10 Top Tips to Achieve Business Growth

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There are innumerable strategies for business growth, the following 10 top tips to grow your business should assist you in taking your business to the next level.

  1. Use customer data effectively

Personalisation is one of the best ways you can put data to work in a business. Whether it’s an e-newsletter or online ad, personalising the content you place in front of customers and prospects can vastly improve its chances of resonating and converting. Use data to develop a complete single view of the customer to help segment and focus engagement so that it’s relevant to its recipient. For example, if the data tells you that a particular customer’s liability insurance is in place then isolate them from marketing drives promoting liability insurance products. For businesses, personalisation is a crucial differentiator as it becomes ever more difficult to cut through the noise people are subject to every day. Effective use of data creates a fluid experience that is entirely personalised, clear, and meaningful to customers.

  1. Automate the mundane

Leveraging data to automate banal claims processing and expedite back office decision-making is as important as how you use it to finesse customer-facing activities. Automation accelerates service delivery and reduces blind spots so that businesses can remain a few steps ahead when resolving customer interactions more efficiently. In practice, automation can optimise service demands (such as the ability to submit a claim online) and minimise the need for cumbersome human interventions that cost time and money. If you’ve ever spent too long in a call centre queue, then you’ll appreciate the value automation can add to both businesses and customer

  1. Embrace digital, empower people

Globally, more citizens are coming online for the first time and creating new distribution networks in the process. Against the backdrop of increased Internet access, businesses are well-positioned to provide tools and services that can empower people at scale. Businesses focused on building inclusive technology have the power to push value back towards customers by designing digital products to effect positive change. In insurance, such products use algorithms and image recognition technology in a variety of applications including mechanising information exchanges, digitising documentation and detecting fraud. Products that improve customers’ lives will do well in a world where more people have access to technology.

  1. Find scale in the cloud

Cloud-based services help take the hassle and cost out of building powerful digital experiences. In the past, businesses would wrestle with prioritisation and where best to focus resources. In most cases, ‘bell and whistle’ features were deprioritised in favour of cutting costs, freeing up software engineers and the need to make money. Today, an abundance of plug and play capabilities dominate the cloud and offer large and small businesses scalable, fitted solutions.

  1. Understand A.I.

Where the Internet was the most significant evolution of the past two decades, Artificial Intelligence is set to drive the next wave of rapid transformation. Even though businesses are only beginning to discover A.I., it is expected to transform the finance sector. All participants will need to be receptive to the systemic change Artificial Intelligence will bring about and adapt accordingly.

  1. Identify and reduce risks

There’s nothing like a global pandemic to give everyone a hard lesson in the reality of external risks. While it’s impractical to remain completely unexposed, there are plenty of steps businesses can and should take to reduce risks. The most important step in reducing risk is your business insurance provider. Examine your policy to identify areas where you might lack a satisfactory level of protection. Don’t ignore areas where you may incur losses and disruption as a result of cyber threats such as data breaches or data-targeted hacks. As your business grows, establish regular reviews of your policies as part of ‘housekeeping’. Ensure that losses and recovery as a result of cyber security attacks are covered.

  1. Encourage loyalty

While attracting new customers is paramount in a business growth plan, don’t neglect your existing customers. Invest in a non-intrusive contact strategy to reach out to active clients and show that their value to you goes beyond the premium they pay. Honest and efficient communications with customers will set you apart from competitors. Engaging customers on new risks and highlighting relevant products will demonstrate that you care about them and understand their individual needs.

  1. Recharge referrals

In most businesses, a solid referral strategy is a key driver of growth and can help ensure you aren’t missing easily attainable opportunities. People trust friends, families and colleagues and the recommendations they receive from their inner circle shouldn’t be overlooked. Monitor and capitalise on the conversations taking place in applicable social media channels to strengthen current connections and find new customers.

  1. Find growth in niches

When it comes to growing your book, the answer isn’t necessarily in the fast expansion of your product and services portfolio. Specialising in a unique niche and positioning yourself as the go-to professional in a complex category of insurance can be just the nudge you need to grow your business this year. Remember, going the niche route isn’t always about your deep knowledge of a specific category of insurance. It can also be found in a niche market that you care about, understand intimately, and can supply with a range of insurance offerings. Look at verticals that interest you and listen to the people who are immersed in them. Discover the challenges they encounter with current insurance providers and see what you can do to improve it.

  1. Connect with your peers

Right now, we are unable to enjoy the power of good, old-fashioned, face-to-face networking.  So how can you connect during a pandemic?  Networking is all about relationships so pick up the phone and check in with your peers in the industry.  Use LinkedIn well, ensure your profile is up to date, share someone’s post on LinkedIn.  Compile a list of virtual events or conferences that are coming up in your region and use those to connect with clients and prospects.  Nurturing these connections during this time will go a long way in keeping you front of mind for a referral in the future.

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