While the new year is shaping up to have its own unique challenges, it also presents opportunities for business owners. Whether you are just now starting a new company or are seeking to scale your business, 2021 could be the year you see significant growth.
Here are three helpful tips from a family office that has successfully scaled a variety of businesses.
Double Down on the Customer Experience
During times of uncertainty, it becomes more important than ever to deliver a superior customer experience. No matter your industry, 2021 is the prime opportunity to focus on the core concepts of communication, consistency, relationship building, and customer service. Take the time to really understand your customer and their needs. Doing so will allow you to find and reduce areas of friction, increase loyalty, and better market to grow your customer base to make this year your company’s best year yet.
Invest in Digital
The digital world is changing at a rapid rate, but one thing is for certain -- businesses are becoming increasingly dependent on virtual environments, online tools and digital communication methods. Investing in digital will look different depending upon your industry, business goals, and where your company is in its life cycle. Perhaps it’s time to upgrade a dated website, create an app that provides a more seamless user interface, or it’s establishing a social media presence for your new company. Take a thorough assessment of your company and how you can use digital tools to better market your business, improve the experience of your existing customers, or increase the efficiency and productivity of your team.
Define Your Target Customer Audience and Actually Target Them
Once you have taken the time to understand your customer, finely tuned your customer experience, and have invested in the technology needed to make your business successful, it’s time to sit down and thoughtfully define your target audience so that you can better utilize your marketing efforts and dollars to grow your business. Consider aspects like your ideal customer’s demographics, job title, industry, behaviors, and interests and put your marketing efforts to work to target your ideal customer and only your ideal customer. Depending upon your industry, geographic location, and target audience, that could be through highly targeted social media ads, paid search ads, virtual trade shows and webinars, or more traditional methods like carefully selected billboard, TV and print ad placements. Approach your advertising like an investor and calculate the acquisition cost of each new customer. Once you find a mix that works and shows a solid return on investment, treat your marketing dollars as investment in your own business rather than throwing marketing dollars away year after year.
If you’re interested in learning how Scandia can help your business grow in 2021, let's talk. We are proud of what we have been able to achieve through our thoughtful partnerships and investments. You can learn more about our current investments by viewing our partnership portfolio and real estate holdings.