Scaling your business is difficult. It calls for consistent effort.
Initial stages of your business, means juggling different things like marketing, sales, corporate compliance, taxation, interacting with customers and the works.
If you are at a point where growing your business is becoming increasingly difficult, fret not. There’s still hope.
Sure, it’s difficult. However, it’s not impossible.
Here are 10 tips to grow your business in 2019.
Create a customer loyalty programme
Loyalty programmes are a wonderful way to boost sales.
Acquiring new customers can cost as much as five times as retaining existing ones. So why not invest in your existing customers. A customer loyalty scheme can not only help retain customers but it can help boost revenue too.
Design an attractive loyalty scheme. For instance, your programme could reward customers not only for purchases but for an array of actions such as following your social media page, writing a review, and more.
Make the programme accessible to all your existing customers and see your sales grow.
Build an email list
Email
marketing is a low-cost, high impact way to generate new business.
Several studies have shown that email marketing delivers the best ROI compared to any other online marketing medium.
You will need a solid incentive to lure people to subscribe to your email list. It could be a free PDF checklist, a whitepaper, an eBook or a discount coupon.
Attend networking events
A solid network can be highly valuable to your business.
Invest time to build your network. A good network can land you a huge customer who could equal the sale value of 100 customers put together. You never know.
Networking is a great way to increase your visibility and build relationships with other people. The number of first-hand connections you build at networking events is highly valuable.
Scope out new opportunities
Identify new opportunities in your industry by taking the time to understand your demographic.
Be sure you know everything from competitors to distribution channels and even other potential industries and foreign markets.
This knowledge can open up numerous new opportunities for you.
Improve your customer experience
Your product/service is top-notch. But can you say the same for your customer service?
Exceptional customer service is the backbone of a successful business.
By putting your customers first, you are taking a step towards growing your business. Put yourself in your customers’ shoes for a moment. How would you feel if contact a business or resolving a problem was difficult?
When customers feel special and valued, they are likely to trust you and choose your business over others. They are more likely to spread the good word about you and become your unofficial brand ambassadors.
Invest in a customer management system
Tracking a transaction manually is difficult. No one likes doing that. It can get very difficult as your business grows.
If you are looking to scale rapidly, be sure to invest in a customer management system.
There are several good options to choose from but it all depends on the industry you are in. And then, there are cloud-based programmes like SalesForce.
If you are looking to streamline your accounting, Quickbooks is a great option.
InfusionSoft is an excellent system for sales and marketing.
Don’t be shy, be social
Social media
is an extremely powerful tool that can take your brand right in front of your target customers. Whether you are an online store or a brick and mortar business, it’s crucial to build a lasting relationship with your audience.
Be sure to have an active presence on social media platforms that are best suited for your business. If you are a retailer, Instagram is an excellent platform to showcase your products. If you are selling a service, Facebook or Twitter are better options.
Going social is not all about being active. It’s all about the content you create.
Create and share quality content with your followers on social media. This will increase engagement and followers. If you can create viral-worthy content, your brand can become a household name in no time.
Ask for referrals
Referrals are extremely powerful. We all know that.
We all intuitively trust a business that has been referred to by someone we know. In fact, 62% of people receive a recommendation from people they know when they are looking for a service-based small business.
Getting referrals can be a highly effective strategy to acquire new customers. You simply need to ask.
To start with, ask for referrals only from those clients who like you. Put your customer management system to use to call in a survey to identify customers who like you and are extremely happy with your service.
Moreover, it’s important to ask for it the right way. You should avoid being pushy about it.
Build strategic partnerships
A strategic business partnership is all about building a long-term relationship with other companies to create joint value for both businesses.
A strategic partnership with other companies can make a huge difference to your bottom line.
This can open up a whole new window of opportunities for you in no time.
However, this is easier said than done. Search for companies that are complementary to your business. Get in touch with them and propose opportunities for working together.
Diversify your product line-up
Consider diversifying your offerings. Are there any complementary products/services that you can offer to your customers?
When you want to grow your business, it’s important to consider expansion.
Look out for new opportunities in your industry/niche.
Identify the pain points and determine what else you can sell to your customers.
Where else could you add value?
Conclusion
Growing a business in this competitive world is as difficult as ever. However, when you have the focus, determination and the will to grow, you are bound to grow. These tips can make a huge difference in growing your business in 2019. Even if you could commit yourself to a few of these ideas, it can land you into something huge.