Let’s face it. Scaling your business takes considerable effort. You have to deal with marketing and sales, understanding corporate compliance and taxes, interacting with customers and more. That’s probably why statistics show that 70% of small businesses only survive around ten years.
So if you’re putting in the time to grow your business but not seeing the results, don’t give up! Owning your own business isn’t easy. The stress of being responsible for paying yourself and your team can be huge. But you can’t let those discouraging thoughts win. Review Point is here to make sure you’re not part of that 70% statistic.
What’s the best way to grow your business quickly?
To really start growing your business, concentrate on creating and following a long-term plan. In the short-term, take care of your customers by communicating your genuine concern for them and the problem they need to solve. And always provide excellent customer service. But ultimately the most important action you can take is long-term planning. You need to know where you want to go before you can figure out how to get there.
So take a deep breath, clear your mind and change your perspective. We’re here to help, and we’ve put together a few how-tos on the best way to grow your local business quickly.
#1: Build a solid sales funnel
You’re making a monumental mistake if you still don’t have a solid sales funnel. Whether you’re selling a high-ticket coaching package or homemade apple butter, you simply cannot grow and scale a business without a working sales funnel. And getting the right sequence may take some time and several iterations. So you need to get started right away!
#2: Expand your email list
An active and engaged email list is a great way to deliver your message to current customers and future prospects. According to Adobe statistics, marketing to your email list can have an ROI of $40 for every $1 spent exceeding paid and organic search combined. In comparison with any other form of online marketing, emails always win the day.
#3: Create a customer loyalty program
Customer loyalty programs reward regular customers with discounts and bonuses as they purchase more or refer others. For very little cost, you’ll give your brand a boost in comparison to your competitors. And you’ll position yourself to attract new customers more easily.
#4: Use your Customer Management System
If you’ve been in business awhile, you’ll get to a point where you’re no longer able to remember every customer and what they need. You need a good customer management system (CMS) that works well for your industry. And then you need to actually use it! Set up automated email sequences to promote complementary products and to encourage customers to share your business with others.
#5: Set up strategic partnerships
Would you like to reach a lot of new customers quickly? Of course, you would! A strategic partnership with the right company can be the perfect method for increasing your audience with very little effort. You do need to find the right company to work with and put in place a deal that is mutually beneficial. That can be difficult, so don’t be afraid to think outside the box!
#6: Look for opportunities to license your product
Licensing one or more of your products is a great way to increase profits without too much additional effort. Like a strategic partnership, licensing gives you access to an entirely new set of customers that you may never have had access to. If you find the right company to work with, a licensing deal can help grow your business very quickly.
#7: Use social media
Social media marketing is a powerful tool to promote your business to current and future customers. You’ll also gain valuable insight around how your product is perceived, what customers are saying about your brand and how you can improve through social listening. You can also identify more relevant keywords and trends that appeal to your target market. And you don’t have to spend a lot of money to get quality information you can act on.
#8: Diversify your offers
Offering complementary products or services is an important piece to growing your business. You should always be looking for opportunities to maximize your product with add-ons. Analyze what you’re selling to identify new products or services your target audience may need (or want!) in addition to your flagship product. You don’t always need to be searching for new customers if you can sell your current customers an additional product.
#9: Host events
Get to know your customers better and build a more solid relationship with them by hosting regular events. These don’t always have to be sales focused either. Think of ways to thank your current customers for their loyalty or provide education to deepen their understanding of how your product can help them. Then invite your best customers, and ask them to bring their friends! The accounting software company Freshbooks is a great example of how to do this right.
#10: Find out what works
Monitor where your customers are coming from to measure the effectiveness of your marketing activities. Experiment. Refine your approach if something doesn’t work as you want, and focus on activities that bring the best results.
Use these strategies to improve your business growth, be patient and work hard. Don’t let obstacles prevent you from achieving your goals, and you’ll soon experience the positive results you’ve always hoped for.