Effective Business Growth Strategies to Grow Your Small Firm
By TOI Team May 11, 2022 Update on : April 10, 2023
A recent study shows that half of the small businesses fail within 5 years of their launch. Only one-third of businesses have survived the past 10 years. These stats are sobering, but there is nothing to be worried about. Well, there are many risks involved in a business, but you can improve your chances of success with the right business growth strategies. These strategies can expand your business by adding new locations, investing in customer attention, franchising opportunities, growing product lines, joining multiple platforms, and so much more. However, it all depends on the industry and target market influence you choose to grow your small business. So, strategize and analyze the available options to build your business plan.
Here are some actionable tactics that you can use to achieve Business growth
Build your homepage– To start the process, you need first to build your online presence with a website. Improving SEO and signing page will make your homepage a perfect place to go. A homepage delivers 50% more leads in the first month. Suppose 90% of visitors to your website aren’t ready to buy something, but they are impressed when they land on your homepage. And if the homepage is hard enough to navigate, they will visit somewhere else. The homepage is supposed to add value to your service or product; otherwise, the audience will turn off. A simple change can boost your profits tremendously and increase lead generation by 70%. Make sure you have great call-to-action, keyword optimization, and high-value content.
Shine your blogs– Out 53% of experts suggest that blog posts are the most crucial inbound marketing activity nowadays. Some marketing experts suggest good blogs drive traffic to your website and convert that into leads by establishing authority in the industry. Hence, content business growth strategies can achieve long-term results for your small business. Statistics show that 80% of shoppers conduct product research online, and only good blogs attract them and bring your business a lot of value over time.
Prospects will organically find your website once your blog gives credibility to your online presence. Use high-quality bulk content that can work evergreen for your industry. Add in more pictures, link to other blogs posts, and conduct well-researched data and relevant information about your company. Please respond to the needs and questions of customers while interacting with them to improve your brand image. The most beneficial aspect of social media and digital advertising is ratings and reviews. 92% of customers trust recommendations, and if someone says something positive about your business, it will get people’s attention. Creating word of mouth will grow your small business.
Attract new customers and retain old ones- Become a PRO at retaining old customers while winning new ones. If you have not developed market development business growth strategies to reach customers, do that now! You are missing out on a valuable aspect of marketing. This is important when your revenue of existing products has stagnated, and you want to expand the market to reach new demographics. Profits suffer when your business launches new products or services. The Covid era has changed many safety protocols and supplies chain interruptions. It was so difficult to retain existing members and move the classes online because of closed gyms at the beginning of the pandemic. However, gyms have been affected so much that they still need to attract new members to increase revenue. Think of strategies like offering discounts on socially distanced personal training and small in-person group classes. Keep your customer base strong by providing them with local facilities and personalized resources.
Focus on Analytics- The data analysis market surpassed $200 billion last year. Tech giants like Facebook and Amazon have made us realize the value of utilizing data. The most valuable resource in the world is not oil but data! Analyzing data can benefit any business; you don’t have to splurge billions of dollars on it. As a business owner with a website, you can take advantage of free analytic tools to gain insights into your total revenue and customers. For example, Google Analytics shows bounce rate, average time, page visits, and how your audience reaches your website. Through this, you can focus on your marketing efforts to grow your small business and figure out how to optimize landing pages for high conversion.
Growth strategies you need to avoid- A new company is referred to as a startup because of its précised meaning that says: a company intended to grow quickly, needs to be funded by external capital, and is not essentially intended to be profitable at first. Apply the concept of new companies more broadly than originally intended. It will be the most important metric of business growth strategies. The rise of the growth hacker is the sole aim of a business’s success. When a single metric is used, the incentives and behaviors get distorted. For most businesses, growing isn’t the optimal strategy. This is because excessive rapid growth can kill a small business if revenues are not on track with resource consumption which is the major cause of failing startups. If growth is a measure of your success, ignoring factors like profitability and customer satisfaction can also damage the reputation of your sustainable business. Here are some growth-hacking behaviors that you must avoid to drive growth in the long term:
Pillaging users’ contacts
On average, when users install an application, they allow it to access their contacts to suggest connections. But they don’t expect to get angry emails from their friends on the app spamming them. No doubt it is a common growth hacking technique, but not useful. There is no rich source for companies who have a hunger for email addresses other than contacts of users who have already put an interest in your business. But if a new user gives you the privilege of accessing contact, the company must not abuse this trust. Cultivate loyalty, and if given an advantage, you will find yourself faced with more than a few disgruntled users.
The black hat SEO industry is not favorable at all; many professionals who made a living out of there had to rebrand. They are trying to fit undergrowth hacking with an unchanged bag of old SEO tricks. Some services were also bitten by a variety of growth hacking a couple of years ago. Tricking Google with link schemes, paid links, and misleading information is not a good idea at all. Your website will get penalized within days, and Google doesn’t care whether you call it SEO or growth hacking.
Determine your business growth tools
The last but the most crucial step before acting on your business growth strategies is analyzing your requirements which will need throughout the process. Some specific resources will help you achieve your goals accurately and within time. For example, organizations may need capital investment, help from consultants, or technological resources to gain insights. Next, execute your plan with complete resourcing and goal-setting. Throughout this time, make sure you hold the accounts, maintain a line of communication, and compare initial results to projected results. These are the ultimate universal strategies you can implement to grow your small business as soon as it starts!
We hope this article is helpful and you will have the right solution for your growth objectives. Comment down if you have some suggestions or queries!
Joe Martin is a long-time contributor in the tech industry as a leader at Adobe, CMO of CloudApp, and SVP at Scorpion. With his business and marketing degress from Utah and Stanford and his work in tech he brings a unique balance of strategy and execution to help businesses large and small grow.