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The Innovative Ways to Improve Your ROI in 2020

2 Mins read

With the year 2020 arriving in just a few months, there’s a lot of pressure to get everything together. It’s technically not a new decade; there’s still more than a year until we can officially call it such. But still –the fact that that number on the calendar is about to change means we also need to be coming up with ways to innovate our business.

improve business ROI

Shutterstock Licensed Photo – By Wright Studio

You’ve probably already put a lot of money into making it into a success. But we’re here to tell you that you can do more than just that. Here are the ways that you can improve your business ROI in 2020.

1. From Human Chatbot to AI Chatbot

Save your employee from the soul dreading task of answering mundane questions and let technology do it for you. AI chatbots are the new customer reps on the internet. They don’t require human intervention, are available 24/7 real-time, and can answer questions just as good as a human being.

If you already have an employee doing that for you, you can still make good on that investment by delegating inquiries that require a human touch. This gives them more opportunities to handle tasks that require actual brain power and leave the rest automated to an AI chatbot.

2. Try Those New Skills

So, you joined a few courses and seminars in the last year but you’ve never applied them to your business. Time to go over them again and see if you can implement them. Sometimes, we think we’re doing good by joining these things without really putting a second thought to whether we have applied the lessons we have learned. So, go ahead. Dig up that newsletter you’ve been archiving and you may find some gold nuggets that can take your business to further heights.

3. Quit While It’s Early

Expect to make mistakes on your investments. Let’s say you bought that really expensive software at the beginning of this year and you thought it was going to turn your business into a big hit but it’s already the fourth quarter and you don’t see any difference.

Instead of throwing more money at it, maybe it’s time to just quit it. Have you heard of the sunk cost fallacy? It describes the behavior of holding on to something (such as a bad investment) because we’re afraid of the idea that we may lose more in the process.

In reality, doing so may be better for your business. Less expenses and less stress on your part. Take it as a lesson learned and spend your money on more worthwhile investments.

4. Push Harder on Socials

Social media is not going away anytime soon. So, if you already have a social media strategy this 2019, keep going at it in the New Year. Stay updated on the latest trends so your brand remains relevant and don’t be afraid to try new channels. You’ve probably learned a lot in this aspect of your business. So, use it to your advantage and apply those skills on new platforms.

5. Find Your Niche

Have you found a niche within your business? Maybe there’s that one thing that your business is really good at that no one else provides. Try going niche. Instead of being all over the place trying to sell all the things all at once, give more focus on this one product or service and find new ways that you can improve it. Sure, there will be copycats that will steal your idea but what’ll make you stand out is that you’re already tried and tested and yours are better quality than the rest.

Which of these strategies are you going to try first? Share your thoughts in the comments below.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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