By Yhordan Serpentini | January 13, 2023
Growing a business can be difficult at times. There will be days where you will see little activity and others where there will be multiple opportunities right at your doorstep. Outside of what you can’t control, today’s blog will focus on the strategies within your control to help grow your business. Here are 5 ways to boost your business growth.
1. Customer Retention
One of the most important strategies on this list is customer retention. Your target audience and target market are what will ultimately make or break your company; if they aren’t interested, loyal, or regular consumers, your business won’t last long as there will be a lack of business growth. The building or increasing of your customer retention will help spread awareness about your company to other potential customers through word-of-mouth, as well as increase overall customer satisfaction.
Customer retention can be increased in a multitude of ways, of which we have several separate blogs to go into even more detail (visit our Trends & Blogs page for more information). Some of the most common ways to increase, build, and maintain customer retention are through prioritizing customer service, establishing loyalty reward programs, email advertising/campaigning, and using Customer Relations Management (CRM) software. Additionally, having social media is a great way for your business to engage with your customers directly, such as receiving feedback or having direct, solicited advertisements.
2. Sales Funnels
Sales funnels are consumer-focused marketing models that illustrate the theoretical path your customers will take from awareness to purchase. Having a sales funnel can be a great tool for boosting business growth, as it will give you better data about your customers which will help you improve areas of your business to accurately predict when, how, and why your customer will purchase from you.
There are numerous strategies for sales funnel, and it really varies from business to business, so there may be some trial and error until you find the sweet spot. CRM software can help you create better sales funnels, but offering sales, discounts, and customer contact information, can also help you improve your company’s sales funnel—and, of course, your business growth.
3. Network Events
Network events are great ways for you to spread awareness and brand visibility to your target market, potential consumers, and potential partnerships—all of which will help boost your business growth. Network events are organized events or gatherings where people engage with one another to build valuable connections. There are many ways to participate in these events, such as meeting with other business owners, creating your own business booth for promotion and advertising, or having a salesperson or marketing agent represent your business for you.
4. Digital Marketing
Digital marketing is another wonderful tool to boost your business growth. Having a business website, social media, and digital advertisements on websites with heavy traffic—like Instagram, Facebook, Twitter, YouTube, or other business websites—will substantially improve the level of brand and business awareness.
5. Partnerships
In the world of business, you will eventually need to create partnerships to maintain the size of your company, and/or to further grow it. Forming partnerships with other businesses can make an incredible change for the better, as you can reach a broader network that was once out of your reach. As mentioned before, having or creating a network will be one of the best ways for your target market to discover, investigate, and purchase from your company.
There are several strategic ways to do so, as well. For example, you can partner up with investors that have connections, sell a percentage of your business to other larger owners, and make deals or partnerships with national or big retail stores like Walmart, Target, Bed Bath & Beyond, etc. Never underestimate the power of business relationships and partnerships.
Disclaimer: This blog is not intended for financial advice
Sources:
- How to grow a small business in 10 easy steps | the Hartford. (2022). Retrieved January 13, 2023, from https://www.thehartford.com/business-insurance/strategy/accelerate-growth/how-to-grow-small-business
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