The long-term survival of a business depends on growth. But how can you make it happen quickly?
That certainly is a loaded question, as there is not one simple, surefire way to grow a business rapidly. It also depends on what you consider to be “quick.” The best growth strategy will depend on the specific industry and require a complete analysis of business performance and market conditions.
That said, some common growth tactics do exist, and people regularly apply them to their businesses. The following nine steps can increase your chances of success and speed up the growth process. Let’s plunge in!
1. Effective Marketing
In today’s day and age, communicating with customers is easier than ever. People go online to inform themselves about products and services before buying, so don’t miss out on utilizing the power of the internet for your business growth. Here are some marketing tactics you can try out:
- Content marketing: Putting out blogs, e-books, newsletters, and white papers is one of the most influential and inexpensive ways of providing value and attracting customers.
- Email marketing: Communicate with potential and existing customers to promote products or services via email.
- Influencer marketing: Reach out to individuals with a large online following to promote your business.
- Digital PR: Interacting with online media outlets will help you put your name out there and reach new audiences.
- Search engine optimization (SEO): Optimize your website to improve its visibility in search engine results in pages and attract more visitors.
- Social media marketing: Presence on platforms such as Facebook and Instagram can help you easily promote your business and engage with customers.
Hiring business-growing services is a great idea if all this sounds like too big of a job to do yourself. Experienced professionals dedicating time and effort to promoting you can hugely influence your business’s success and help you ace growth goals.
2. Building a Sales Funnel
A sales funnel is a marketing concept that describes a potential customer’s journey before making a purchase. The name “funnel” comes from the fact that the number of potential customers decreases at each stage of the journey. The customer’s journey usually involves:
- Awareness of your products and services
- Interest in learning more
- Evaluation of your products and services,
- Repeat purchasing (becoming a loyal customer).
By understanding how customers become aware of you and interact with your available assets before deciding to buy, you can plan better strategies for more efficient sales funnels that help you grow.
Ultimately, the goal is to move as many leads as possible through the funnel and convert them into paying customers. Sales funnels aid growth by helping businesses to:
- Identify leads that are most likely to convert into paying customers: By tracking leads’ behavior and engagement, businesses can focus on the most promising prospects and improve their chances of closing a sale.
- Stay in touch with leads who aren’t ready to buy immediately: By providing valuable content and information, businesses can keep leads engaged and build trust, which increases the chances of a sale in the future.
- Find and eliminate bottlenecks that are preventing leads from converting into customers.
- Acquire measurable data on marketing and sales performance: This helps businesses understand what is working and what isn’t and make informed decisions.
3. Improving Products or Services
Your competitors provide products and services similar to yours. That’s why adding a new product or service line can be an excellent opportunity to stand out and increase growth potential.
To get new ideas, explore previously untapped markets, such as different locations or demographics, and find out what customers need. Furthermore, invest in product and service innovation and take calculated risks to stay ahead of competitors and bring something original and valuable to the market.
4. Prioritizing Customer Experience
Gain the trust of your customers by genuinely solving their problems rather than just trying to sell them a product. Do surveys to find out what they need, and use all available data to understand individuals and personalize their experience.
You can also increase customer satisfaction by frequently offering promotions, discounts, and awards. Always proactively communicate with your audience to encourage loyalty and build community. Word-of-mouth goes a long way, and great reviews and testimonials will make new clients flock to you and grow your business.
5. Bringing Talent On Board
You probably only hired a few essential employees when you started your business. But you’ll need a larger team to handle more tasks and fuel even more growth. New employees will bring a fresh outlook and help you achieve your goals, so ensure you find and recruit qualified candidates.
Talented employees can work more efficiently and effectively, increasing the productivity and output of your company. This will enable you to take on more projects, expand into new markets, and increase sales. They also produce higher-quality work that attracts new customers and retains old ones.
6. Task Automation
Automation tools can help you save money and time by completing menial tasks and giving you more room to focus on things that genuinely matter to you. For example, you can dedicate your time and energy to learning and developing new strategies to expand your business.
Consider investing in automation and integration software such as Zapier, Hubspot, Salesforce, Airtable, and similar. These tools can automate repetitive tasks such as data entry, scheduling, and email management.
7. Competition Research
To improve your strategy and performance, put some time into researching your business competitors and studying the intel you gather. For example, you can analyze the content marketing efforts of other companies in your niche and identify content gaps.
A content gap refers to information that would be highly valuable to your target audience but isn’t currently available on your competitors’ blogs or social media channels. Filling that gap with high-quality content can help you differentiate yourself, attract customers and establish your authority in the industry.
Competition research will also allow you to find potential partners and form beneficial industry connections.
8. Building Partnerships
Look out for companies in the same industry interested in forming relationships. Contact them and propose opportunities to work together and exchange ideas and opportunities.
Networking can be tricky, as you and other people in the industry might see each other as competitors. However, by partnering with others, your company can access new markets and share resources and expertise that help reduce costs and increase efficiency. Partnerships also fuel creativity and innovation, potentially leading to new products and business models.
Here are some steps you can take to grow a solid business network:
- Attend relevant business events and conferences and engage with attendees,
- Listen to others’ professional insights and exchange advice,
- Communicate with people on social media,
- Create a LinkedIn profile to connect with people in your industry.
9. Tracking Performance
More and more companies are utilizing the power of business intelligence (BI) to make data-driven decisions. There are many benefits to tracking your performance with BI software.
For example, data visualization can help find patterns and trends that aren’ t immediately obvious. Based on this, you can make more informed decisions for the future. Also, you can spot some common mistakes and shortcomings that you would overlook otherwise and find areas for improvement and growth.
You can analyze factors such as website traffic, customer behavior, operational costs, time management, etc. Some popular business analytics tools include Google Charts, Splunk, Tableau, and good old Excel.
Prepare To Adapt, Improvise, and Compromise
Remember to scale your business in line with your available resources. Growth is great, but it shouldn’ t be the only relevant metric. Sustainability, profitability, adaptability, and customer satisfaction should also be the focus of your attention.
Overall, growing a business takes time and effort and can be quite stressful. However, implementing the strategies outlined in this article can make the journey much easier and more effective.