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7 Innovative Ways to Transform Your Business

Elizabeth Howard

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Business

 

The business world has many variables, but change is constant. Throughout your business’ lifespan, several things may change, such as customer behavior, competing players in the industry, laws, and regulations, etcetera. Although it can be overwhelming, change can also allow you to transform your business into a more successful brand. Below are some of the unique ways you can innovate and transform your business.

Mobile Application

Having a mobile app is now a standard for any business that wishes to be taken seriously by its audience. And it’s not just tech companies who are debuting their mobile apps, either. Insurance companies, like Geico, and restaurant businesses, like Olive Garden, all have a mobile app now where you can manage your account and order from. Create a mobile app for your business by learning the ropes yourself or hiring an app developer to build you one.

Video Streaming

Today’s generation of consumers are much more likely to watch a video than to read through a whole blog post or report. Businesses can use this to better engage with their target audience. By live streaming your announcements, such as new product launches or events, on social networking platforms, you can penetrate a much larger market than if you’d SMS or email blast the information.

Personalization

A perfect example of a business that successfully utilizes personalization is Amazon. By analyzing its customer data, it can deliver tailored products and services that meet the needs of individual customers. In the past, consumers were limited with the same dull static user interface. Thanks to new personalization features, websites have improved significantly to the point where you can direct your customers to the products and services that they actually need or want without them having to explicitly type in the keywords on the search bar. Personalization effectively improves customer experience, boosts customer loyalty, and helps drive sales and revenue.

Data Analytics

Businesses must be able to adapt to continuously changing customer needs. Data analytics can help you better adapt to this constant change by analyzing buying habits and decision-making patterns in real-time and then attempting to predict future customer behavior and market trends. It’s a useful assessment tool that provides business leaders with valuable information, which can ultimately help them decide the best moves forward. For instance, when you can identify why customers leave, you can make the necessary changes to avoid that outcome.

Shared Assets

Through shared assets, a business can benefit from increased efficiency and reduced costs. Peer-to-peer companies can use assets jointly to minimize production and transportation costs. Through shared assets, businesses can give their customers greater flexibility in delivering services and complex products like ion pumps or technology software. Uber is an excellent example of a company that leverages shared assets. The company does not own any of their ridesharing vehicles and instead rents out other people’s cars on their platform. Aside from physical assets, such as manufacturing equipment or construction vehicles, shared services, such as waste disposal, may also help your business reduce its costs.

Circulator Economy

In this day and age, it’s incredibly important to minimize waste and manage resource costs wisely. Adopting a circular economy business model is not only an innovative way of conducting business but also a more socially responsible way of doing so. In adopting a circulator economy, your company can reuse, share, repair, refurbish, remanufacture, and recycle products to minimize the utilization of new resources. With today’s limited environmental resources, a circular economy is key to business sustainability.

Usage-Based Pricing

This innovation uses personalization and mobile technology to deliver a better customer experience. Today, many companies are beginning to use pay-as-you-go pricing models, which provide cost flexibility. With usage-based pricing, customers only need to pay whenever they use a product or service. Its incentives are great and many, such as encouraging customers to use more of the service. At the same time, it benefits your business by boosting your customer base growth.

If you want to succeed in the business world, you need innovation. The most innovative businesses will be the most successful ones in the long run. As such, think of ways to reinvent and bring your business to the limelight. You can start by adopting those in the list above and then begin pioneering new ideas, products, and methods.

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