There’s an old saying that goes, you’ve got to speculate to accumulate, and while it still holds true that spending can lead to better profits, it no longer has to be the gamble it once was.
The amount of data businesses are able to access, and the availability of consumer feedback means it’s getting easier to find out what other companies in your niche are investing in and which ones are having the best results.
Of course, it’s still not guaranteed that those techniques will work for you, but you do at least stand a much better chance of finding the solutions which will give you the best return on your investment.
There are endless areas of your business to invest in, and many of the most effective ones will depend on the business you are in and where your company is at right now.
However, there are few areas of investment that, no matter your specific circumstances, should offer worthwhile benefits. Here are three of them.
It makes no sense to spend time and money developing a great product or service only for no one to hear about it.
Marketing is one of those areas that is often scrimped on, but spending money in this area can have great results.
If you simply have no idea where to start when it comes to getting your business noticed, and perhaps you’ve already put a lot of money in without getting a lot in return, the best solution might be to invest in an expert. Depending on your budget, you might consider employing someone experienced in this area to take it all off your hands, or for smaller budgets, speak to a marketing company to help you design a strategy or any ad hoc campaigns.
If you have the ideas but are struggling to manage a marketing plan which stretches across many platforms, a good investment for you could be to look into marketing software to simplify and streamline processes.
Customer experience software
In this modern age of technology and social media, customer complaints and queries come in from every angle. People want instant answers, and they want a satisfactory outcome. Failure to live up to these standards can lead to a very public dressing down.
Employing more customer service handlers is a costly step and one you might not need to take. Investing in customer experience software can bring all contact streams together in the same place, queue tickets, and offer the handler information at the beginning of the interaction, so their time is used most effectively.
Visit customer service platform Happitu at happitu.com to find out exactly the type of software is available to improve your customer journeys.
Web design and copy
More and more business is being done online, with the pandemic recently accelerating that switchover.
When shop floors are becoming less relevant and your online presence increasingly important, the smart money is going on web upgrades.
If your website can’t handle the increase in visitors, if the copy isn’t compelling enough, or if the design and layout just aren’t user friendly, your website is going to lose you customers.
At the very least, a regular audit of your site and web traffic is essential to check what is and isn’t working. For those whose website has looked and worked the same way for some time, it’s almost certainly worth checking what the latest upgrades could do for your business.
The key to spending is, of course, to do it wisely. Have a clear idea of your goals and put the money where it is most likely to help you achieve them. With that in mind, don’t jump in feet first, do your research and find the solutions which offer you the greatest returns, and hopefully, you will see your investments paying for themselves.