There’s something so intoxicating about starting a business. It’s like we’re under a spell. Oh, all the money we’ll make. All the people we’ll help. And then, the clock strikes midnight and your business turns back into a pumpkin and the magic is gone.
It happens to the best of us. It’s certainly happened to me. Maybe it was because you lost a client (or lots of clients!). Perhaps it was a period of epic burnout. Or maybe you just felt the spark you once had with your business seemed to vanish overnight.
Can you relate?
If so, you’re in luck because I’ve been brewing up some epic strategies for revitalizing your business in 2024 and beyond. Hopefully, by the end of this post, you’ll be back under the spell of entrepreneurship once again.
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Banish your small business issues
It’s not all bad, friends. Sure, there’s a lot that can stifle a business. But, you’re the boss! And that means you can brew a potent potion of change because here’s the thing: Change and innovation are as essential to business as eye of newt and wing of bat are to a witch's brew.
Customer desires shift like ghosts in the night, restless and untethered. Your business must shapeshift along with them.
Rival business owners will constantly concoct new spells to charm away your market share, but conjuring innovation helps you ride ahead of the broomstick.
Implementing improvement initiatives like automation of certain tasks or digitizing cursed old systems can significantly streamline your operations and fatten profits like a plump jack-o-lantern.
Reinvigorating your team by empowering creativity, collaboration, and group spellcasting, er, brainstorming, creates an engaged workforce with all the lively spirit of a graveyard at midnight.
If that wasn’t enough, innovation helps you look like a visionary leader, and stepping into the future allows you to set your own direction instead of merely reacting later like a headless horseman.
The companies that thrive don't fear change - they embrace it as a foundational ingredient like hemlock and hellebore. Though transformation brings growing pains, the rewards are a rich, abundant harvest. Tend innovation carefully, and it will nourish your business for years to come.
Scrying into the future - How to pivot your small business
Don’t let the cobwebs of the present keep you tied down. Let’s take a look at exactly how you can bring your business to life this fall.
Brew a truth serum
Ask your customers. I once heard a quote that said something to the effect of, “If you want to make it in business, ask people what they want, and give it to them.” I’m sure I butchered it, but the gist of it is to ask your customers what they want and then create that ideal customer experience for them.
When AI became the number one reason that people were dropping my writing services, I had to ask people what they wanted to keep someone like me on board. I pivoted and found a way to keep serving people in a manner that they were happy to keep paying me.
Dive into AI-powered customer insights
In 2024, you can take things a step further by using AI-powered tools to help determine what your customers really want. Analyze customer feedback, social media engagement, and purchasing patterns. Tools like Qualtrics XM or Sprout Social’s AI-driven analytics can help provide deeper insights into customer preferences and emerging trends.
If the tools aren’t enough (or if they feel too complicated!), ask your clients outright what needs you’re not serving or undeserving and see how you can adjust course to meet those needs. Use surveys, focus groups, and one-on-one interviews to gather qualitative data that AI might miss.
Consult your crystal ball of data
Before casting any marketing spells, consult your crystal ball of data. Dive deep into your user engagement metrics, conversion rates, and customer feedback. Look for patterns and trends that reveal why your business cauldron isn't bubbling as expected. When you understand where your customers encounter roadblocks, you can prioritize improvements and brew up solutions that truly resonate.
Analytics tools like Google's BigQuery ML or Amazon SageMaker might help with uncovering deeper insights from your data. These tools can help you predict customer behavior, identify potential churn risks, and optimize your business strategies based on data-driven forecasts.
Commune with a mentor
Consult experts like business coaches and marketing gurus. With their wisdom, you’ll be able to better diagnose issues and hatch a growth strategy towards better business growth.
Now, the big and most important caveat with this bit of advice is to do your homework and trust your gut. I know a few people who have regretted pivoting on the advice of a coach or consultant. High-pressure sales tactics and people who don’t understand your business values are akin to working with snakes — a bad idea no matter how you look at it.
Ask for references, and if you feel the vibe is off, find someone else. Coaches and consultants are meant to help, not make things worse.
Stir up fresh marketing plans
Sometimes all you really need to revitalize your business is a new marketing tactic. Perhaps you could whip up an eerie email campaign with creepy subject lines. Concoct some uncanny social media posts combining classic products with trendy themes.
Here are some additional ideas for whipping up a strategic plan to breathe new life into your customer base:
- Partner with other companies. Check out some of the posts from GoDaddy Resources about strategic partnerships:
- Host an event - it can be virtual or in-person.
- Launch a YouTube Channel. Sometimes your customers or would-be customers need to see you and/or watch you use the produce before they are willing to buy.
- Start a podcast.
In 2024 and beyond, you may also want to consider embracing immersive marketing experiences. Here are some examples:
- Augmented Reality (AR) campaigns: Use AR to allow customers to virtually try your products or experience your services.
- Virtual Reality (VR) events: Host VR product launches or virtual tours of your business.
- Interactive social media content: Leverage platforms like Instagram and TikTok to create engaging content that encourages user participation.
- Personalized video marketing: Use AI-driven tools to create personalized video messages for your customers at scale. As with all AI-related things however, be sure not to overdo it if you dive too deep in the AI-pool. You must maintain a level of brand authenticity (i.e. use AI as a starting point - never your final product).
- Voice search optimization: With the rise of smart speakers, optimize your content for voice search to capture this growing market. Consider what a person would ask their smart device to answer, and add these short Q&A snippets to your website content. For example, “Hey Alexa, how can I grow my boba tea cafe?” or “Okay Google, tell me how to find more yoga clients for my hot yoga studio.”
Refine your magical value proposition
A compelling value proposition is the secret ingredient in any successful business spell. If your growth has stagnated, or if your vibe just feels off, it might be time to refine this crucial element.
Clearly communicate the unique benefits and advantages your product or service offers over the competition. Emphasize how your business brings value to your customers’ lives, whether it’s by saving time, solving a problem, or improving their overall experience.
Meditate on your obstacles
During a retreat in the forest, guided visualization activities can help re-energize your team. Roast pumpkin seeds over a fire while discussing new directions. Pull your important metrics and be honest with yourself about what needs to be done to improve.
Or brainstorm with your team in a virtual meeting and see what new ideas are conjured. Whichever way you choose to meet with your team, try to cook up a business strategy to win over new customers.
You might also want to consider combining your brainstorming sessions with data analytics. For example, you could use business intelligence tools like Tableau or Power BI to visualize your data and identify trends. Then, implement predictive analytics to forecast potential obstacles and opportunities.
Here are a few of the common obstacles and some possible solutions:
Lack of customer awareness
Invisibility might be desirable for ghosts, but not for small businesses. Fading into the background can mean a major slump.
Solution: Implement a frightfully effective marketing strategy. From spellbinding social media campaigns to irresistible promotional deals, make sure your target audience knows you're more treat than trick.
Related: Incorporating AI into your small business marketing strategy
Low business funds
Insufficient capital can be as daunting as a haunted mansion for small businesses keen on growth but lacking the resources.
Solution: Don't be afraid of seeking out different potions. Business loans, crowdfunding or self-funding can provide a magical boost to your financial situation.
Inefficient operations
Efficiencies hidden under layers of dust and cobwebs can stagnate a business.
Solution: Time to scrub clean and implement lean principles. Skeletal efficiency, reducing waste and boosting productivity will make your business rise from the grave.
Steep market competition
Competition that is fiercer than werewolves can pose a chilling challenge.
Solution: Out-cast the competitors with a unique trick in your treat bag. Differentiate your brand through unique products or exceptional customer service.
Related: 6 common business owner fears (and how to overcome them)
Shifting market trends
Trends change faster than a fluttering bat’s flight path, which can be a scary prospect.
Solution: Investing in market research and staying clued into industry news is the silver bullet that keeps the werewolf of irrelevance at bay.
Leaning into AI technology can help you here too. For example, AI-powered trend forecasting tools like Trend Hunter or WGSN might be helpful for staying ahead of market shifts. You’ll need to implement agile methodologies in your business processes though if you want to quickly adapt to changing trends.
Bad team dynamics
Like a mismatched monster mash, a disjointed team can bring the mood down.
Solution: Regular team-building potions, open lines of communication, and effective leadership can make a zombie team come alive. It's all a matter of raising spirits!
Team collaboration tools like Slack or Microsoft Teams with built-in analytics might help you with identifying communication patterns and improving team dynamics. You could even implement virtual reality team-building exercises for remote teams if you’re feeling extra fancy!
Banish negativity
It’s all about having the right mindset. How can you get there? Treat staff to relaxing massages to reduce stress. Be open to suggestions. Accept help if offered. Boosting morale lifts spirits.
Another method of getting rid of negativity is to unburden your contacts list. Clients that you don’t want to work with again, people you know will never buy, etc. Sometimes the act of digital decluttering will free up your emotional and mental bandwidth to give you new energy for moving forward.
Cast a spell of community
Creating a thriving community around your business can be as powerful as a coven of witches. As we move forward — especially in the age of AI — community-based businesses will be the most successful.
Foster engagement by creating forums, social media groups, or customer communities where users can interact, share experiences, and support each other. A strong community not only builds loyalty but can also provide valuable insights and word-of-mouth referrals, helping your business grow organically. Speaking of community…
Brew powerful alliances: the magic of strategic partnerships
Sometimes, the most potent spells are cast in collaboration. I alluded to this earlier, but I strongly urge you to consider forming strategic partnerships with complementary businesses.
These alliances could be the key you’ve been searching heaven and hell for to help you reach new audiences, expand your offerings, and create mutually beneficial opportunities. Like mixing different ingredients in a cauldron, the right partnership can create a magical synergy that propels both businesses forward.
Where do you go from here?
Silly seasonal puns aside, I know how difficult it can be to run a business. It’s tough being your own boss. The good news is though, when you take a step back and really look at how you can pivot and make simple changes, you can often fall in love with your business all over again.
And, with a little luck, you might make more money and enjoy more freedom than you ever thought possible.
So grab your potions and pixie dust and get to work magically infusing your business with all the positive vibes for your next step. May it yield abundance and joy for you beyond measure!
