5 Strategies to Grow a Business
Running a small business is not easy. You don’t just have to fight the big fish in the sea, but also make customers trust you enough to buy your products or services. The success of your small business depends on your business growth strategy. Every aspect of your business needs attention, right from marketing to hiring – and your growing business strategy is the key to keep your business moving forward.
Here are 5 tried and tested strategies to grow a company:
- Understand your customers
If you want them to be a hit among customers, your products or services must address the pain points of users – and the only way to understand this is to know your target audience, like the back of your hand.
Take surveys, hire research professionals, and interact with your followers online, to get a sense of their expectations from you. This will help you serve them better.
- Leverage the power of customer service
A report by Pricewaterhouse Coopers (PWC) states that 86% of buyers are willing to pay more for great customer experience. In fact, a Walker study found out that by the end of 2020, customer experience is going to overtake product and price as the key brand differentiator.
If you don’t provide quality customer service, you will not have satisfied customers – no matter how superior your products are. Businesses that make their customers feel valued with a prompt resolution to their queries and proactive social media presence are going to thrive.
- Expand your digital footprint
There are 3.5 billion social media users presently, and they spend an average of three hours every day on different platforms and messaging applications.
How many are you targeting?
Keeping your followers engaged on social media with up to date, relevant, and value-adding content will increase awareness about your brand. Social media optimization is a critical market growth strategy.
- Network to rise
One of the key steps that you can take as a small business owner is to attend networking events. Building relationships with other people will put your brand in a positive light. You can even meet future employees, more customers, and investors this way.
- Focus on your corporate social responsibility
Every business has something passionate about it – coding, finance, eco-friendliness, or entrepreneurship, for instance. Your customers must know that your business exists for reasons other than profit-making. They will be emotionally connected to your brand this way.
If you center your marketing and branding initiatives around this passion, it will improve the image of your business. You will be patronized by people as they’ll know that their money will go to the right causes.
Try out these strategies to grow your company, and let us know your success story in the comments below.