Does anyone still remember traditional video stores? I mean, they used to be our go-to spot for the latest blockbusters, and sometimes, you had to wait days to get a popular movie because someone else already rented it.
Ah, good times. These days, you only need an internet connection and a Netflix or Amazon Prime subscription to see a chart-topping film. As for video rental businesses? Long dead and buried.
Interestingly, Netflix also started as a video rental brand, introducing the DVD-by-Mail service in 1998. Almost a decade later, it switched to online streaming. So, customers now had the convenience of seeing the latest movies without leaving their homes or placing an order.
By simply innovating and adapting to the trends, the company has outlived every other video rental brand. Netflix’s story is similar to most publicly-listed companies—from Amazon to Apple—and how they’ve stayed relevant through changing times.
SMEs can pick up a thing or two about future-proofing from these companies so they don’t fade out quickly in a fast-paced business world. This blog post dives into some strategies that SMEs can learn from the big names in the corporate world to help secure their futures:
1. Invest in Business Insurance
It’s not uncommon for SMEs to see a commercial insurance policy as an avoidable expense. After all, they don’t have the budget for those costly monthly premiums. But while a meagre budget might seem like a logical excuse to skip insurance, it comes with significant risks.
If the business experiences a natural disaster or a long-drawn lawsuit, the financial losses might be hard to recover from. Statistics show that the US experienced more than 16,000 workplace fires in 2020 alone. Property damage from these incidents rose up to $932 million.
Imagine your business involved in one of these occurrences. Would you be able to recover? If the answer is no, then it’s essential to invest in a business insurance policy to protect against threats like this one.
The big names like Apple and Microsoft always have a safety net for disasters. If your brand will thrive for decades like they have, you need to take steps to secure it from the unexpected.
2. Keep an Eye on the Trends and Adapt
The digital revolution is showing no signs of stopping—everything is moving quickly, with new and disruptive technologies and strategies. SMEs that will stay relevant for decades must monitor the trends and adapt to changing methods.
It’s how Netflix went from DVD-by-Mail to online streaming. The company saw an opportunity with the growth of the internet and mobile devices and took advantage of it.
Your business must do the same or fade out as the world evolves. Here are some strategies that can help you keep up in an ever-evolving digital landscape:
- Invest in data and continuously monitor the trends and changes in technology in your industry
- Embrace new technology to streamline operations, including AI and automated systems
- Pay attention to customers and their evolving needs, preferences, and buying behavior
- Invest in your workforce through training programs and workshops to help employees develop new skills and strategies
- Create a culture of innovation by encouraging your staff to explore fresh ideas and improvements in day–to-day operations
- Don’t be afraid to diversify and explore new markets and products
3. Invest in Customer Experience and Branding
Prioritizing your customers and providing seamless experiences throughout every stage of the buyer’s journey is a strategy that’s guaranteed to boost retention and foster long-term patronage.
Statistics show that customers are 2.4x more likely to stick with a brand if their problems are solved quicker. Also, 49% of customers who left a brand they had been loyal to did so because of poor customer experience.
Investing in personalized and engaging customer experiences can boost loyalty and give your brand an upper hand over the competition.
Aside from customer experiences, branding is another strategy to focus on. Build a unique brand identity with values and messaging that resonate with your target audience to create an emotional connection. When customers feel connected to a business, it fosters trust and loyalty.
Apple, Disney, and Google all have these things in common—a strong brand identity with unique and personalized customer experiences.
Conclusion
The business world in the digital age moves at a fast pace, with new strategies and tech innovations popping up daily. In an era like this one, it’s easy for businesses to get left behind. However, by understudying publicly-listed companies, SMEs can learn strategies to future-proof their brands and stay relevant in the long term.
