7 Ways to Future-Proof Your Business

It can take time for a business to figure out the techniques and
approaches that deliver the best results. Having discovered those
methods, it’s tempting to keep using them even as the rest of the
world changes. Kodak kept promoting film even as photography turned
digital. Microsoft kept pushing Windows and missed the rise of both
smartphones and social media. Smart companies understand that the
world is constantly changing and try to stay one step ahead. Here
are seven ways to future-proof your business against today’s
changes.

1) Understand Cryptocurrency Exchanges and Wallets

You might not be accepting cryptocurrencies now, but there’s a
good chance that at least one of the hundreds of coins and tokens
bought and sold on exchanges will turn into a genuine international
currency. You need to be ready. Take the time to explore leading
exchanges like Binance and
CoinBase. Understand how
they work and what governs the price movements. Get to grips with
the blockchain and the wallets. If you do start accepting Bitcoin—or any other
coin—you’ll be able to hit the ground running.

2) Practice Calls to Action in Social Media
Marketing

One coin that has a particularly good chance of taking off is
Libra, the currency promoted
by Facebook. If users are willing to adopt that currency, then we
could see real changes in online commerce. International
transactions will become much easier and social media companies are
more likely to promote themselves as sales channels as well as
marketing channels. That means social media marketers will need to
add calls to action to their branding and engagement strategies.
You can practice that now.

3) Know How to Serve Customers Anywhere in the World

Whether Libra or any other cryptocurrency makes the world
smaller, markets will only become more connected. Customers from
China to Brazil can already reach your marketing which means you
need to know how to talk to them and how to deliver to them. As the
rewards for being able to scale globally look more and more
attractive, you need to build plans for that expansion. If you
don’t, your competitors will.

4) Perfect Your Live Video Skills

It’s not just the markets that will change in the future.
Marketing tools will change too. Facebook’s live video feature
has already proved its value. LinkedIn’s own version allows B2B
firms to build the same kind of relationships enjoyed by
consumer-facing businesses. Live video could well develop into a
killer marketing app. Practice using it. Understand what kind of
content gets your customers tuning in and interacting. Be ready for
the moment live video gives every business a public-facing
window.

5) Understand How to Use Data

The story of the last few years has been the rise of Big Data.
Technology firms have been collecting information about what we do
online and how we do it. Companies like Facebook and Google then
sell that information but other companies use it to improve their
marketing. They send targeted newsletters to customers based on the
emails they open, suggest products similar to ones they’ve
already bought, and personalize their marketing. Tools to mine that
data have already become easier to use, and they’re likely to get
easier still. If you’re not already collecting, storing and
mining your data, you should be. It’s only going to become more
important.

6) Measure the Value of Your Data

It’s also worth understanding the value of that data.
Companies like Google and Facebook are valued almost entirely by
the price of the information they hold about people. You might not
be in the business of selling access to that information but being
able to use it yourself has a value. Get in the habit of measuring
the extra income your business earns when it’s able to mine
information from its database. Know what your data is worth to you
because as data becomes even more important, you’ll find that it
will be an increasingly valuable part of your assets.

7) Stay Ahead of the Trends and Changes

Finally, don’t limit yourself to these areas. The future is
always surprising. New trends rise all the time, and some of those
trends bring important changes that will affect your business. Make
keeping in touch with the latest technologies part of your work
routine. Read the technology press. Listen to futurist
speakers
. Always know what’s coming next so that you’re
ready. 

 

The post 7
Ways to Future-Proof Your Business
appeared first on Grit Daily.

Author: Anchorman

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