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10 tactics to bolster your business

With 2021 underway, many have high hopes of a better year ahead

 
Rewarding customers for their loyalty is a great way to build the lasting relationships that companies covet.
Rewarding customers for their loyalty is a great way to build the lasting relationships that companies covet.

With 2021 underway, many have high hopes of a better year ahead. The pandemic continues to dictate the near-term direction for households, businesses and the economy. But the arrival of coronavirus vaccines and hopes of more pandemic relief from governments offer reason for optimism.

It may be a long and arduous road to a full recovery from COVID-19. But to help your business survive challenging times and maximize a year of great expectations, we’ve crafted a blueprint of ten tactics to help grow your business. For more information on growth sectors, long-term forecasts and what to expect from the rest of 2021, download our 2021 Industry Outlook eGuide.

Top ten strategy tips for business growth:

  1. Build customer relationships for the long haul: Help your customers survive the hard times and flourish when things turn the corner by offering value-add advise and business building opportunities.
  2. Social media outreach: Do you measure social media engagement? Real-time connections through social media can help get the word out for customer-friendly deals or sales. 
  3. Join online networking events: Even if in-person conferences were your go-to tactic, you can replicate networking events for a digital alternative. Remember, it may be some time before in-person meetings return.
  4. Consider rewards or loyalty programs: Rewarding customers for their loyalty is a great way to build the lasting relationships that companies covet.
  5. Form strategic alliances: Partner with others whose credibility and expertise can benefit your business. You can build both your customer bases and offer something new.
  6. Widen your international reach: Consider untapped international marketplaces to expand your product.
  7. Take advantage of affordable loan rates: Major central banks have slashed their benchmark lending rates to help nurse their pandemic-hit economies back to health. Many interest rates are at or near all-time lows, making it an opportune time to borrow, spend and invest.
  8. Give back to the community: Consider hosting webinars and share any survival tactics of your own that kept your company afloat during the global downturn.
  9. Know your core customer: Since the customer is king, know what drives them, makes them tick and keeps them coming back.
  10. 5-star customer service: First-rate customer service can set your business apart from the competition and help lead to long-term and loyal relationships. 

As business owners wait for the economy to recover, small or inexpensive actions can make a big difference to cash flow and adaptability. “There’s a compelling list of reasons for companies to be optimistic about 2021,” says Joe Manimbo, Senior Market Analyst for Western Union Business Solutions. “The pandemic caused unprecedented economic damage and posed a host of challenges for business. Yet it also opened a door of opportunities that were previously unimaginable, something these tactics highlight.” 

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