10 Must-Try Business Strategies for Greater Success in 2023

Key takeaways

Achieving success in business is certainly a dream for many people. However, attaining that success is not an easy task.

There are numerous obstacles that business owners face on their way to significant success. You will always be confronted with competition, and to survive and continue to grow, a business strategy is something you greatly need.

The right strategy is key to achieving business success. Business strategies help you identify the steps you will take to reach your business goals. Strategy creation should not be based solely on instinct, estimates, or assumptions, but also requires accurate data as a foundation.

Creating a strategy that is specific and data-driven also makes it easier for you to evaluate the performance of the strategy and can help find solutions to various challenges that arise.

Through monitoring and evaluation, you can more quickly identify any business threats that require immediate preventive action. In addition, you can also easily identify business opportunities that should be seized right away.

To help you run your business with ease, check out the following 10 business strategies that you must try:

1. Cross-Selling More Products

Cross-selling is a marketing strategy that involves offering additional products. The additional items you offer should be related to the main product being sold.

The price of the cross-selling product should be much more affordable compared to the main item, as the primary goal of cross-selling is to attract consumer attention so that they also purchase complementary products.

The cross-selling strategy is often used in both online and offline sales.

An example of offline sales is when you shop at a supermarket. You intend to buy a bottle of drink, but the cashier also offers you a cold drink at a cheaper price.

In online sales, cross-selling is also commonly encountered. For example, you intend to buy a scarf on a marketplace, and you find the price of the scarf is only Rp 5,000, which certainly piques your interest. However, that price is for the purchase of a scarf liner included in the same product gallery.

2. Regularly Innovate Products

As an effort to develop your business, you should also regularly innovate your products. Businesses that rarely innovate can fall behind in meeting consumer needs. Therefore, you should continue to innovate regularly so that your consumers become loyal customers, which will impact sales growth.

3. Increase Promotional Activities

Having a business means you need to acquire loyal customers, so you must promote your business to be more successful and increase profits.

To make your business more successful and earn significant profits, you should promote regularly. You can also post through mass media, print media, or the internet.

Prepare attractive promotional materials that can increase consumer purchasing power. Effective promotional activities to potential customers are a business strategy that you must carry out as a business owner.

In this digital era, conducting promotional activities is very easy, and can even be done for free. You can use social media or other online media to introduce your products and promote them to a more specific audience that likes what you sell. Promote regularly, so potential customers are more easily captured.

4. Provide the Best Service to Customers

Improving the best service to customers is a good business strategy if your business has problems providing quality customer service. Many companies have even built a strong reputation due to their extraordinary service to customers.

Customers are everything for all businesses. When your business can provide the best service to consumers to become regular customers, then that is the process of achieving victory.

The best experience of customers with a product or service will influence other customers to remain loyal to your business. Then they will come on their own, and they can also help promote the products or services you offer to their close acquaintances.

5. Target New Markets

This strategy focuses on expanding reach and customer base. Some large companies buy or merge with competitors to target new markets. Acquiring new companies allows larger companies to compete in markets where they previously did not have a strong presence while retaining users of products and services.

6. Product Differentiation

Product differentiation is a common business strategy, especially for business-to-consumer (B2C) based businesses. You can differentiate the products you sell by highlighting the fact that you have superior technology, features, pricing, or style.

Through this business strategy, you can strategically explore what factors differentiate your products and services from competitors. This differentiating value does not have to come with additional costs if thorough and more strategic research is conducted.

7. Pricing Strategy

In setting prices, a business can keep their prices low to attract more customers or can give an aspirational value to their products by setting prices beyond what most ordinary consumers can afford.

If you plan to keep prices low, then you must sell products in much higher volumes, as the profit margin is usually very low.

For those who choose to set product prices out of the reach of ordinary consumers, you can maintain the exclusivity of your products while retaining a large profit margin from each product.

8. Utilize Technology

Using technology for business can reduce the production costs required. For example, if a job can be done with machine technology up to robots, the operational costs of employees can also be reduced.

Especially if it's a digital business, you can take advantage of various existing digital platforms. Rapid technological developments make our lives easier, and by leveraging technological advantages, you can achieve better sales, increase productivity, and even dominate the market.

9. Build a Community

Building a community means creating a specific group or forum for consumers of the products or services you offer or sell. The purpose of building a community is to create communication between you as the product or service provider and the consumers as the users of those products or services.

Considering that this is an era of consumer-centric business, getting feedback from consumers is an asset. By building a community in your business strategy, you also make consumers feel valued.

10. Commitment

Commitment is also one of the keys to success in business. The willingness of business owners to continuously adapt to market trends and create innovations can help a business succeed.

The wheels of business will continue to turn over time, so the ability to adapt is necessary. You must not give up when facing challenges in business.

Those are the 10 business strategies that you must try to be more successful in 2023. Do not hesitate to start even if you are still a beginner, keep learning and seize your opportunities. Nothing is impossible as long as you have the courage to dream and are willing to try. Good luck and keep up the spirit!