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The new year might be three months’ away, but it is never too early to start thinking about ways you can change your company’s strategy next year to improve business and, hopefully, boost your profit margin.

That’s why we’ve put together some ideas you might want to adopt when making plans for 2019.

Data analysis

You can’t move forward unless you know where you’ve been – and the same is very true for business. Expert data analysts trawl through information to find patterns in your business, whether it is regarding company habits, customer experience or actions, or financial figures.

By looking back at old data, they are able to produce graphs and charts that illustrate historic information about your company.

But why is this important? By examining this data, they can see more clearly ways in which your business can improve in the future. For instance, if it shows a peak in activity from clients or customers at a certain time of the year, you will then know to capitalise on this and ramp up your marketing campaign beforehand to encourage them to buy or use your services more during this period.

Predictive analysis

Predictive analytics, in particular, can provide insight by using information regarding social media marketing, Google searches and sales. This reveals the customer’s behaviour and journey, which can then be used to help businesses tailor their products and services to directly market their clientele.

IT Pro Portal recently highlighted the effectiveness of predictive analysis for businesses, stating it can help identify leads, improve content, and boost the impact of marketing campaigns.

Marketing

This brings us on to the next area to look at for 2019 – improving your marketing strategy. The world of marketing is always changing, especially for businesses that rely primarily on online publicity.

That is why it is essential to be a step ahead when it comes to online marketing. According to an article in Forbes, internet-based adverts are falling out of favour with customers, and therefore, businesses.

Users are becoming savvier when online, and nearly a third are expected to block ads when on the internet by the end of 2018. Instead, customers are much more likely to put their trust in word-of-mouth recommendations, branded sites, reviews and editorials. Therefore, companies might be inclined to focus their marketing budget on these areas, rather than invest in expensive adverts that will not get seen by 30 per cent of the market.

Be different

The thing that will really alert prospective clients or customers to your business is to stand out from the crowd. How you do this will depend on your industry, but it is a good idea to think outside the box.

With just three months till 2019, you have plenty of time to generate some thoughts on how you are going to set yourself apart from your competitors, whether that’s in terms of innovative marketing strategies, launching new products, or adapting your business model entirely.

If you want to launch next year with a bang, get the ball rolling now.


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