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Growing Your Small Business – The 7 Strategies
A growth strategy involves more than simply envisioning long-term success. If you don’t have a concrete plan, you’re actually losing startup business -- or you’re increasing the chance of losing the business and audiences to your competitors.
We have whittled those strategies out in this article that all small business can easily carry out and benefit from. Scroll down to see one by one.
# A GREAT CUSTOMER SERVICEIf your business has better customer service, then this would be the business any people would be choosing rather than your competitor. Many brands are now making customer service as their top priority, just because customers are now able to review their experience with business on social media and websites like Google, Bing, Yelp, etc.
This should therefore be at the top of your priorities list as, not only does it keep existing customers, but also helps with referrals to new, potential customers.
# EXPAND YOUR MARKET REACH STRATEGYKeep exploring new ways to reach for new customers for your business. Don’t just get content with 1 or 2 ways that are pretty common and being used by majority of businesses. There are always new ways to reach your target customers that you haven’t thought of yet. And exploring these verticals will bring in new customers you never thought you had which will lead to growth in your business.
It could be anything depending on your business like opening a physical store in new locations, creating a website with online store, selling products through social media eCommerce sale, running advertisements, campaigns on social media, emails or even through publications. Like we said it could be anything from an endless possibilities.
# ATTEND NETWORKING EVENTS“It’s not what you know, it’s always who you know.”
The more people or influencer knows about your business, the better your business grows. Building a network is most important for any small business looking to grow. Because it allows you to connect with the people in your business world that can help your business grow, be it through word of mouth or referral businesses.
# IDENTIFY NEW OPPORTUNITIESContinuous innovation and pursuit of new opportunities in your business is the best way to keep your business in the market and in the competition. Once you are out-dated, you are kicked out from the market in no time.
Identifying new opportunities may include finding new target market, create new product or services, solving users’ pain point that no one did in your business domain and much more. Start by doing a SWOT (strengths, weaknesses, opportunity and threats) analysis on your current market and this will allow you to grow.
# CREATE AN EMAIL LISTEmail marketing has been around for years. It might seem old but the truth is it still happens to be the best and most effective strategy to grow your business. All you need is a list of email that are relevant to your business that is audiences have to be the niche.
There are multiple ways to grow your email list, but the effective way is simply by promoting your business or services and asking people to subscribe for more updates or information on your business or services.
This gives a reason for people to sign up and also creates a sales pipeline you can use to nurture your leads.
# RETAIN YOUR CUSTOMERSGaining customers is the main thing for any new businesses, but keeping them is equally important when growing your business. Having a strategy to nurture your existing and new customers is important to any business. It helps build the relationship and trust the customers want from your business or services.
Start categorizing your customers based on different buyer personas as it allows you to segment customers depending on their stage in the buyer’s journey. Now provide or serve each persona with the right content. This content can be as simple as sending monthly newsletters, providing industry news or sending them offers that you know will interest them.