In the era of start-ups, where every day a new business venture is being conceived and every moment a new trend and a new technology are being created, it is crucial that you and your business is updated with the latest strategies and techniques of business.
Let’s take you through some of the cutting-edge tactics that will surely up your game in the business:
1. The New ‘Low Cost’
Having a low-cost model is a canny idea not only to influence new customers but also to ensure operational efficiency and gain high profits. Many Numero-uno companies have used this tactic to gain an edge over their competitors.
Tata Motors brought low-cost cars and accelerated the dream of owning a car by a middle-class family. Many others like Indigo Airlines, McDonald’s have successfully applied this.
2. Niche Strategy
‘Niche’ means a product or service that appeals to a specified group. The aim behind this tactic is to start as a minuscule and steadily build your empire.
Uber, the leading ride-hailing service provider with its comprehensive range of services and cost-based diversity- targeted different strata’s of the society from working professionals to Tech savvy GenY. Now it is amplifying into food delivery services with Uber Eats.
3. Innovative Revenue Streams
In the present world where there is a flood of substitutes, having creative ways to generate revenue becomes substantial. Through this tactic, one can earn not only by advertising but also through subscriptions and other innovative payment methods.
Amazon, the e-commerce giant today has myriad ways to claim the money. Amazon has expanded its reach from online groceries to cloud computing, and from literature to movies, Amazon is known as the ‘everything store’.
4. Behavioral Contracts
This is the newborn tactic of the 21st century. Through behavioral contracts, you can increase your customer-base by issuing referral codes and loyalty discounts to its customers.
Swiggy the food ordering and delivery platform, with its exceptional customer-oriented strategy Swiggy, have managed to reserve a place in the user’s daily life. Swiggy gives offers and vouchers worth Rupees 100, just for sharing your referral code.
5. Removing Barriers
This tactic has a modernistic approach. In this strategy, you bring new and easy ways to access for budding customers and at the same time separate them from other potential competitors. Many companies like Paytm have successfully used this out-of-box strategy to make money.
Paytm gives monthly discounts to its users, like vouchers worth Rupees 200 in the beginning of every month to shop from Paytm mall and a cashback of Rupees 200 on purchase of movie tickets through Paytm and many such discounts and offers.
By using these tactics the aforementioned companies have successfully made a mark for themselves in trade and commerce industry.
