fbpx
Connect with us

Marketing

3 Strategies to Reinvent Your Business and Thrive in 2021

Millions of businesses around the world had to learn how to adapt and reinvent themselves during the pandemic. Those that readjusted to the rules of this new economy have thrived and seen exponential growth in the face of global adversity. Those who didn’t got left behind.

Despite the unforeseen events of 2020, it was the year that businesses had to make a choice. The economic shift caused by the pandemic pushed companies to adapt or die. For many businesses, this was the year of innovation and prosperity — if you embraced social media and e-commerce, that is.

But now it’s time for your business not merely to survive in the market, but thrive. The choice is yours. Here are three strategies to reinvent your business into a prosperous one in 2021.

Adapt to market needs

The pandemic brought about the disruption of the normal demand and supply pattern. The new demand and supply pattern involves identifying and responding to market needs.

Many conglomerates, including Amazon and Uber Eats, recorded their highest sales in 2020. This is because they adapted to their customers’ needs during the pandemic. They delivered their products to customers’ doorsteps. Not only did large businesses recorded high sales, but also small businesses that adjusted to suit the needs of their consumers.

The businesses that succeeded in 2020 were able to adapt to the new economy’s demands. To adapt means to listen to customer needs and deliver services in a model that corresponds to those needs. The first step to growing your business in 2021 is to adapt to the market needs. The best listeners were the greatest winners and will continue winning.

Go digital

Businesses now know better than ever that if you’re not online, you do not exist. Going digital doesn’t mean that you need to have a million followers to make a difference. Even with 100 followers who are your customers and can reach out to you, you still have an online footprint. Interacting with your customers online goes a long way to grow your brand and business.

You can achieve more in the digital world than you can in the real world. For example, if you host an in-person conference for 100 people, it will fill up. But you can host a live event on Zoom and have thousands of people attending. These limitless opportunities are presented by going digital.

The point here is to connect and communicate with your customers online. When you take advantage of digitizing your business, you’re sure to have a thriving business. You could start by posting your menu on your Instagram page if you’re in the hotel industry. You can also post business consultancy video content to get clients online. Go digital with your business and you’ll never go wrong.

Be cost-conscious

Another winning strategy is to be conscious of your pricing strategy. Your price strategy should have changed in 2020.

Being cost-conscious means serving your customers at both high price points and low price points. One way to achieve this is by increasing the number of products such that you have high-price products and low-priced ones.

Of course, everyone would imagine that lower prices wouldn’t be worth considering. But lowering the costs of some of your products doesn’t mean you’d run out of business tomorrow. When you offer so much value at a lower tier, it gives you the chance of customer acquisition. The motivation cost will make the customer not feel the pinch when they upgrade to a higher price tier.

Offer starting products at a lower price to make them accessible to everyone. Then increase its value to attract a higher price. That is the essence of staying cost-conscious.

Wrap Up

If the pandemic has taken a toll on your business and you’re only surviving, it’s time to act. You’ll need to adapt to the needs of your customers to stay on top of your competitors. Digitizing your business is a must, or you’ll run out of business. Online is the future of business. Do more than survive, thrive!

Founder & Editor-In-Chief of Disrupt Magazine Tony Delgado is a Puerto Rican American software developer, businessman and activist. He has been the host of Disrupt Podcast where he interviews some major players in tech industry who are making waves around world with their innovative ideas to change the world. Inside the Disrupt Podcast is where you'll find inspiring guests who are making big impacts within tech industries as well! Tony has built a following of over a million entrepreneurs on social media, and helped businesses sell hundreds of millions of dollars online. Tony Delgado is not just a social media influencer, he's also an entrepreneur and philanthropist. His work in Puerto Rico after Hurricane Maria made him realize how important it was for young people on the island to have access to affordable education and internet. Tony hosts regular seminars & workshops throughout the island of Puerto Rico.

New Videos

Top 3 NFTs

Mindset

Most Disruptive

Recent Stories

Trending


Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.


Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.