the years, we've seen a major paradigm shift in the corporate world pertaining to information sharing. Cloud technology has made it easier for businesses to access data on demand and share it with concerned stakeholders without the fear of information infiltration. Cloud technology is responsible for the digital transformation of businesses and has facilitated them with agile processes and easy scalability. Cloud technology is evolving and becoming more secure with each passing day. We have seen a surge in its popularity due to the need for information security, and it will continue to serve the purpose in the future, but even better. - Stephanie Wells, Formidable Forms 5. Comprehensive Digital Finance Tools We're excited by the trend toward more comprehensive digital finance tools for businesses and the people who run them. The landscape looks totally different now than it did five years ago, when most businesses still had no choice but to use expensive corporate bank accounts and clunky credit or charge cards that often required personal guarantees. Fast forward to today and small- to medium-sized businesses have a ton of high-limit credit cards (based on revenues, not credit score) and low-cost, high- or no-limit bank accounts. That means a lot less time and personnel to manage your working capital. - Andrew Schrage, Money Crashers Personal Finance 6. Smart Contracts One trend that I think will grow quickly in the next few years is smart contracts. This is one of the most practical applications of blockchain technology. Smart contracts allow for secure agreements between parties without the need of third-party help such as lawyers or banks. Smart contracts can be useful in many industries, including real estate, publishing and finance, to name just a few. They allow for faster, more secure and less costly contracts that can accelerate business deals for smaller and larger companies. This technology is already advancing rapidly, so its adoption is largely a matter of education as people realize the benefits of using smart contracts. - Kalin Kassabov, ProTexting 7. AI For Content Creation Staying ahead of the competition is more important than ever, so one technology that has the most exciting implications for businesses in the coming year is artificial intelligence (AI). This innovative technology has a wide range of applications that can help businesses stay competitive and optimize their operations. One area where AI can have a significant impact is in creative work. Thanks to advances in machine learning algorithms, AI systems are now capable of generating high-quality content at an incredibly fast rate—far faster than human writers or designers could ever hope to achieve. This makes them an invaluable tool for businesses that need to produce large quantities of content on a regular basis, such as marketing teams, PR firms and advertising agencies. - Adam Preiser, WPCrafter 8. 3D And 4D Printing Advancements in 3D and 4D printing could bring so many opportunities to businesses in the future. It’s exciting to think of the innovative applications and how 3D and 4D printing could change business operations, manufacturing, distribution and more. Businesses already use it for printing prototypes as well as final products, including homes. As new features, materials and tools are introduced in the future, 3D and 4D printing will become less of a novelty and more of a must-have for businesses of all sizes. It truly will be transformational for businesses—and consumers—in a wide variety of industries and markets. - Jonathan Prichard, MattressInsider.com Source: https://www.forbes.com Image Credit: Photos Courtesy of The Individual Members
Running a remote business comes with a different set of challenges to having a team who all work from the same office. Things that once made sense now don’t. Lines that were definite are now blurred. There’s a new set of expectations and myriad ways to operate. The events of 2020 forced many companies to adopt remote work with zero training or guidance. It’s no surprise that feelings of burnout and a lack of work-life balance were at an all-time high. Not only that, but the definitions aren’t widely understood. Working remotely does not mean working from home. Truly location independent companies understand the nuances and are creating a structure that means business success and an enjoyable life for everyone involved. Mitko Karshovski is the host of That Remote Life, a top 2% podcast covering the remote work revolution and the digital nomad lifestyle. Since 2018, his work has helped remote companies establish operations and culture from a remote-first perspective. After guiding hundreds of entrepreneurs looking to better run remote teams, Karshovski created a set of rules for effective remote work. Karshovski believes following these 12 simple rules will mean you and your team are, “more productive, less anxious, and positioned to grow and thrive.” 1. Look for answers before you ask questions Karshovski believes that all companies working remotely not only need to make good use of Google, but they also need to have “a handbook that keeps track of how things are done in the company.” Your manual, playbook or collection of SOPs. Whatever it’s called, it needs to exist. He advised that, “before asking anyone in your team how to do something, check if the answer is in the company’s handbook.” If it takes more than five minutes to find the answer, that document needs to be improved. 2. Only solve problems you are qualified to solve “The person that is closest to the problem is usually the one that is best suited to make decisions about that problem,” said Karshovski. They have the most information and are most likely to come up with the best solution. “Trust t hem to make the right call.” You wouldn’t “ask managers how to solve a coding issue” or a developer how to solve a marketing issue and Karshovski agrees this “will likely end in disaster.” But, similarly, avoid weighing in on decisions you aren’t best placed to make, because this overcomplicates and creates unnecessary lines of enquiry. 3. Create physical and mental boundaries Avoid burnout by creating “a sacred work space both digitally and physically.” Karshovski advised you don’t work where you relax. Instead, “Go to a coworking space, find a coffee shop you love, or even try working from a local museum. You’d be surprised how good the internet speed is at museums.” If you use the same computer for work and fun, use different profiles and accounts so you keep work and home separate. Karshovski uses Notion to create dedicated spaces for work and life. 4. Identify and share your weaknesses Karshovski encourages his clients to, “share their weakness with the team.” This doesn’t “make you a bad worker,” he said. Instead, it will make it easier for them to know where you might need support and how they can help. “No one is perfect, we all struggle with something.” Your team exists to cover your weaknesses, and you theirs. Accepting that you each have downfalls focuses your mind on the solution; on solving the puzzle of how everyone’s strengths are best utilized. 5. Maximize your non work time If you work largely asynchronously or have the ability to get your work done without a time overlap with the rest of your team, make the most of it. “This allows you to work around your life, rather than the opposite,” which means you can rethink your time. Use this to “do epic stuff,” said Karshovski. There’s no excuse. Get your work done to a high standard and use every other second to “travel the world, take on side projects or experiment with a new hobby.” Karshovski said having fun remote working is the whole point. 6. Create and stick to a routine As a wise man once said, discipline equals freedom. Routine doesn’t stifle creativity; it allows for it. Karshovski guides his clients to, “create boundaries for your work so it doesn’t blur into the rest of your life, and vice versa.” He knows that in the long run, “your family, coworkers and mental health will thank you for it.” Your default day could be exactly the same, as long as the structure works for you. Perhaps you do deep work in the morning, exercise and eat in the middle of the day, then do manager work and smaller tasks in the afternoon before exploring a new city in the evening. Whatever works for you, just make sure it’s intentional. 7. Only your results count The golden rule of remote work, according to Karshovski. “How you get work done doesn't matter as long as you deliver.” Duration, effort and input doesn’t matter, it’s the results that count. But while you can only be judged on your results, if they’re not up to scratch, your methods will be questioned. “If you’ve found a way to get something done in less time while meeting expectations, more power to you,” he said. “But if you’ve found a way to do get things done faster, cheaper, or more efficiently, it’s your responsibility to show the rest of your team so they all benefit.” 8. Invest in your hardware If you aren’t seeing people face to face, how you appear on a screen matters, so Karshovski wants you to “invest in a good microphone and webcam.” For less than $100 your video can, “look and sound as good as your local TV anchor,” an investment that you should absolutely make. Karshovski compares this to office work, where you wouldn’t, “turn up wearing a stained shirt and dirty sweatpants.” For working remotely, don’t show up for a video call sounding like you’re in a hurricane. 9. Plan for no response Being left hanging isn’t ideal in a work situation, and with a remote team it’s inevitable as you all clock off at different times. Karshovski advised you “always add a ‘dead man's switch’ for decisions.” This means you let people know what action you will take if they don’t respond. For example, “let them know which option you will go with if they don’t answer in a certain number of hours,” but give them plenty of time. No one wants to work in a place that forces urgency and hurried decisions, so aim to overcome blockers to action without enforcing them on others. 10. Improve your written communication Without face-to-face interactions happening (unless they are planned), written communication becomes even more important. Karshovski said you should take extra care to improve your emails and messages. Ask, “Is your question clear? Did you make any silly spelling mistakes? Did you include answers to any obvious follow up questions?” Finally, did you signal the best solution or the next steps, or is the way forward ambiguous? Karshovski believes “your team will appreciate the extra effort.” 11. Assume positive intent “Communicating through text can sometimes make things sound sharper than they were intended,” said Karshovski. “So always assume that messages are positive.” As the writer of messages, remember text will be inferred in the worst way possible, so read it as such when you proofread and adjust. Karshovski knows that emojis are your friend. “They may be silly, but they are a great way of making sure that a message that may come across as sassy is received in the positive way that it was meant to.” 12. Overcommunicate your availability Working remotely puts you on a different schedule to your team and your availability is likely not to overlap very much. Karshovski says overcommunicate your availability to avoid issues. “Make it clear when you won't be at your computer,” which he said avoids the team, “assuming you're available and waiting on your response.” Similarly, respect the stated availability and working patterns of your team members.” Overcommunicate to find a cadence that works well. If you absolutely need crossover time with certain members, agree on this together. Follow the 12 commandments of remote work to communicate effectively, do your work to a high standard and enjoy your life when you’re not working. Edit these rules to suit your workplace and share them somewhere everyone can see. Source: https://www.forbes.com Image Credit: Getty Images
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