After 2020, over 90% of businesses have had to reinvent themselves to keep their business afloat. Today, the business landscape has changed drastically and most operations have moved online for almost all types of businesses. This means you need to find the best strategies that will grow your business in the right direction.Contents1. Set SMART2 goals and objectives. Know, understand and focus on your key customers3. Focus on building relationships4. Take advantage of social media5. Build a sales funnel6. Research Your CompetitionThe Best Strategies to Grow Your Startup Business
Truth be told, scaling a business is tough, and it will no doubt take considerable effort to break even and jump on the 10%. At first, that might mean handling a startup's marketing, sales, taxes, corporate compliance, and wearing multiple hats at the same time. However, you may just need a different perspective and several growth strategies to get things done.
This guide compiles nine of the best core strategies that will really impact your business growth and bottom line. Some of them may seem intensive and require too much work, but in the end, it will be worth it. Let's go, shall we?
Once you decide to start your business, you need to set the right goals and objectives. It may sound like a cliché, but without clear goals and objectives, you can misuse your funds, mix up your personal and business expenses, and before you know it, you're in cash flow trouble. What you need is a smart, strategic plan that revolves around achievable and measurable goals.
Based on the duration of your activity, evaluate your performance and assess what you can change. Are you targeting the right market? How well is your business website performing?
Is it fast enough? Are you posting the right content? You need to determine your business priorities.
One of the most important aspects of growing a business is selling in the right market. You see, not everyone will be interested in your products or services. You need to narrow down and capture a target market.
It is of absolute importance that you identify your demographic and focus all your startup marketing efforts on them. As with most elements of your business strategies, you need to start with data to build a customer profile.
Along with basic demographics, you also need to understand their psychographics. Understand what their spending habits are, what excites them, what motivates them, and what will make them buy what you offer.
On social media, use social media analytics tools to identify your customers. For example, Instagram and Facebook offer analytics that show users' gender, age ranges, and demographic locations. With the right data, it will be easy for you to build a comprehensive small business target marketing strategy that is much more effective than selling to everyone.
Now that you know who your target market is, one of the most important things you can do for long-term growth is to build lasting relationships. When you have an awesome product or service and focus on building long-term relationships, they will become loyal customers. If you build a service-based relationship, you can bring more value in the future as you scale and grow your business.
Putting your customers first and making them feel like they matter to you is the best investment you can make. It is also one of the best ways to grow your startup business. A business thrives when consumers trust it, and with so many businesses bombarding them with ads left, right, and center every day, trust is hard to come by.
Now, it gets a bit more complicated because the cost of customer acquisition has increased to more than 50%. It's much cheaper to build loyalty than to acquire customers.
Beyond that, you also need to build relationships with other businesses, so attend conferences, seminars, trade shows, and more. If you sell products, check out trade show exhibits here.
With over 4 billion social media users worldwide, social media happens to be one of the most critical tools for business growth. Social media is so powerful that over 50% of brand discoveries happen on public social media feeds. Even better, annual social media advertising spending is expected to reach around $50 billion or more in 2021.
This says a lot about how important it is for you to take advantage of social media platforms. In fact, you don't need to rely solely on advertisements to market yourself, as there are many ways for different users to discover new brands. For example, 60% of users on Instagram report finding new products on other people's profiles.
If you partner with influencers, which you should, their social media followers will be exposed to your brand, increasing your audience and business exponentially. As long as you narrow down your target market, you'll have a better chance of getting your products into good hands and attracting loyal customers.
Building a sales funnel is one of the fastest ways to grow your business. You are making a major mistake if you run your business without already having one. The best thing about sales funnels is that you can automate your business, so once you finish the initial work, the process will go smoothly.
Consider all the different sales funnel models, then carefully conceptualize the right one and build the automated selling machine that will help you scale your business quickly.
Researching your competitors is an integral part of growing your business. You need to know what they offer, so you can up your game and attract more consumers. Find out what they don't do and do it to stand out in the market.
Researching them means finding their online marketing strategies and emulating them or doing much better. This means finding their target keywords so you can beat them on the SERPs. If they have proven that certain strategies work, you can be sure that they will also work for your business.
Running a start-up business is not an easy task, and there are a wide range of things and decisions to be made. However, if you get these strategies right, you will be well on your way to becoming a giant business. Beware of cash flow problems when hiring an accountant, as they are responsible for 90% of business failures.
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