When 65% of new businesses fail within 10 years of launching, being an SMB owner never gets easier. You don’t want to be one of the 20 million companies in the US that fail to succeed, which means you must adapt to the times. With technology advancing rapidly, each year is different from the next. Therefore, a strategy to help you succeed in 2022 is essential.
Make the Transformation to Digital
The power of the internet isn’t up for debate. It’s so strong that entire industries have revolutionized their sales and revenues by moving their platforms onto the Web, and it’s not hard to see why when you analyze the figures. In the third quarter of 2021, retail eCommerce sales accounted for $214.6 billion, while revenues are projected to reach $1 trillion by 2025.
Sectors taking a piece of the action have access to a steady stream of funds that can propel small and local businesses forward with eye-watering results. The top seven largest eCommerce operators in the world, for instance, make billions of dollars of gross merchandise value.
Shopify is an excellent example because its growth directly coincides with online investment. Launched in 2006, the company quickly created an open-source language template and application programming interface (API) platform. By 2010, Canada announced it was the country’s fastest-growing business. By the end of 2021, Shopify was in partnership with nearly two million organizations in around 180 nations.
Some industries start traditionally and make the transition to impressive effect, like casinos. Wagering establishments became popular in Las Vegas and Atlantic City, as well as Europe and Asia, thanks to the unique customer experience they offered. However, by developing online casinos that are accessible from anywhere in the world at a moment’s notice, the vertical increased its reach. Today, the worldwide gambling sector is valued at $876 billion, with a large part of the growth due to online platforms.
Aim for a Global Audience
The wider your customer base, the bigger your profits. It’s a simple equation, but it’s correct. The problem is attempting to expand your consumer reach organically and healthily. After all, too many companies grow too quickly and suffer as a result. Still, it’s possible to market your products and services without taking on extra pressure that will cripple the firm. For example, the US real estate industry has estimated revenue growth of 1.6% and a stock market 10-year gain of 56%. You might make the argument that houses and offices never go out of fashion, yet this isn’t necessarily the case. As more people work from home, the corporate premises market is taking a hit.
So, how have real estate businesses swerved the potential hazards? By leaning on smart technology to boost their audience base. Nowadays, you’re as likely to go on a virtual tour of a property as you are to view it in person, making it easier for investors on the other side of the planet to purchase a listing without needing to be physically present. The hospitality sector applies a similar tactic with the help of Google Maps. By advertising services on Maps, tourists and visitors to the area can research hotels and restaurants in advance, allowing local operators to snap up extra custom.
Lastly, let’s go back to the example of online casinos since they epitomize the technique, setting up in one country and marketing to a worldwide audience. The top US platforms do this by developing web and mobile apps that are accessible regardless of location, ensuring their libraries of games never go offline. To stand out from the crowd, the best new online casinos do the same with payment methods and bonuses to make their user experiences pop, which is just as likely to engage customers from the UK and Australia as it is the US. This is why the list of new online casinos in the region is hitting never-seen-before heights.
Get Creative with Marketing
Creative marketing is a gift and a curse because it can go wrong. But when it goes right, the impacts are massive. According to research from author James Hurman, the ROI for creative marketing campaigns is as much as 11 times higher than standard briefs. The Harvard Business Review doubles down on this by reporting that a Euro spent on a creative advert generates almost twice the number of sales as a non-creative ad.
Your approach doesn’t have to be in your face, either. Subtle marketing ploys are respected for their cleverness, and reflect as well, if not better, on the operator. FedEx probably has the most well-known example of them all since the space between the ‘E’ and the ‘X’ on the logo is an arrow, representing the company’s promise of fast and effective shipping.
Once you notice it, you won’t be able to stop seeing it, and the ingenuity of a design feature will stay with you forever. That’s how potent the fine details can be sometimes.
If you harness the power of the internet, aim to expand your audience, and get creative with marketing, your business won’t go far wrong.
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