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Staying relevant in the new business world

Corporations all over the world are faced with the ever-changing working dynamic, and so it is important for businesses to adapt their strategies to stay relevant. It is important to consider how much value their customer relationships hold, and provide clients with meaningful value in return. Their insights are important, so get customer feedback on a regular basis to drive business results forward.

Innovate and customise. Consumers are more likely to purchase a product or service that seems original and appeals to their individual needs and requirements. Customers also love rewards that are tangible. Instant discounts, surprise-and-delight elements and exclusive perks will keep modern-day consumers coming back for more.

Through customer feedback and innovation, business owners will be able to reposition their brands to stay relevant in their current market if necessary. This will require a rebranding strategy as well as the ability to provide benefits satisfying prevailing customer demands. Sometimes, it’s not necessary to overhaul your business strategy, but rather adapt a more focussed position that allows you do what you do better.

The current business world constantly finds itself challenged by having to keep up with trends changing quickly. Social media websites have been among the major accelerators for trend changes and shifts. Therefore, the modern business has to become swift in its ability to capitalise on these trends. In essence, a business has to become flexible and adaptable by accepting new technology and embracing new methodologies and competitive tactics.

By the same token, it is also wise to expand the business’ clientele on a global scale. This is now possible due to the “technology and accessibility renaissance” and evolution we see today. Globalisation has made international markets more open and easier to interact and engage with, both for individuals and entities. For example, consider a small South African fashion retail business run on Facebook: “Story of my life creations” has been able to reach an international audience, despite humble beginnings. It is a small brand that bases its niche on the lifestyle of the founder.

In an article titled How to Stay Relevant In A Changing Business Environment on the key points to staying relevant are:

  1. Understanding the customer
  2. Understanding one’s own business
  3. Embracing technology
  4. Understanding macro trends

These elements fundamentally keep the business going. Sometimes a change in the mindset might be needed and a complete shift in paradigm necessary to fully embrace the necessary steps to remain current and adaptable. But generally, a good-old assessment of the current status and top to bottom communication to staff of the attitudes needed if the business is to properly grow, is a good starting point to highlight and emphasise the importance of being flexible. This should precede responsive strategies based on considering the above factors, while aligning to marketplace dynamics in an ever-advancing world.

Proudly brought to you by the National Small Business Chamber (NSBC).