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Strategic Business Growth Guide for 2023

Blog, Small Business

2023 is the third year of the decade that presented some of the greatest changes and challenges of the century thus far.

We have encountered a virus that has impacted an entire landscape of business and culture. We have seen historic evolution in the workforce environment as well as how we work all together.

Through the last two years, trends have come and gone and strategies and tactics are ever-evolving.

The facts are that businesses are constantly evolving and changing in order to keep up with the ever-changing demands of consumers and customers.

While it may be difficult for businesses to forecast exactly what those demands will be in 2023, there are certain predictions that can be made based on current trends.

The following is a look at key business and marketing strategies for 2023 that will help you grow your company while still remaining competitive.

Know What Drives Your Business

The needs of a business sometimes come at the cost of negotiating your business strategy. The cost can be expected and involve a little finesse and a little psychology in understanding what drives you, what drives your business and what drives your clients and customers to your business.

Three important factors in knowing what drives your business can be:

Investment
Strategy
Growth Needs (business and clients)

Examine where your financial and time investments are funneled toward. Look at your strategic output and the return of those efforts. Also consider the needs of your business to consistently show growth as well as the needs of customers and clients in growing with you.

What Projections Have and Have Not Been Met?

Each year, the projections we make are a marker, a goal to achieve. Projections require a method of execution to attain the goal as well as an ability to pivot when necessary.

Know what projections were met and how did you achieve that?

What projections were not met and know what pain points were involved in that and how can you alter your methods of execution to better attain these projections?

Further questions to assess where you have been and where you need to be involve:

1. Set goals to do more of what works and target fixes for what has not and has been most complained about and surfaced as an obvious pain point.
2. Were the goals set clear to your team, investors, and to the target audience?
3. Have your investments been clarified as well, meaning, did the budgets involved in technology, adspend, and losses of your strategies communicate clearly across your entire team of what to expect in high and low times?
4. Have you found a weak link in the chain of how your business operates? Are there methods, habits, or operations of your business that no longer work or hinder growth and productivity?

Revised Projections for Sustainability

This is where we take into account where we need to make short term and long term decisions that can help sustain the business and yield greater growth so those projections have a better shot at the goal targets in question. Asking ourselves to revise the strategies that are not working, to cut losses and pivot is an example of how new views and methods can help level up your business.

Your Market Share Gains and Losses

Increased competition in the market:
Know where you are in your market and the projections of your competition.

Innovation and digital transformation:
Continued developments in technology and implementing them into your business.

Cost-effectiveness for your business and the client/customer base:
With economic change and shifts in the industry, where can you offer the greatest cost effectiveness for your business and still maintain a competitive edge?

A More Immersive and Personal Customer Experience

As you consider the year to come, keep in mind that technology is the key to growth. Your business will need to use technology in order to stay competitive and keep up with your competition and make sure that your business continues growing into the future.

Key questions in this area are:
• How is the user responding to your website and other more personal customer experiences?

• In what ways can you cater to the needs of your target audience and existing clients in one place?

• What growth will the customer/client base experience as your business grows with them/ how does everyone benefit?

The Adspend and Algorithm Dilemma

Social media marketing platforms will become more consumer-driven, personalized, and targeted. Social media companies will use the data they have on their users to personalize content for each individual user. They can use this information to target specific demographic groups (e.g. 18-24-year-olds) or geographic areas (e.g. California) with relevant and timely content based on past behavior of that user within the platform. Other factors such as location etc, which makes them an incredibly powerful tool for marketers to engage with existing customers or reach new ones through social media advertising! By understanding how to target your audience effectively, you can increase the ROI of your social media ad campaigns. However, in order to do this effectively in the coming year, you need to know who your customers are and what they want from you on a more consistent basis. How are their needs changing in your market? How are the competitor behaviors shifting in the roles of ad spend and social media marketing? Is your marketing punch required elsewhere in a more non-traditional sphere? These are all things to consider regularly.

SEO and Content Remain Key

Visual content is key and SEO for websites continues to thrive.

There are reasons this holds true.

A third of SEO-optimized websites use attractive visual content and informative blogs to attract and convert leads. The use of SEO as a solid ROI in correlation with Google updates has proven effective when done correctly and ethically.
We have seen a rise in use and revenue from companies maintaining investments in SEO strategies.

The key focus of this remains:
The latest Google algorithm updates will benefit your business when keeping your efforts consistent and the customer/client needs at the forefront of your business mind.

• Strategy through investment, time, and opportunity plays a large role in how your business performs in the SEO game.

Focus on your industry’s keyword and backlinking research in conjunction with competitor research to better gain an idea of where you are needing to strategize further and place your best effort forward.

Know Your Differentiator

The very thing that drove you to begin a business is the very thing that should drive you to ebb and flow and maintain what makes you stand out among not only the competition but with peers and colleagues.

How have you succeeded or failed in scaling your business?

What new knowledge and industry tactics can you implement to solve new challenges and once more, maintain the competitive edge while remaining in the vision of your current client/customer loyalty?

Has your brand and message gone stale or has it become a clear and trusted voice?

Know Your Strengths and Weaknesses

We grow in business much as we do in life. The standards we hold for ourselves can only be achieved if we hold others to those same standards. These standards are the backbone for how we do business and how others perceive us as business leaders. When your business has not met an expectation, ask yourself if this is because of an unforeseen circumstance you were not prepared for? If so, how will you grow to minimize the possibility of these circumstances occurring again? How can you better build resistance and resilience in the unforeseen as well as better tactical abilities when dealing with clients, competitors, and colleagues?

Conclusion

As consumers become more conscious about their spending habits, companies will need to find new ways to adapt. With the increased use of technology, we predict that social media marketing platforms will become even more consumer-driven as well as provide companies with new opportunities for growth through strategic partnerships with competitors or other organizations within their industry.

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