4 Ways To Update Your Business Strategy In 2023
by Arnab Dey Business Development 06 December 2022
In 2023, businesses could face many challenges. Organizations and individuals are still recovering from the COVID-19 pandemic, and inflation has reached a 40-year high.
Fortunately, you can help your company grow and increase its profits by updating its strategy.
Checkout Four Prime Steps To Update Your Business Strategy In 2023
Here are some of the best ways to improve your business strategy in 2023.
1. Make Products and Services More Sustainable
As the effects of climate change become more severe, more investors and consumers are choosing to do business with companies that use sustainable practices. These can include using renewable energy, manufacturing with recycled materials, making deliveries with electric vehicles, only using organic fruits and vegetables, and employing other environmentally-friendly policies.
Many people are willing to pay more for sustainable products that avoid contributing to pollution or climate change. It’s a good idea to examine your business’s environmental impact and create a plan to reduce it.
Then, you can attract customers and investors by advertising your organization’s sustainability. When you discuss your company’s sustainable actions, you increase the business’s transparency.
Keep detailed records about what you do to reduce your company’s carbon footprint. That way, you can avoid being accused of “greenwashing,” which is advertising sustainability without updating business strategies.
2. Optimize Websites for Voice Search
Nearly 30% of the global population was using voice search on mobile in 2018, according to a Voice Search Insight Report from Google. Imagine what that percentage must be now. People can search with voice recognition through smartphones or devices such as Amazon Alexa.
Search engine optimization (SEO) for voice search differs from traditional SEO. To keep your website’s ranking high in search engine results pages, use more questions and long phrases as keywords, and insert frequently answered questions and their answers when possible. People often use one or two words at a time with text searches, and they use complete sentences with voice searches.
3. Use Embedded Lending
In this day and age, traditional banks are no longer the only financing option. Embedded lending allows many kinds of businesses to make loans, not just financial institutions. This makes purchases easier for consumers because they don’t need to apply for a loan from a financial institution. Instead, they can access money with just a few clicks.
Embedded lending started with buy-now, pay-later offers from merchants. Today, many software as a service (SaaS) companies such as LendingFront can help your company offer personal loans or cash advances as well. You can attract more customers by meeting more of their needs than competitors and making the lending process quick and convenient.
4. Increase Operational Efficiency With Artificial Intelligence
Artificial intelligence (AI) can work with virtual reality (VR) and smart technology to make websites immersive and productive with mundane tasks. AI can improve customer experiences while increasing efficiency and reducing your company’s operating costs.
For example, an online store could use machine learning and data collection to recommend different products. The AI recommendations are based on an individual’s past purchases and the pages they spend the most time examining.
Businesses can also use chatbots to help customer service staff save time. They can reduce returns and the expenses associated with them by letting people try products virtually using VR and 3D technologies.
By using these methods to update your business strategy, you can prepare for changes in the economy and new technologies. You can also attract new customers and investors, increase profits, and reduce expenses.