Let’s take a stroll down memory lane.
Wind the clock back 20 years and think about just how different the world was back in 2004 when the internet was just beginning to take shape.
Of course, we had websites, blogs, and instant messaging, but even those tools looked much different than they do now. What we didn’t have was Facebook, Twitter (X), YouTube, cloud computing, or mobile applications.
Fast forward to today. People are chronically online, and there are more digital tools, systems, and software at our fingertips than ever. This has drastically changed the way people communicate, interact, and buy.
As you might expect, many older generations of business owners who have grown dependent on print advertising, billboards, television ads, and other traditional marketing methods haven’t been able to adapt to an increasingly digital world.
Heck, I was once one of those business owners myself!
Just five years ago, 90% of my clientele would come from referrals or from people who happened to drive past my office. Year after year, I’ve watched that percentage gradually shift. Today, I estimate that my clientele is a 50/50 split between referrals and people who find me via online search.
Think about that for a moment: 50% of my business exists because of the internet. And for other businesses, the percentage is much, much higher!
If you’re still clinging to archaic marketing strategies in 2024, it’s time to ask yourself the following seven questions:
1. What Opportunity Does Hyper-Connectivity Present to Small Business Owners?
There are various ways to leverage social media and digital marketing to improve your business, but you must be willing to see them as opportunities rather than inconveniences.
2. What Threat Does Hyper-Connectivity Pose to Small Business Owners?
If you’re not taking advantage of these opportunities, you had better believe that your competitors will. Worse yet, a new competitor could easily emerge and render your business irrelevant.
3. What Tools Are My Customers Using Today?
There may be a specific platform, application, or tool you aren’t using that would remove a barrier between you and your customers. How do you find out what it is? Ask them!
4. How Does Hyper-Connectivity Change the Way My Customers Make Buying Decisions?
Before anyone calls you, they’ve already Googled you. They’ve read your reviews. They may have even started comparing your business to other options in your market.
5. How Will My Competitors React to This Hyper-Connectivity?
If you want to stay one step ahead, you’ve got to anticipate how your biggest competitors might try to use hyper-connectivity to their advantage. They’re probably doing the same for you!
6. What Questions Should I Be Asking?
If you don’t fully understand a new tool or platform, don’t bury your head in the sand. Be proactive! Educate yourself and dig deep to determine its potential impact on your business, market, and industry.
7. How Can You Use Artificial Intelligence (AI) in Your Business?
It’s no secret that AI is the new frontier, and more and more businesses are harnessing this technology to automate systems and improve efficiency across the board.
Whether it’s AI, social media, or online search, the reality is that you need to be changing with the times, or you’ll be left behind.
When I started my business back in 1991, all CPA firms had been providing the same services for the last 100 years—namely tax returns, financial statements, bookkeeping, and audits.
But in the last 30 years, there have been some seismic shifts. Think about all of the different companies, products, and services that have impacted our industry—QuickBooks, TurboTax, and others!
The only reason why my business has survived these major changes is because we chose to adapt, and this is true for any business that has survived a shift in its market or industry. They may have reinvented their firm two, three, or even four times. With the speed at which things are changing, you need to be able (and willing) to do this more often if you have any hope of staying alive.
Finally, rather than throwing up your hands in frustration or ignoring the changes around you, perform a S.W.O.T. analysis. By regularly evaluating your business’s strengths, weaknesses, opportunities, and potential threats, you’ll always be on the front foot!