How to Future-Proof Your Large Business
Large businesses may be better positioned to stand the test of time, but they, like everything, can go extinct. A new up-and-comer can completely change the very face of their industry, and they die soon later, unable to adapt. Their large business may not follow the trends and turn away more and more customers every year. A change in management can put out the spark a business once had and lead to its doom.
There are so many instances where large companies can fall, and when they do, people watch the process with glee. To avoid this, you need to keep an eye out for the future and win over customers’ hearts and loyalty – even the ones who don’t shop from you directly.
Doing this will require a multi-faceted approach:
1. Invest in Academic-Level Research
Demographic research and product research are fine. They help you run the business on a day-to-day level, but if you want to help keep your business ahead of the curve, you need to know how to research like an academic. As CEO or other high-level executive, it could be in your best interest to work and complete a DBA programme. An Executive Doctor of Business Administration (DBA) is ideal for business leaders, and it allows you to go into it with a specific research project in mind. You can set yourself apart from other executives and learn key research skills that will allow you to keep your business a leader in your industry.
As part of your doctorate, you will have leading specialists working with you to help guide your research so that you can draw from as many resources for your business and industry as possible.
Perhaps you want to investigate sustainable development opportunities for your business. Perhaps you want to understand a niche demographic. There are many possibilities for your research project; just aim to make it as relevant as possible to future-proof your large business.
2. Make Sure Growth Moves are the Right Choice
Academic-level research and analysis can help when it comes to developing new products, new business models, and new services alike. There is however, another option. Instead of starting and developing these on your own, you can buy other companies that act as new branches of your own business.
Large companies have stayed relevant and innovative doing this for ages. An easy way to approach this is simply buying out the up-and-comers while they are still relatively cheap. A potentially better way to do it is to keep a keen eye out on innovative businesses that are doing something new and buying them and having them grow in your company framework. This second option is cheaper, and it works to keep your business unique rather than just a copy-cat.
There are benefits and instances where one option over the other will be the better choice. Simply know your options and the competitors out there. You may benefit from simply partnering with a business rather than buying them out if you don’t have the capital, for example.
Competitors are opportunities, but knowing what type of opportunity would best suit your business is key. Use your new research and analysis skills to make the right decision.
3. Build Life-Long Relationships with Your Customers
It isn’t just relationships with businesses and business partners that matter, either. A great company is one that makes lifelong fans of their customers. Today, some brands are the go-to option for customers because their parents used them and their grandparents before that. They are a stable, consistent option that they are familiar with.
Becoming so steadfast in today’s business world is no easy feat, but it can still be done. The key is not to sacrifice quality where it matters and give customers reasons to keep coming back. Usually, this is a good option for companies selling high-quality items. If someone is spending a lot of money, they often want to do it just once. Offer them that level of quality and ongoing service.
Offering repair services, training classes, and so on can keep customers coming back and bring in new revenue streams that also act as wonderful ways to grow loyalty. You can have lower level ranges of products or services.
4. Become a Community Icon or Pillar
Similar to earning customer loyalty, you will also want to become a community icon or pillar. Work with other brands, host events, and even offer training or other programs that work to help people improve financially or professionally.
These are the best types of marketing opportunities because they directly involve and encourage entire communities to come together. Not only that, but you can really win the love and admiration of your local customers in this way.
If you want people to listen to new services or buy new products, this is a great way to do it. If you want people to be passionate about saving your business if you go on hard times, this is how you do it.
You can even work to become a B-corporation, which showcases your dedication to sustainability and community development. By giving back, you can thrive for longer. Work to improve the lives of your customers, and they will have more money and incentive to spend their money with you. It is a very positive relationship that works to really solidify your legacy.
5. Collaborate Over Compete
One final suggestion, especially for businesses that have not have a lot of success expanding beforehand for one reason or another, is to collaborate. Work with artists to offer new product specials. Work with other businesses to outsource new services if you aren’t yet ready to expand your business.
Collaborating makes your business new and relevant without costing too much and can help keep your company future-proofed even when you don’t have a lot of money on hand to build up those structures yourself. Not only that, but it allows you to expand your customer base into new markets: a true win-win situation.