Business reinvention becomes imperative when it is experiencing revenue decline and plateauing. A large number of factors could potentially affect the business growth rates. New competition, loss of a major customer base, or high employee bounce rates are some of the factors that could negatively affect business. One of the most destructive phases for business was the early stage of the COVID pandemic. The pandemic revealed the ugly truths about the business world. Reinventing your business to adapt to the dynamicity of the real world is vital for its sustainment. Your product or service might still be providing value to the customers and might still be highly relevant, but if it is hard for the product to reach the customer, then your business will fall.
To avoid any such calamity, it is vital for a business to reinvent itself from time to time. Thinking outside the box becomes crucial when the business is stagnating. Repeating the same thing over and over again is futile when change is required for the breakthrough.
Hence, here are five startegies to reinvent your business.
- Improving Internet Impact
Increasing your business’ presence on the Internet might be the most overlooked factor when reinventing your business. Traditional, conventional businesses are the most vulnerable to this problem. They are highly likely to get stuck in the past and lose the opportunities provided by e-commerce or other avenues. Their counterparts, new businesses with new leaders, exploit this opportunity fully and produce better results than established businesses in a shorter period. The pandemic bankrupted many businesses, and the primary reason for their downfall was their inability to shift to online portals in due time.
- Changes in Operations
No one like to change. Inevitable change is always accepted regardless of its impact on our lives. However, not all changes lead to torment. Some changes can be welcome and highly beneficial. The pandemic has forced many changes in our business patterns. Operational changes were highly noticeable. While most businesses had to implement moderate changes, others had to enact drastic transformations that altered their operational patterns. Implement new operation patterns according to the current market need.
- Dynamic Pricing
Another vital concept involved in reinventing your business is understanding the importance of dynamic pricing. Conventional businesses are especially vulnerable to this pitfall. Charging the same price for the same product regardless of understanding the current market state will lead to a greater loss of customers. Businesses need to implement strategies such as discounts, sales, bulk buy discounts, and many more. Also, if the margin is decent and the sales are dipping, temporarily reducing prices will reduce the chances of losing valuable customers. However, premium prices can be charged for extended warranties and services.
- Untapped Market Potential
Most people don’t realise the primary reason behind small businesses’ quick growth curves. The practice of satisfying untapped market’s needs swiftly puts small businesses on the map. However, it is easier said than done. Identifying the apt business niche, you could possibly satisfy requires tenacity, self-belief, and a unique market approach. On the other hand, businesses that reinvent themselves to incorporate such changes effectively turn negative numbers into positive ones.
- Regularly Updating Brand Image
Having brand logos and signage that are unique to your business is probably the best way for a new business to become a household name. However, it is not always advisable to stay the same. It might seem a good idea to go with the same original logo and signage, but the original can only be identified by regular customers. To make the brand seem more open to new customers, it should change its identity slightly based on the time and current market dynamics. Regularly reinvent your business signage and brand to display the services that your businesses provide aptly. The brand image should make it easier for any prospective customer to understand what services and products your business might be selling.
Rather than trying to simply keep up with the competition and barely securing the cut-off, small businesses should strive to develop their unique branding and marketing image. Once the business starts to stagnate and plateau, it is the responsibility of the administration to identify the need for business reinvention. Reinventing their businesses was the only way by which several businesses managed to keep their boat afloat during the pandemic.