With instant communications across the globe and a shorter technology lifecycle than ever before, in most industries the level of competitiveness is rising sharply. Maintaining the status quo is simply not enough, since the competition is adopting innovations as well as testing new sales strategies. To stay in the game, it’s necessary to adopt an open-minded attitude and look for ways to strike back at your competitors and emphasize some of the natural strengths of your brand.
Thanks to modern technology, redefining your business model to be more in line with the times doesn’t require too much investment or specialized knowledge. While the range of options at your disposal is huge, here are a few areas worth looking into:
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Table of Contents
Search engine optimization
Those days, most people are shopping online and researching potentially interesting products and providers on Google. Marketers are well aware of this fact, which is why they are optimizing the content of their websites to appear higher on popular searches. This marketing technique is known as Search Engine Optimization (SEO), and it has been confirmed as one of the most effective online promotion channels that in many cases can be utilized with only a moderate financial commitment.
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Digital banking
Payments are another critical element for any sales-oriented business, and simplified money transfers represent a clear competitive advantage. Digital banking products bring a range of unique features, from protection against fraud to something as innovative as a get paid early app. App format is very simple and intuitive, allowing for more flexible financial management that doesn’t require a visit to the bank. In other words, digital banking makes life easier for the provider just as much as for the clients.
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Mobile services
Business world has gone mobile – you must follow in the same direction. Customers have much higher expectations when it comes to convenient service delivery than they had only five years ago. That’s why in many sectors it’s mandatory to introduce mobile outlets for sales, customer support, and other key functions. Allowing clients to interact with the company from a smartphone is a strategy that is quickly becoming indispensable, especially for brands active in the B2C marketplace and service providers.
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Remote work
Availability of freelancing and crowdsourcing platforms fundamentally changes how companies approach hiring. In many cases, highly refined expertise can be found remotely and paid on a project basis rather than through full-time employment. In this way, companies are managing to reduce operational expenses without compromising quality, effectively increasing their competitiveness as well as resilience to pressure from international competitors.
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Customer engagement
Successful companies are taking advantage of technology to establish closer relationships with their customers and supporters. Social networks are particularly useful for this purpose, as they allow for interaction in real time and transparent discussions on a community level. This creates numerous opportunities for engagement-oriented activities such as collecting feedback, promoting new products and campaigns, explaining policy changes, and rewarding most loyal or most active customers.
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