How Legacy Businesses Can Fend Off Disruptors

When you are running a small business that has been around a while, it can be frustrating to see disruption in your industry that has the potential to damage your business. Figuring out how to make it through disruptions and come out on top while maintaining your business is a challenge that can really set you apart from your competitors. Here are a few things that you should keep in mind moving forward.

Improve Customer Service

Some customers find that customer service is really great when a new business first opens up but that it gets worse over time. This can be a huge turnoff for potential customers and can make them much more likely to change to a new restaurant or business. By improving your customer service, you can avoid this kind of problem and find your way into longevity with your customers. If you aren’t sure how to best improve your customer service practices, talk to your customers about it, they can help you to figure out where there is room for improvement. The better your customer service is, the easier it will be to hang on to your loyal customers.

Source: https://blogs.spectrio.com/5-ways-to-improve-customer-service   

Spend More on Social Media

Social media is an important part of maintaining your business, especially when disruptors come around. Most people tend to have at least one social media account, so being active on social media can help you to access a broad audience, and if you are in certain industries, that will put you well ahead of the competition. For example, more than half of banks and credit unions spend less than $1,000 on social media. That means that by simply having your own social media and investing in it, you can beat out much of your competition.

Source: https://www.podium.com/article/credit-union-social-media-spending/ 

Know Your Strengths

Part of surviving change as a business is knowing what your strengths are and using them to your advantage. Spend some time analyzing your strengths and then think about how you can use those strengths to help you grow and expand as a company, even when things are changing around you. Even as the world changes and more innovations are made, your strengths as a business and a business owner will help you to weather the storms, as long as you know how to use them to your advantage.

Source: https://www.thehartford.com/business-insurance/strategy/swot-analysis/strengths  

As a legacy business, you know what you’re doing. Now you just need to work to handle the changes that come your way. With these tips, you can fend off disruptors easily and help your business to stay strong in your niche.

Read this next: Why Customer Satisfaction Can Be So Hard to Achieve

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