Over the last two years, businesses have faced numerous challenges and have undergone vast amounts of change. And that’s not looking to change in 2023. In fact, growth and expansion will take some work. Experts are expecting businesses to be impacted by the aftereffects of the global pandemic, Russia’s invasion of Ukraine, economic challenges, as well as an ever-faster development of technologies.
So, how do you as a business overcome this and focus on growth in 2023? We took a look at some of the top ways that businesses are adjusting their strategies to focus on growth in the new year. Do you want to dominate the market in 2023? Here’s how.
Automate As Much As Possible
The key to success for most companies lies in the fact that they automate a lot of their processes. There are hundreds of tools and platforms on the market for automation and streamlining processes and actions. Everything from marketing to supply chain to HR and financial management can be automated.
But, for wholesalers, it’s a bit more difficult to effectively manage the uniqueness of a wholesale business. Luckily, tools like Joor connect brands and retailers on one integrated platform for seamless digital wholesale management from connection to payment. They provide you with real-time data and analytics to allow for more educated decision-making and reduce wasted time and assets.
These all-in-one platforms allow you to effectively manage your order placement to payment processing. In essence, you will be able to manage your entire wholesale business without ever leaving the platform.
Make Use of Metrics To Measure and Test
One thing that a lot of companies don’t do is measuring the success of what they are undertaking. From marketing campaigns to working out the ROI of a new strategy or implementation, testing everything is key to longevity. Again, there are hundreds of tools and platforms to test and measure all of the metrics you need.
If you want to increase revenue, one of the top metrics we recommend is knowing how to calculate sales velocity. Essentially, sales velocity measures how quickly your company is able to earn money. It can drill down into measuring how much revenue a sales team can generate from day to day. So, this tool can combine the various elements of the performance of a sales team to accurately measure daily revenue generation.
This is highly useful as it allows you to accurately forecast revenue. If you take out the risk of something changing in your business, you can calculate the average amount you will be making by the end of the year based on your current revenue. From there, you will be able to see what needs to be changed or implemented in your company to spur continuous growth.
Get To Know Your Customer
If you want to grow your business successfully, you need to actually know what your customers want and need from you. You need to know what their interests are, how they behave online and what their buying patterns are. Companies globally make the mistake of doing a customer profile once and never doing it again. This is usually a huge mistake as your customer is constantly evolving and you need to keep up with their changing interests and behaviors.
Do regular customer maps where you unpack everything about your customer, from their basic demographics like location, price points, and basic details. From there, expand on that even more. Dig deeper into what they engage with online, what they follow, and what interests them. You can then go further and understand how they actually go through the buying cycle.
With this information, you can create a sales funnel that suits them, key messaging, and marketing that actually speaks directly to them. You will then notice that your conversion rates will start increasing along with your sales.
Focus on Your Content Marketing
One of the most powerful marketing tools at your disposal are content and digital marketing. With the right messaging and strong content, you are able to reach and appeal directly to your customers to convert them. You will need a blog, social channels, an email tool, and paid ads. Work out your content calendar at the beginning of the year and make sure that you get regular content out across all of your channels.
You will want your content to be educational, informative, entertaining, and empowering for your customer. You want to set yourself as an authority in your field, so the more content you create that actually provides your customers with useful, helpful knowledge, the more you will be seen as the top-ranking authority.
Include great, helpful CTAs in your content. Provide them with useful information about your products and services and then provide them with the solutions that they are looking for. So, as a wholesaler, you will want to create content around affordable ways of buying in bulk, or how to save on overhead costs when starting a new business, for example. Then pop in a savvy CTA such as “come to us for the best prices”.
The Bottom Line
Keep experimenting and trying out new things. But, make sure you are measuring and testing it too. You will know what works, what doesn’t, and what you can carry on experimenting with based on these findings.