How future proof is your business? It's a question worth considering because if your business ever becomes outdated or irrelevant, you could lose out to your nearest competition. Think about those companies who have already folded, such as the once-legendary video and DVD chain Blockbusters who failed to compete against the online streaming competition. To survive, use that example as an incentive to stay fresh and relevant.
So, how can you future proof your business? There are a number of strategies you can use, and these include the following.
#1: Keep up with digital marketing trends
Traditional marketing methods aren't quite dead in the water yet but digital marketing is still the way to go. The number of people you see each day clutching onto their mobile phones is clear evidence why. You probably understand this already, of course, but even if you do regularly use digital marketing methods, there is still a need to move forward.
New social media channels are popping up year after year so it's important to keep abreast of them. And there are many other facets of digital marketing you need to keep on your radar, as we discussed in our article on
digital marketing trends for 2021. Keep up with each of them, as this is a key way to always remain on your customers' radar.
#2: Stay up to speed with payment methods
Not every customer wants to use cash in a store, and for security reasons not every customer wants to add their credit card details online. Today's customers want a variety of payment options so it's important to find out what these are. Apple Pay and Android Pay are now very popular, and cryptocurrencies akin to Bitcoin and Dogecoin are becoming more commonplace when making transactions.
To stay ahead of the curve, research new and upcoming payment methods, and do what you can to implement them. And try to gain an understanding of cryptocurrencies too, and how they might relate to your business. To future proof your business, there might one day be a need for you to find
places to buy Dogecoin and Bitcoin if your customers and clients want to transact in this way. Your competitors will be taking such steps, so for the sake of customer convenience, don't let your business fall behind.
#3: Research your industry (and keep an eye on other industries)
What changes are happening within your particular industry? Read newsletters, listen to podcasts, subscribe to industry journals and attend the relevant conferences and workshops. By doing so, you will learn about current and future trends, and this will give you the means to adapt your business.
However, don't only stay focused on your own industry. Consider what is happening within other industries and how that might affect what you are doing. Kodak failed to do this when smartphones became commonplace, little knowing the impact they would have on the camera industry. So, learn from that example keep your eyes and ears open. The more educated you are, the greater your opportunity to make changes in your business.
We haven't covered everything here, but you get the point. There is much you need to do to future proof your business! So, commit yourself to research so you know what trends are likely to stick. Then make every change necessary to ensure your business continues to be relevant to your current and future customers.