Inc & Co's Group CEO Jack Mason shares five strategies to help your business pivot - and flourish - in the aftermath of the pandemic.

The ways that we do business have evolved rapidly during the COVID-19 pandemic. Aside from changing where and how teams work, companies are also rethinking their competitive strategies to accommodate shifts in buyer behaviour. As a result, we can now access a wealth of case studies into how businesses have realigned their strategies to grow in the aftermath of the pandemic.

Although businesses have adapted in very different ways, most have embraced digital products and/or services to accelerate their growth strategies. Digitisation has made businesses accessible despite national lockdowns over the past year, and many companies have adopted technologies to expand their reach by some margin.

Here, Inc & Co's Group CEO Jack Mason explains how businesses can harness growth strategies by improving their digital customer lifecycles. Making the most of digital products and services can help businesses:

●      Reduce the cost of acquiring new customers

●      Increase awareness, conversions, price margins, and customer lifetime value.

The following steps are crucial for businesses that are looking to prosper in post-pandemic markets.

First Thing's First: Realigning Your Target Audience Post-Pandemic

Before working on digitisation strategies, Jack Mason stresses that companies need to be clear on exactly who their target audience is. This is especially important post-pandemic as many businesses' target audiences have shifted.

While it's easy to gloss over your target market with little research, understanding your ideal prospects' intent can be essential to your competitive strategies. Companies that don't spend time re-thinking their target audiences and jumping straight into marketing campaigns often spend lots of money and drive lots of traffic to their websites, but ultimately fail to convert this traffic.

Realigning your target audience might not be the easiest task, and it might require you to slow down when you want to move forward quickly. This is especially true if team members have different opinions on who your target audience should be. However, once you've pinpointed your target customers, you can make the most of these five strategies to grow your business post-pandemic.

1)    Increase Awareness

Your target audience has to know about the benefits of your product or service before they can choose your business. But many companies aren't sure how to market their products and services cost-effectively in the post-pandemic world. Jack Mason explains that although ideal marketing strategies differ depending on a range of factors, social media is consistently an ideal tool to increase awareness. Businesses can post on social media without spending anything. Or they can dedicate a fixed budget to paid ads. Either way, social media should form a cost-effective part of your awareness strategy, especially if you offer 'shareable' products or services like clothes, food, technological gadgets, or holidays, such as Inc & Co's recent acquisition, Baldwins Travel Group.

2)    Increase Conversions

Getting traffic to your site is one thing. But converting this traffic into paying customers is another challenge altogether. Jack Mason considers conversion strategy a blend of art and science. He explains that buying is an emotional action - one that many people only justify with facts and logic after they've made the purchase. Therefore, businesses need to create both emotional triggers and logical reasons for prospects to buy their products or services. This means moving prospects closer to their needs and away from their problems.

3)    Increase Margins

While a global pandemic may seem like an inopportune time to increase prices, many large companies - like supermarkets - have done just this. A price rise can be essential to increasing margins, as can cutting costs. And, post-pandemic, some suppliers may be more willing to reduce their prices than they have been before.

4)    Reduce the Cost of Acquiring New Customers

Reducing the cost of acquiring new customers usually means either reducing your sales and marketing costs or increasing the value of these operations. Keep in mind that effective digital marketing should be more cost-effective than traditional marketing. This is because technology gives us the tools we need to segment customers and target prospects differently depending on where they are in the buyer's journey.

5)    Increase Customer Lifetime Value

The longer you retain your customers, the more you can increase profits. Jack Mason explains that it's usually cheaper to keep customers than acquire new ones. When you add value to the products and/or services you offer your existing customers, you can improve your customer lifecycle and increase loyalty. It's important to work out how you can consistently fulfil your customers' needs so they use your company's products or services long-term.

Thriving in a Post-Covid World

Following these five steps to thrive in a post-pandemic world should help you grow your business and offset the impact of any further COVID-related restrictions. Businesses need to be creative in their pivots towards digital strategy, and imaginative solutions might be the key you need to fuel your company's growth.