The New Year is a perfect time to reflect and realign for the year to come. As a company, this is an optimal season to review your setbacks and successes from the past year while strategizing for the future.
Being intentional with your New Year changes can make a huge difference in the trajectory of your company! If you want to see a change in your company this new year, try these 12 strategies curated for optimal growth.
1. Review Last Year’s Consumer Data
Consumer data is information collected about your consumers, like their demographic information and shopping habits. It’s crucial to review consumer data from the past year to understand your target audience better.
“The best way to set your business up for success is to know who your consumer is,” states Maegan Griffin, Founder, CEO, and nurse practitioner at Skin Pharm. “You should know your consumer’s interests and needs so that you can accurately provide products and services they care about.”
Align your New Year strategy with consumer behavior from the past year. Take a look at the products that gained the most traction and which avenues of engagement were most helpful in bringing in new customers. Reviewing these numbers can set you up for success.
2. Know Your Niche
Your niche is the unique place in the market that only your company can fill. Knowing what sets your business apart and what value you are bringing to the market is important. The New Year is an apt time to review this data and realign with your niche.
“Knowing your niche is central to a successful business strategy,” explains Marcus Hutsen, Business Development Manager of Patriot Coolers. “It’s the key to standing out and marketing accurately.”
You can gain valuable insights into your niche by reviewing competitor data, sales information, and ranking search queries.
3. Gain Insights Into Consumer Value
Consumer value is the value assigned to your products or services by the consumer. Sending out surveys to your consumers or reviewing social media engagement can clue you in on how the consumer views the value of your offerings.
“A strong business model is based around providing something valuable to the customer,” expresses Lioran Pinchevski, Founder and CEO of Finaloop who offers real-time ecommerce accounting software and services for businesses. “That means the needs of the customer should be an absolute priority.”
When your objectives and strategies are aligned with consumer value, your company can make leaps and bounds in growth. Build an effective feedback system to ensure your business offerings are aligned with consumer value.
4. Get Feedback From Your Employees
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As you grow your business, make sure to get feedback from your employees. Your employees are the backbone of your business, and their perspective can help you build a realistic strategy aligned with your team’s capacity.
“Getting feedback from your employees can give you important perspectives on the goals and strengths of your business, as well as the growing points,” says Cody Candee, Founder and CEO of Bounce. “Your employees are living out the day-to-day of your company and have a vantage point that you won’t as a leader.”
Your employees tend to work more directly with consumers and can offer valuable insights into where your company can do better and where it is already succeeding.
5. Review Weak Links in Your Strategy
As you plan for growth in the new year, make sure to review your strategy as a whole. What areas didn’t see results this year? Where was energy put in without a strong output?
“Build a strong foundation for your business that can survive the ups and downs by taking the time to review the weak links in your strategy,” suggests Leroy Hite, Founder and CEO of Cutting Edge Firewood, where you can get the finest firewood products and services on the market.
Being intentional about strengthening the weaker aspects of your strategy can pay off in the long run, offering a stronger overall foundation for your company.
6. Integrate AI Into Customer Service
Strong customer support is integral to a successful company. Customer service is the front-facing and problem-solving side of your business. You can strengthen your customer support system by integrating artificial intelligence (AI) systems like chatbots and personalized FAQ pages.
“AI is a really impressive tool that can offer comprehensive support to both the business and the customer,” explains Sanford Mann, CEO of American Hartford Gold. “Using features like AI chatbots or personalized recommendations can boost your business’s capacity.”
AI can answer many common customer queries in real time, at any time of the day. When your customer service representatives aren’t available, AI is able to act as frontline customer support.
7. Set Up Social Commerce
Social shopping pages are digital storefronts integrated into social media platforms. Social shopping offers an easy and efficient shopping experience for the consumer and can give your company more exposure.
“Social commerce not only provides another avenue for sales generation but also gives brands an opportunity to create a stronger connection with followers,” says Jia Wertz, founder of Studio 15.
Set up a social shopping page to help boost your product to a wider spread audience while offering your customers a more streamlined discovery and shopping process.
8. Optimize Your Website for Search Engines
Search Engine Optimization (SEO) is a technique of optimizing your website to bring in organic search traffic. You can optimize your website for search engines by using relevant keywords on your page, creating intuitive URLs, and having an easy-to-use navigation system.
“SEO doesn’t happen in a vacuum. Every situation offers a unique set of variables,” shares Chuck Price, Founder of Measurable SEO.
A strong SEO strategy can bring immense growth for your company. Ranking on search engines can make your business visible to a new set of consumers looking for what you offer. Plus, it’s a completely free marketing tool.
9. Create Targeted Ads
Targeted ads are digital ads that are personalized for each consumer based on their behavior and interests. When your ads are personalized for each consumer’s unique patterns and interests, they’re more likely to see follow-through.
“Targeted ads make it clear to the consumer how your business fits into their lives and meets their needs,” states Max Schwartzapfel, CMO of Schwartzapfel Lawyers. “A consumer who is searching for gold jewelry, for example, may be more likely to engage in your fashion brand through a targeted ad displaying jewelry than a generic ad with clothes.”
Consider making a collection of targeted ads and partnering with Meta or Google to promote these ads to the right consumers.
10. Incorporate AI for Automation Systems
The best way to set your business up for sustainable growth is to incorporate systems that can scale with you. AI is a versatile tool that can be used to automate processes sustainably and quickly.
“The best feature of AI is its efficiency. It can turn a once-laborious task into an automated process done in real-time,” shares Jonathan Zacharias, Founder of GR0. “This is great for growing companies, who can now use that time on more creative and strategic endeavors.”
Consider using AI to automate mundane processes, increasing efficiency and allowing for more creativity in your day. When you have reliable automation set up, you can cut out the extra busy work from your day and focus more on strategy and creativity.
11. Encourage Work-Life Balance
A healthy team that feels valued is a productive one. Integrating a healthy work-life balance into your company culture by offering flexible PTO, hybrid work options, or even a four-day work-week can widen your team’s capacity for growth.
“It’s been proven time and time again that encouraging a balanced work and home life actually improves productivity in the workplace,” says Amanda Howland, Co-Founder of ElleVet Sciences. “Employees want to work harder for a company that values and trusts them.”
You can engage in more growth opportunities when your team can show up to work well-rested and focused.
12. Set Clear Goals
The goals you set for your business should be SMART: Specific, Measurable, Achievable, Relevant, and Time-Bound. When your growth goals are clear, you can more easily align your strategy to meet those goals.
“It’s not uncommon for business leaders to set unrealistic goals for themselves and their company, leading only to burnout and disappointment,” warns Andrew Chen, Chief Product Officer of CommentSold, who offers the #1 Shopify live selling app. “Instead, your goals should be based on data and grounded in reality.”
Set clear. S.M.A.R.T. goals to set your company up for success in the New Year.
Grow a Strong Business Strategy This New Year
The key to growth in the New Year is a strong business strategy based on data, feedback, and productivity. By taking the time to realign your business strategy for more growth, you are investing in the sustainable success of your company.
Consider incorporating these 12 strategies into your business this year and watch sales skyrocket!
