Drive impactful long-term business growth through sustainable business strategies

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Sustainable growth is never accidental; it is the result of many forces working together. It is reproducible, ethical and responsible growth. Sustainable businesses scale at optimal growth rates that occur without escalating associated financial expenditures. It is the new key to long-term success and the result of close attention to areas such as customer expectations, competition, profitability, capital employed, communication and corporate culture.

Companies that run sustainable businesses are looking for answers to questions such as what the future needs of our current customers will be, or how can we improve margins and deliver better returns to investors or better priced products for consumers. customers, and how can we build a business with a culture of adapting to change, respecting the needs and wants of customers. Sustainable companies act quickly and find cost-effective solutions to current challenges, without losing sight of future development and growth objectives.

Sustainable growth versus growth hacking:

It is impossible to accelerate growth or achieve gains without the right mix of business strategies.

Growth hacking is a promising technique considered the ultimate miracle drug for start-ups because it offers high returns at low cost. But without a sustainable business model and long-term vision, the upsurge is short-lived and businesses crumble like nine pins.

Sustainable growth comes from driving factors such as an insightful customer-centric engagement framework with the right tools in the martech stack, linked to smart communication systems inside and outside the organization and with an outside perspective. It’s also about connecting with customers on a deeper, more personal level. So much so that customer acquisition becomes almost natural. And no, sustainable marketing is not a slow and painful road to success. There are examples that prove that consistently pursuing certain key attributes has yielded impactful and almost immediate results:

Focus on customer orientation: It is a catalyst for growth and a competitive differentiator.

Successful customer-centric marketing is about understanding why customers need an offer and also showing and convincing customers how a product/service will improve aspects of their work or life. This can be achieved by finding the right customer approach across categories, touchpoints and channels, encouraging independent decision making by educating customers, investing in the right technologies to improve customer service and providing seamless shopping experience. Customer centricity results in creating loyal customers who in turn post user-generated content sharing their positive experiences, which increases brand awareness and sales.

McKinsey research indicates that companies with a customer-centric, data-driven marketing and sales platform improve their marketing ROI by 15-20%. This has been proven by online rummy website Classic Rummy which has taken a customer-centric approach to player engagement by collecting player information, sending personalized alerts, running exclusive tournaments and increasing player retention by 24%.

Use the insights to drive meaningful growth:

Getting to know customers better than the competition is a game-changer for many products and services.

Meeting customer needs means spotting opportunities and realizing growth. This happens when companies prioritize customer insights and support them with appropriate investments. Businesses can understand current and future customer needs and preferences by collecting data, drawing conclusions, segmenting and prioritizing customers. This insight drives meaningful action that results in hyper-personalization and engagement followed by sustainable growth.

Have the right tools, the right platform and the technology stack:

Companies that create remarkable experiences externally have transformed their operations internally.

Customer acquisition and engagement tools, marketing analytics and optimization tools, and team communication tools deliver scale and growth, plus give businesses a competitive edge. Intelligent, insight-driven engagement platforms and tools with AI-powered optimization deliver insights specific to customer journeys, such as the best time and most preferred channels to send messages, the most optimized path to conversions and identify customer abandonment and aha moments. Companies that invest early in an appropriate technology stack establish a solid foundation for sustainable businesses. This will not only save them a lot of time and money in the long run, but will also make them more nimble, flexible and efficient, allowing them to create better products faster.

Deliver consistent messages across all channels:

A smart platform speaks the same language and shares the same messages across multiple platforms.

The marketing message is most often the start of a customer relationship. If this message is inconsistent across platforms, customers are confused and disinterested. A synergy in social media, email and physical marketing presence is the mantra that should never be overlooked. Smart digital tools enable this, as well as measure customer engagement that helps repeat and improve long-term messaging, a central factor for sustainable business growth.

Get team buy-in and speak clearly about goals:

Underestimating the importance of team buy-in is the worst mistake a leader can make.

The new workplace model is an open, collaborative place where employees see the big picture. Teams that realize the importance of their work and how their individual contribution makes the success of the organization are more productive, better engaged and show greater loyalty to the company; all contributing to sustainable growth. Leaders need to cascade granular goals to different levels of employees and create a system in which their actions contribute to the achievement of high-level business goals.

Develop an exterior-interior look based on current trends:

CEOs must look at the world not from where they sit, but from where they operate.

The only way to drive growth in this fast-paced world is to look outward. Businesses must first understand the macro world they operate in and assess the value their organizations provide and use effective technology tools to bring the two strategies together to reach out to their customers. For example, in 2020, businesses were required to engage with consumers through digital channels. Companies have studied customer expectations of what works and what doesn’t and applied the same to their business. It’s a classic case of looking on the outside and transforming on the inside.

So a sustainable business is constantly reinventing, reinventing and changing, while maintaining certain core beliefs that keep it static in a rapidly changing world.



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Disclaimer

The opinions expressed above are those of the author.



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