Every entrepreneur should have an effective and reliable business strategy to determine the direction and goals of the business, customers, competitors, markets, etc. Apart from that, entrepreneurs also need to know several examples of business strategies that are often implemented in a company as follows:
1. Cross-Selling
Cross selling is an action to direct consumers to buy different products but are still related to the main product. This strategy has been proven to increase sales and add new customers.
2. Carry out product innovation
Many companies, whether automotive or technology companies such as smartphones, laptops, always create new innovations in their products.
3. Customer Service
Improving customer service aims to increase brand reputation. This strategy is also considered effective because it can directly connect with consumers.
4. Acquisition of a New Company or similar Company
Acquisition of new companies or similar companies will reduce the level of market competition, as well as increase new strengths, with a wider market. Example Binance has acquired several crypto exchanges.
5. Pricing Strategy
This pricing strategy where the company must be able to control prices will remain low and affordable for many consumers and will also attract more new consumers. In general, companies will sell products in large volumes, even though the profit margin per unit will be lower.
6. Technological Excellence
Technological advantages are often used by business people to increase productivity and expand markets, often technological advantages are used in research and product development, and hiring employees who have high technological skills will also be very helpful.
1. Cross-Selling
Cross selling is an action to direct consumers to buy different products but are still related to the main product. This strategy has been proven to increase sales and add new customers.
2. Carry out product innovation
Many companies, whether automotive or technology companies such as smartphones, laptops, always create new innovations in their products.
3. Customer Service
Improving customer service aims to increase brand reputation. This strategy is also considered effective because it can directly connect with consumers.
4. Acquisition of a New Company or similar Company
Acquisition of new companies or similar companies will reduce the level of market competition, as well as increase new strengths, with a wider market. Example Binance has acquired several crypto exchanges.
5. Pricing Strategy
This pricing strategy where the company must be able to control prices will remain low and affordable for many consumers and will also attract more new consumers. In general, companies will sell products in large volumes, even though the profit margin per unit will be lower.
6. Technological Excellence
Technological advantages are often used by business people to increase productivity and expand markets, often technological advantages are used in research and product development, and hiring employees who have high technological skills will also be very helpful.
