15 Examples of Investments That Boosted Businesses Success
We asked 15 CEOs and business leaders about the most significant investments they’ve made in their businesses and how these investments have impacted their success. From investing in customer support to ensuring accuracy with human transcription, discover the game-changing investments these experts have made to drive their businesses forward.
- Investing in Customer Support Boosts Growth
- Define Your Vision Through Coaching
- Continued Education Increases Client Satisfaction
- New Marketing Channels Fuel Business
- Talented Team Members Power a Company
- Expanding SEO Services Grows Business
- CRM Investment Fuels Business Success
- Focusing on R&D Spurs Growth
- Gain Insights Through Mastermind Programs
- Emergency Funds Safeguard Business
- Machine Learning Improves Product Offerings
- CRM System Enhances Customer Relations
- Automation Investment Increases Efficiency
- Launching a Website is Essential
- Ensure Accuracy With Human Transcription
Investing in Customer Support Boosts Growth
We’ve invested most heavily in customer support, the one area of business that, to me, cannot be overlooked as a growth strategy. Customer satisfaction is critical, as it builds a loyal brand following and a dense referral base.
Favorable online reviews—and boosted ratings—improve our exposure, ultimately leading to increased traffic. As word spreads about our trustworthy and accessible business, our brand grows in prominence and visibility. And for us, the highest return investment has been in the attention we give our customers.
Define Your Vision Through Coaching
The most significant investment I have ever made in my business was investing in professional coaching to help me define my vision and create a well-crafted plan. This led me to take action and move toward the success of my business faster than I could have imagined.
With the help of a coach, I could identify key areas for improvement within my organization, including understanding how best to use time management skills, creating efficient processes and operations strategies, developing effective communication policies that allowed us to work smarter, not harder, and learning how to delegate tasks effectively so that our team had an equal workload. Because of this investment, our team has become more organized, productive, and successful overall.
Continued Education Increases Client Satisfaction
The most significant investment I’ve made in my business is in continued education and attending seminars. It is essential to stay updated with the latest techniques, advancements, and industry trends.
By investing in my knowledge and skills, I can provide the best services and results for my clients. Attending seminars allows me to learn from experts in the field, gain new perspectives, and offer the most innovative and effective treatments, keeping my clients satisfied and coming back for more. It’s a necessary investment to provide the best for my clients!
New Marketing Channels Fuel Business
2023 has been our year of new marketing channels. We’ve added outbound prospecting, lead magnets, and a heavy push for multiple B2B software review sites. This was an investment we had planned for in 2022, but it has been made even more relevant thanks to the rocky economic conditions in 2023. It’s had an immense influence on new deals and has also done for company morale.
Talented Team Members Power a Company
As we are a fully remote company, we didn’t need to make an enormous investment in infrastructure and we have a low-budget marketing strategy, so the most significant investment we made in our business was building a strong and talented team.
We believe that the success of any company lies in the people who drive it forward. By handpicking skilled professionals, we have created a culture of collaboration and innovation.
This investment in our team has had a profound impact on our success.
It has allowed us to tackle complex challenges, adapt to changing market dynamics, and deliver exceptional products and services to our customers. Our team’s expertise and dedication have helped to drive our growth, building strong customer relationships, and establishing us as a leader in the industry.
Expanding SEO Services Grows Business
With successes in our White Label SEO services, we expanded our market. This happened with one crucial discovery, which is there was more to SEO than link building. That led us to our first local SEO service.
Our focus here was to gain diverse citations that could help our varied customers to increase their rank. This also led to an adjacent citation cleanup service, which corrected incorrect ones. All these resulted from analysis reports, feedback sessions, and client and employee meetings stretching over 3 years.
The success on these fronts led us to open a fully serviceable SEO agency with guest posts, new releases, and so on. A crucial factor that always stood out is the constant interaction and validation upon trial runs. This keeps all actors involved in check and helps us release ultimate results after a thorough checkup.
CRM Investment Fuels Business Success
The development of a complete customer relationship management system was a game-changing investment for our company. This strategic investment affected our approach to customer interactions, as well as our business processes.
Our sales, marketing, and customer support activities were expedited by the CRM system, which merged data into a single, centralized platform. This allowed us to get a greater understanding of client preferences, behaviors, and purchasing habits, allowing us to provide personalized experiences and targeted marketing campaigns.
The results were astounding: higher customer happiness, higher sales conversions, and higher client retention rates. The CRM system also promoted excellent cross-departmental communication, allowing for seamless information sharing and optimizing overall efficiency.
The CRM system investment was critical to fuel our business growth, strengthening customer relationships, and promoting long-term success.
Focusing on R&D Spurs Growth
In my business’s early stages, we quickly achieved a revenue run rate of about $330,000, but scalability issues posed a challenge to the initial business model’s long-term viability.
This situation led to a crucial decision: to reduce client workload and devote resources to R&D. We spent six months refining our offerings for startups and increasingly enterprises seeking to explore venture opportunities.
This transition wasn’t easy, as it involved choosing between operating within the existing business versus developing it, taking a revenue hit for an uncertain return. I often describe this phase as discovering product-market fit for the 2nd time, a notoriously complicated process even the 1st time.
This shift has offered me invaluable entrepreneurial lessons, facilitated rapid product and service testing, and allowed significant long-term investments into our website, content, and social media presence.
Gain Insights Through Mastermind Programs
The most significant investment I’ve made for my business is to invest in masterminds and business programs. I spend tens of thousands of dollars on these programs every year. However, they have had a significant impact on my business.
The programs are mastermind-type groups, so I meet virtually and in person with people in my industry and/or other business owners. We exchange ideas and opportunities. One of the best things about these groups, besides the opportunities, is that I get to learn from people who are ahead of me—and I get inspired by them every day.
It’s easy to think that a certain level of success is what’s “attainable” and disregard anything beyond that, but seeing these examples of people who are way beyond what I can envision on my own really opens up my thinking and what I now find attainable. I’ve made a lot of significant decisions, streamlined my business, and grown it thanks to the insights I’ve gotten from these groups.
Emergency Funds Safeguard Business
The most significant investment we’ve made in our business was creating and maintaining an emergency fund. This decision has proven instrumental to our success. In our industry, we often face unexpected challenges such as extreme weather or sudden changes in government regulations which can affect our operations.
An incident that underscores the value of this fund happened last year. A critical solar panel shipment was delayed because of a factory shutdown, putting an enormous project at risk.
Because of our emergency fund, we could source the panels from another supplier at a higher cost without disrupting the project timeline. This saved us from a potential business loss and also bolstered our reputation for reliability among our clients.
Machine Learning Improves Product Offerings
Implementing advanced machine learning infrastructure has been the most significant investment in our business, revolutionizing our success. By harnessing the power of cutting-edge technologies, such as deep learning frameworks and scalable computing resources, we have achieved remarkable improvements in our product offerings.
This investment has empowered us to develop highly accurate predictive models, automate complex tasks, and gain valuable insights from vast amounts of data. The result has been enhanced operational efficiency, increased customer satisfaction, and a competitive edge in the market.
Our ability to deliver personalized experiences and make data-driven decisions has propelled our business to new heights, solidifying our position as industry leaders.
CRM System Enhances Customer Relations
One of the most important investments that I have made in my business was in the Customer Relationship Management system. With the help of a CRM system, I became able to store and properly organize all the essential data of my customers, streamline conversations with customers, and easily track sales.
Significantly, by having all the essential data related to my customers in one place, I can evaluate my business performance more effectively, target customers, and plan future sales more accurately. With the help of a CRM system, I become able to answer the problems of my customers immediately and resolve their issues more efficiently. Thus, investing in a CRM system was my best decision.
Automation Investment Increases Efficiency
One of the most helpful investments that I have made in my business is automation. Flawlessly, it is the best because it has low overhead costs, enhanced efficiency, and enhanced output quality.
It enables us to scale our activities without compromising on quality, lets us boost our customer base, and improve sales. It also saves often and money that we usually spend on hectic tasks and allows us to focus on more important initiatives and high-level strategies.
Launching a Website is Essential
Having an online presence was essential for me to gain more customers and establish credibility with potential clients. Since launching my website, I have seen a significant increase in the number of customers and inquiries from potential clients.
The website has also enabled me to showcase my services, products, and portfolio in an organized way. It has given me new opportunities for business growth through SEO optimization, online advertising, and other marketing strategies. Overall, investing in a website has been invaluable for the success of my business.
Human Transcription Ensures Accuracy
The most significant decision we made for our business was to prioritize human-based transcription over AI. This choice was not without its risks, especially considering the consistent advancements of AI in the industry. Despite the higher cost associated with human transcription, we made this decision because of its guaranteed 99% accuracy.
The consistent delivery of accurate transcripts has enhanced client satisfaction and built trust in our services, leading to repeat business and positive word-of-mouth recommendations. The flexibility of human transcription allows us to handle a wide range of transcription requirements and deliver high-quality results, even in complex scenarios. Clients benefit from this adaptability by receiving accurate transcripts regardless of the complexity of the source material.
The resulting factors of human transcription have enhanced our client satisfaction, reputation, and client retention, ultimately driving the success of our company.