Why is this fundamental in 2021?
During the Covid -19 pandemic most businesses have suffered losses with reduced or even no sales. Many have had staffing reduced or their staff have had to work from home, changing the business processes of the business overnight. as well as the survivors there has also been the thrivers. This is where a digital first strategy comes in.
How can I transform my business model?
The business needs to develop a growth business plan. When the external environment changes beyond recognition, how can any business survive or thrive in that environment… without adapting and reinventing:
- Market Penetration:
(Existing Markets | Existing Products)
This part of the growth business plan will analyse through effective market research untapped business inside your existing markets. Also which products you already have that would match up to their needs.
- Market Development:
(New Markets | Existing Products)
Promoting existing products to brand new markets can be a cleaver way to balance your business resources and level your sales. One example is by servicing different markets that have opposite seasonality.
- Product Development:
(Existing Markets | New Products)
Imagine launching a new product when you already have a market who wants to buy it and you already have a relationship with. Consider the solution your new product will bring and promote the benefits in order to generate the desire to purchase.
(New Markets | New Products)
This is the option that carries the greatest risk because we are working with 2 unknowns simultaneously however it could also prove to make the most money. All sales generated here are new sales and you can still utilise your existing resources which cuts costs.
Return on Invertment (ROI)
Decide if a business growth strategy is something you need to implement!
Consider if adopting a digital first strategy should be a major part of the business evolution for your company.
Digital Connections have decades of experience in both business economic development, digital platform development such as web design and social media strategy development.