Three ways businesses can achieve growth in 2023 

Claire Huddleston, Sales and Marketing Director at Clear Junction 

 

The financial world has faced multiple crises in the last 12 months. The recent collapse of FTX has led to further scrutiny and calls for regulation of cryptocurrency, and we are still recovering from the “hangover effect” of Liz Truss’ minibudget.

Yet, it’s important that we also see the capabilities of the financial sector as it navigated through these periods of uncertainty. For example, the global pandemic saw the sector accelerate in technological innovation and, despite the threat of a possible recession, fintech will have the opportunity to further cement its growth potential in the coming year. Fintech can provide businesses with the tools and resources they need to grow and thrive in a constantly changing financial landscape. 2023 will be an exciting opportunity for the industry to prove itself amongst the chaos and businesses that adapt to the ever-changing tide will see themselves advance above competitors.

Contactless is king

Over the last decade we have become an increasingly cashless society, something that was accelerated by the COVID pandemic – and the digital payments revolution that has taken hold is being championed by businesses and consumers alike.

This in turn helped spur the growth in digital wallets, such as Apple and Google Pay, which has been exponential. They’ve become so intrinsic as payment solutions that they are now available on phones, watches and even on rings, and they are a huge player in the fintech industry. The convenience for consumers is clear, but businesses too have moved to digital, due to the increased security, efficiency and freedom that digital wallets offer. One of the most lucrative aspects is the opportunity for companies to tap into new market opportunities and reach a wider customer base through cross-border payments.

Claire Huddleston

Among this push forward competition is fierce, and the market is estimated to reach a value of £130 billion by 2030. With the vast numbers of financial services fighting over the turf, those who can offer the best of the best will advance to the top. We expect the market to explode with a fresh wave of digital solutions, including AI solutions, which will help keep cashless wallets secure. AI can not only enhance the experience through timesaving automation but also could identify fraud by monitoring customer behaviour patterns and flagging any potential fraud quickly to the bank so they can act fast to protect businesses and individuals.

Internal focus will guide you to growth

Some might not think beyond just getting through the year, but leaders with growth ambitions, even in difficult times, will be looking internally at how to optimise their teams right now. Research has found that organisations with tightly aligned sales and marketing teams are 6% more likely to exceed revenue goals than those without.

The sales team is on the front line of engagement and often feeling disengaged from the data-heavy marketing team. 85% of sales and marketing leaders say bridging this gap has the biggest potential for business growth. While marketing can focus on generating high-quality leads, sales will work to concentrate on closing them effectively. With the teams working together, this will lead to a higher conversion rate and improved sales results, as sales teams have valuable and unique insights into business prospects and customers given they speak with them daily. Businesses must dig deeper in these uncertain times, and every part of the customer journey should be analysed to achieve growth.

Look long term for retention

If anything is to be learned from the last few years, it’s that undervaluing your employees will come back to bite you. “The Great Resignation” and “Quiet Quitting” were buzzwords across all sectors last year and, despite the uncertain economic landscape, this year may see up to one in five workers leaving in search of greener pastures, with 27% of those citing lack of job satisfaction for the move.

The news seems to be hellbent on forecasting this year as a bleak one, so motivating your teams will be a tough job, but not one to ignore. Recent data suggests as many as 1 in 10 employees don’t feel valued at all in their company. Unhappy workers are both costly and demoralising, leaders cannot expect loyalty back from employees if they’re not understanding their needs too.

We inhabit an entirely different world than three years ago and employee attitudes have changed. Investing in career progression will keep your teams motivated as we prepare for what is predicted to be a very challenging 12 months. By upskilling and prioritising a culture of learning, you’ll bring rewards to your company two-fold: motivated employees will work better and stay longer, while also cutting hiring overheads and saving on longer training expenses.

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