Knowing how to grow your business is not just important, but imperative for its survival. At some point, every small enterprise needs to make an effort to expand its business and maximise its sales. If you are at a stage where you need to expand your business beyond the bare sustenance level, or wish to turn it into an income-generating powerhouse, these widely-acknowledged growth strategies could help:
- Tap your existing customers: When you think of expanding your business, the first thing that comes to mind is acquiring new customers. Yet it is a fact that if you wish to increase sales, your current customers are your best bet. It’s easier (and equally cost-effective) to persuade them to buy from you. Furthermore, joining networking groups and professional organisations are also tried and tested ways to promote your brand. The professionals you meet there can help you form valuable partnerships and open up access to specific services which your business needs to succeed.
- Boost content marketing: Content plays a major role in increasing the visibility of a business. Customers spend hours and hours looking for product information on the internet. Creating content based on the most relevant keywords can boost audience engagement with your business. You can also reach out to readers as a guest blogger—this is an effective way to showcase your knowledge and expertise. High-quality blogs and articles also contribute to a positive impression for your company.
- Utilise social media platforms: Social media platforms have emerged to be cost-effective mediums to connect with potential clients and generate possible leads.Create profiles on all major social media platforms and start sharing engaging posts. Don’t forget to mention the link to your business portal in your posts. Involving your followers in lively discussions is another great way to generate interest.
- Apply SEO techniques: Creating a business website is not enough; you also need to develop a strategy that helps you ensure that your brand or business ranks among the top search results for relevant keywords. It’s best to explore multiple SEO strategies and test the waters. This will help you hone in on your own unique digital marketing strategy that generates maximum traffic to your website and increases leads.
- Create a referral programme: Irrespective of how good your marketing campaign is, nothing is more persuasive than word of mouth. With a few deft manoeuvres, you can turn your customers into your greatest brand advocates. All you need to do is provide them with some extra motivation. For instance, you can get your customers to contribute to your marketing efforts by incentivising referrals. You could also provide rewards in the form of a discount on future purchases, a special gift, or a month of free services when a new customer is brought on board.
- Participate in trade shows, conferences and events: Trade shows often attract people who are already interested in the type of service or product you offer. The trick is to carefully select those events that match your business profile. For example, as a small business, you may not have the resources to organise a huge trade conference all by yourself, but may have the capacity to book a space in events and conferences organised by industry bodies. Look out for opportunities to be a speaker in such events as it could reap huge dividends by promoting your business and personal branding.
- Email marketing: This is another trusted lead generation technique that can yield positive results for your business. Make sure that your website has options to sign up for newsletters, updates, free tutorials, and other useful content. The key is to provide valuable information related to your business/industry to potential customers so that your prospects remain subscribed to your emails.
You don’t need to follow everything that’s listed above. Depending on your needs, you can always pick two or three ideas that are most suitable for you. However, before investing your limited capital, make sure that you test the methods on a smaller scale. Once you identify the most effective strategies, you can implement them eventually to build and grow the business.
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