Sustainable business growth is essential for long-term success.
There are any number of reasons why you may find your company’s performance stagnating or falling off over time, including:
- Increased competition or failure to keep up with customer demands
- Loss of key employees or unsound management practices
- Inconsistent or ineffective marketing campaigns
If you’re confident your product or service still has much to offer customers in terms of solutions or benefits, a well-considered pivot may be all that’s required to breathe new life into your company.
Here are 4 simple ways to reinvent your business and recapture lost market share.
1. Adopt a new pricing strategy
Some small business owners are reluctant to change what they charge for goods or services for fear of losing money or clients. Implementing a new pricing strategy, however, can often make your product more appealing by reshaping the way its value is perceived.
Consider experimenting with:
- Premium pricing (for higher-quality, customized, or add-on services)
- Discounted pricing (for bulk, buy-one-get-one, or time-limited purchases)
- Loyalty pricing (for regular or returning customers)
If you’re having trouble figuring out your approach, start by taking a look at what similar companies are charging and aim for pricing that reflects what you’d objectively be willing to pay as a buyer.
2. Expand your online reach
It can be easy for established businesses to fall out of touch with how and where prospects and customers spend time online.
If you’re stuck in a digital rut, reinventing your business might include hiring an experienced contractor to:
- Modernize the look and functionality of your website
- Update and maintain your social media presence
- Expand your digital communication channels via mobile optimization, messaging and payment apps, e-commerce chatbots, or automated appointment scheduling
According to HubSpot, for example, nearly two-thirds (62%) of consumers say they’d like to confirm service appointments via messaging.
3. Target an overlooked market
With some dedicated research, you may be able to gain (or regain) a competitive edge by targeting a small, niche, or otherwise under-served market.
One way to do this is by speaking (virtually or in person) with customers about how and why they use your product or service, and then identifying any common but unusual user needs or outside-the-box applications.
By modifying your offering accordingly, you can position your business to better serve this overlooked group of buyers with specialized needs more effectively—while finding and marketing to others just like them.
4. Modify your business operations
From inventory, supply, and order management to bookkeeping, sales, and customer support—your business relies on a wide range of activities that can be continually revamped for greater efficiency and profitability.
To improve your business operations:
- Get in the habit of measuring your performance by setting achievable objectives with clear targets (like increasing revenue by 25% over a specific financial period, for example)
- Stay on top of what’s happening in your industry (including competitor activity, product innovations, and regulation or economic changes)
- Work to streamline and make processes more productive with the help of automation, updated tools, equipment or software, and ongoing employee development
No matter your goal, looking for ways to reinvent your business will help you stay agile so you can accommodate market changes and deal with growth challenges arising from marketing, capacity, or financial issues.