Looking for ways to grow? Take a look at our 8 ways to grow your business. Whether you have a new startup or a mature business setup, you always look for ways, tactics, and techniques to improve or grow your businesses. The journey of expanding a business is not easy at all. It is tough or sometimes challenging for small business owners due to various reasons, and these reasons can vary.
Keep in mind one thing, a small businesses growth doesn’t happen overnight as it is a long-term and continuous process. It requires persistent efforts and the art of not losing hope over timely hurdles. One more thing, there is not a single ingredient recipe to grow your business; you have to consider various things, like finances, marketing, management, a business plan and so on. There are also some unique ways to grow your business and take it to the next level.
Know Your Customers
You may hear the proverbs like this. “Customers are the king”, or “the customer is always right”. Why is the customer so important for any small businesses? You are making products for who? Definitely for your customer, so it is crucial to understand your target audience and customer needs and demands because your business depends on your customers. If there is not a customer, then who will buy your product and help build your business?
There are several ways to understand your customer’s needs and demands. You can conduct surveys to gain an insight into their needs and demands for your products or services. You can ask for feedback from your previous or existing customers to improve your product or service. Feedback also plays an important role in making product quality better according to your customer’s demand.
Market Research is another important tool to know about your prospective customer and their expectations from you. You can build your own team to do thorough market research, or you can take the services of many other companies to do this on your behalf. The team helps you know about customer’s demands and tells you what your main competition is selling. Use market research tools to find out the latest trends and things to improve to make customer-oriented products.
Ask for honest customer reviews/ suggestions to expand products and services which suit the current demands of the market. You can launch an online survey before launching a new product to know what your customers expect from your new product or from your company. These surveys serve as an important tool to know your customer needs, wants, and expectations. Use this data to design your product and shape your strategies for the future. Make changes in your existing products and services as per the need and demands of your customers. Recognise the customers that you give priority to their needs and value their suggestions. They will truly make a real impact on your bottom line.
8 ways to grow your business
Offer Great Customer Service
Customer service is another magical thing that can transform your customer base. Excellent customer services help you to retain your existing customer and extract more value from them. Now the question arises what excellent customer services are?
Excellent customer service means recognising the clients that are important to you, and their needs/ demands/ complaints are also important. Interact with your clients in an amicable way is also part of great customer service. One more thing is that excellent customer services also serve as your advertisement. Your satisfied customer praises your product and services further. Loyal customers advertise your product/ service and attract new business and potential customers. Customer loyalty and customer services go parallel.
So, if you want to generate positive word of mouth, then offer excellent customer services. By focusing on customer services along with quality products, can help you immensely to grow your small business. According to different business surveys, simply prioritising customer services not only enhances your goodwill in the market but also increases your revenue. Your clients start trusting your product and services when you pay attention to their needs, wants, demands, and even complaints.
What will happen if you are not prioritising your customer service? Have you ever tried to figure out the consequences of poor customer service?
The results will be quite disturbing for you. You are offering a great product but do not pay attention to customer services; then, you can lose your loyal customer base and a large chunk of revenue. Dissatisfied customers can harm your market repute and can distract many prospective customers, so you can’t neglect customer services at any cost. Dissatisfied customers also negatively converse about your product. Don’t hesitate to go the extra mile to serve and satisfy your customers. Train your staff professionally for delivering excellent customer service. It is also important to Set the basic infrastructure or establish a basic setup for customer services according to your business type.
Nurture Existing Customers and Look for New Opportunities
It is very important to retain your existing customer base while looking for new opportunities. Retaining and nurturing existing customers are not aspects of the task in this competitive business environment. Your businesses competition can offer better than you, so you have to adopt multiple strategies and have to go for different plans. Staying in contact with your existing customers through email, newsletter, or any source is a good idea.
In this way, you can inform them about your new products, promotions and even ask for feedback to improve your product. You can offer some discounts to your present customers on your new products. You can offer them loyalty points to make them feel special. You can do several things and gestures to nurture your customers like loyalty rewards, surprise gifts, and special discounts on special occasions. Special occasions may include New Year, Christmas, Thanksgiving, etc.
At the same time, don’t forget to hunt for new opportunities to increase your customer base. Customer retention and new customer both will help you to generate revenue. There is a need to create a balance between nurturing old customers and new customers. You can’t just focus on one thing; you have to see both ends to compete in this business world.
To survive in the competitive market, you have to find new customers along with existing customers, to generate more revenue. Don’t neglect the new opportunities, and always consider your demographics wisely to grab new opportunities. Overcome your weakness and play with your strengths to capture the market share. Focusing on your strong points and trying to eliminate your week areas is also helpful in improving product/ service quality. So keep an eye on your customer’s constantly changing demands and need.
Use of Social Media and Mark Your Presence
Social media sites are the most convenient and popular way to increase your customer base. Utilize social sites in full strength to promote your business and attract new customers. Nowadays, social sites are the easiest way to promote and grow a small business. You can easily get connected to the customer. Nowadays, a large chunk of people spend time online and are influenced by the advertising campaign s of products. They spend hours on social media habitually.
They also rely on platforms such as Facebook, Instagram to find their desired product. To grow your business, you have to understand the market is crowded, and your competitors are also working with full potential. You have to keep an eye on the campaigns of your competitors. You also keep abreast of yourself and the marketing team with the latest online trends. You can see that focusing and connecting with customers through social media platforms help immensely to grow the customer base.
In this competitive business environment, you can’t neglect the power of social media and marketing campaigns on the internet. Try to utilise all platforms like Twitter, Facebook, LinkedIn, YouTube, and Instagram to promote your business and attract potential customers. Try to create brand awareness through content, videos, and images. Posting original and constant content will make you visible in the news feeds of your customers. Make your products’ presence so strong that nobody could neglect them.
If your business is a small and new startup, then you have to look at your resources and have to build a community of followers. If you can afford it, then hiring a marketing company is a good idea to manage all social media platforms. You will feel the visible difference in your business growth by availing social media platforms in full strength. Overall, focusing on and spending on social media is a wise move for the business’s growth.
Attend Networking Events
Building connections and relations with the community and people related to your business can immensely grow your company. Invest time and money in building relations and make your supporting network strong. Good relationships with other people allow them to refer to your product and business with other people.
Good networking with the people related to your company or product allows you to run your business smoothly. It is a good idea to attend networking events where you can meet people from different walks of life or related to a different business to expand your relationships. So don’t neglect networking building events. You can find new customers, employees, or even investors in such events. Many small business owners neglect the importance of networking and relations as they consider it a wastage of time.
It is a completely wrong notion, so always grab such opportunities to extend your networks. Make your presence visible in such events and try to adopt good business practices by learning from others. Networking can help to keep you well aware of the new business trends and technologies. You can get the most important and necessary inside information timely and use it as a competitive advantage. Remember one crucial thing; “to whom you know” plays an important role in expanding business, so keep the focus on strong networking relationships. For new startups, it may hard to organize an event on a large scale so new startups can collaborate with other companies to organize an event.
Hosting events is the best way to get connected with your customers. Hosting an event also makes you known in your community and network. There are different types of events that you can host or sponsor to gain popularity. You can host an event for your customers and appreciate their loyalty. You can surprise them with some special offers or gifts. There are various ideas on which you can work to host a good event.
Hosting the first-class event not only makes you known but also gives you the opportunity to invite and socializing with other people of the business fraternity. You can invite people from your field and another walk of life to do strong networking and socializing with them. You can host events on special occasions such as the New Year, Christmas ester, and so on. You can celebrate your certain achievements by throwing a party for your business circle, staff, and even customers too. Sometimes arranging an event without any reason is also a good gesture to advertise your company and make you known in the community.
There are various brands that are known for hosting extravaganza events for socializing purposes. You can also create brand awareness by organising such events. Socialize, make your network strong and host positive events can help you a lot in growing your business.
Give Back to Your Community
Have you ever heard about corporate social responsibility? If yes, then well and good, you are on the right track. For all those folks who are not well aware of this, let me tell them that corporate social responsibility aims to indulge your business to contribute to societal goals and activities.
It is an activity of giving back to the social form in which you are collecting revenue. It means to indulge you and your business in ethically oriented practices and other beneficial activities for society. You must be passionate about some cause, and it will relay help you to create a positive image of your business. You may notice that there various businesses that are associate with a certain cause or environmental concerns.
It is always a good idea to sponsor a philanthropist cause or participates in community events related to the environment, cleanliness, or any other social cause to raise your business profile. Giving back to your community will bring many benefits to you, first; you feel satisfied and contented that you are doing something positive second you can create a positive image of your business, the third customer also feels good that their money is spent on Nobel cause your customers also feel connected and emotionally attached with your brand.
Nowadays, trends have been changed, and business is more than profit-generating units. They are working for social causes and part of many campaigns. It is important to create a unique perspective of your business by keeping in mind the concept of corporate social responsibility. If you are passionate about some social cause, then you can relate your business with it, such as go green, say no to plastic, education, and many more. There are various examples where you can see how businesses are linked with some social causes and creating a positive image of their business.
Measure What Works and Refine Your Approach as You Go
Every business is different and grows under different circumstances. Don’ try to imitate other strategies because it is not necessary which work for others also work for you. It also doesn’t mean you don’t adopt good things from others. It means to keep your circumstances in mind and then adopt or imitate the tactics. You have to observe and measure what technique, tactic, and strategy work well for you. Either it is your marketing campaign or excellent customer services that bring the customer to you.
Similarly, you also figure out what does not work for you or the reason for your failure at some points. If you learn from experiences and refine your strategies with every passing day. Don’t hesitate to form experiments because experiments are meant to be either failed or succeeded. If something is not working, then don’t waste time on it and try something else. There are thousands of ways to do a single thing, and you have to look at what works well for your business. There are also new horizons to explore for your products or services.
Take risks and fly high because the sky is your limit.
There is no special formula to grow your business, but some ways and sales tactics (some mentioned above) can help you immensely in a growing business. Hire the right people for the right job and never stops learning; either is it from bitter experiences or in the name of professional development. Keep yourself abreast of your business’s latest trends and innovations to bring the latest products to your customer. Stagnation is the death of any business so keep moving forward by adopting new strategies. I also hope that the key points mentioned above will help you expand your business, and you will touch the new heights of progress through your hard work.