12 Best Examples of Business Strategies To Explore | Skill Success Blog

The examples of business strategies

Here is a list of the best examples of business strategies you could employ in your business.

1. Improve customer service.

You don’t need to have terrible customer service before investing in better quality customer service. Consumers are drawn to a business that provides excellent customer experience. With that said, you should start considering enriching your customer service department. Some great strategies include having streamlined service and more accessible platforms like  social media and a 24/7 call center hotline.

 2.

Widen your product variety.

Sometimes you will find success when you offer a variety of choices. Too few products limit their options, making them consider other brands. That said, you can supply consumers what you think will satiate their wants and needs to generate more sales.

3. Do market penetration.

To increase market share, one of the best examples of business strategies is doing market penetration. Not only this gives you a target market, but it creates your brand identity of who you cater to. When you establish a name under that market, it’s easier to reach the rest of the segments.

4. Innovate your products or services.

Since this era dominates the market with technological advancements, your business should learn to ride the wave. Many businesses take pride in providing the most advanced technology-infused products or services, and you should too. 

5. Show how unique your product is.

To convince consumers that your business is better from competitors, you need to state why it is unique. Your products must be able to highlight how it answers particular needs that only your product can do. These could come in features, technology, styles, designs, convenience, and more. Read more to learn unique business ideas to stand out.

6. Strategize your product pricing.

Pricing strategies are always good at attracting customers. You can lower prices to get more buyers. And in contrast, you can increase prices above the average to create aspirational value.

If you lower your prices, you need to rely on a vast volume of products to generate the required sales. Whereas, if you increase your prices, you can stick with a specific volume while maintaining product exclusivity.  This creates a large profit margin for each product sold.

7. Boost customer retention.

It is way easier and cheaper to retain customers than to acquire new ones. If there is something to improve with how you deal with returning customers, it’s time to make those enhancements.

8. Promote sustainability.

One of the timeliest examples of business strategies at the moment is promoting sustainable development. These can be in the forms of energy reduction, cruelty-free products, or less carbon footprint through recycled materials, etc.

9. Try cost leadership.

This is a  pricing strategy that competitively positions your brand in the market as the best-priced. You can lower the prices of a few products and cross-sell higher-end products to reap high-profit margins.

10. Place an e-commerce store.

Online businesses are booming right now. With 2.05 billion of active online shoppers in 2020, you can find success through online selling. You can either create your website, sell at online platforms, or make social media pages to sell online.

11. Capitalize on social media.

Social media is cheap but highly effective in marketing your products. It gives you online visibility to create awareness, reach the target market, and generate sales. You could employ several social media strategies in your business, and this online course will you ace them: Complete Social Media Marketing Course.

12. Look out for your site’s search engine optimization (SEO).

If you want to enrich your website, having it well-optimized will contribute to its SEO health. The better your content and backlinks are, the more likely your website is going to stay on top of the search engine results page when a relevant query relates to your products or brand.

SEO expands your site traffic, online visibility, and online reach. If you want a comprehensive tutorial on how you can boost your SEO efforts, this online course is your best choice, Search Engine Optimization Training for 2020: Master SEO.

If you need more examples of business strategies to incorporate with your organization, we have the perfect online course for you. Strategic Planning Skills will provide you heaps of powerful secrets in attaining any business objectives.