Everyone in business wants one thing: more growth – whether it’s scaling up, business expansion, additional sales or new customers. In business, you have to stay agile to survive, increase your bottom line to carve your place out in the market and stand apart from competitors.
How do you boost business growth though? These following 9 hacks can help you grow your business.
1. Lead the market with emerging technologies
More than ever, technology is revolutionising how we do business. From automation to enhanced connectivity, wireless conference rooms and smartphone payments, new technologies are changing the businesses we run. It’s essential to keep up with technologies in your field as they develop.
You also need to let your customers know you are doing this. Showcase your new technologies in your marketing so that customers and followers know you are on the cutting edge. Do you use machine learning in your services? Say it. Do you have the most efficient solar panels powering your equipment? Make sure they know it.
2. Offer variety in your product line
While it is true that start-up businesses need to focus on their main product or service, it is healthy to diversify your offerings once the startup period is over. Having simple to elaborate variety in your product line can help you increase sales and attract more customers. Variety makes customers feel like something is made exactly for them.
For example, Ford has different types of SUVs to fit certain customers. In the same way, soda companies sell different lines of sodas that target certain consumer demographics. Use variety to specifically target different sectors of the market and increase business growth.
3. Structure your social media
Everyone knows about the marketing power of social media. It can impressively engage your prospects on a personal level. More so, many social media marketing efforts can actually be largely inexpensive.
To maximise social media, you should develop systems to structure your posts and presence. You need to share and customise similar content across different social platforms so that your presence is consistent. Make sure that your social platforms accurately reflect and match your brand voice.
4. Create systems to manage work flow
Systems are essential to successful businesses. When something happens, you and your employees need to know exactly how to handle it. Businesses go wrong when employees have to free-think how to handle situations that occur.
One example of a system is a written script for a phone sales customer representative. Another example could be automation in directing product logistics. You need to systematise anything that can be systematised in your business.
5. Reduce risk with insurance
Your business needs to be insured against risks such as natural disasters and property damage. Perhaps most importantly, this includes protecting human and employee wellbeing.
Accidents happen. Unexpected things occur in this world all of the time. Cutting corners by skipping insurance will hurt you in the long run or put you out of business altogether. Don’t risk it.
6. Collect customer feedback
Ultimately in business, you serve customers. This is true whether you build products or provide services or whether you are a business-to-consumer or a business-to-business company.
In order to be successful, you need to understand who your customers are and what they want. One of the best ways to do this is to provide a system for customer feedback, such as surveys, a dedicated feedback email or trade shows. This feedback will be incredibly useful for targeting and creating your products.
7. Connect with customers through email
It is estimated that there will be 3.8 billion email users before the end of 2018. Essentially this means that over half of the human population uses email, and probably almost all of your customers use email. You should use this medium to market to them.
Email marketing is extremely appealing for many reasons. It’s remarkably inexpensive. It can be automated. It can be personalised. These are the reasons that virtually all big brands are currently using email marketing. If you are not currently using email marketing, then you should strongly consider doing so. Platforms like MailChimp let you easily create and automate your EDMs.
8. Find suitable brand ambassadors
There are millions of bloggers online with huge numbers of readers and millions of social media users with huge numbers of followers. These individuals create content which is consumed willingly by millions of viewers.
Consider finding individuals whose following consists of your ideal customers, and setup deals to create sponsored content or posts showcasing your product or services. This can be ideal because readers and followers typically already have a high-level of trust with the creators. Ensure the brand ambassadors fit and are suitable for your brand voice.
9. Look after your employees
The old school days of long hours without breaks are rapidly disappearing. Fortunately, most businesses are realising that their most valuable asset is their workforce. And looking after your workforce increases your productivity and ultimately your bottom line.
Google has sleep pods so their employees can take naps. Many companies provide healthy snacks. Consider your efforts in supporting the wellbeing of your employees.
In business it’s essential to constantly look for and generate growth. If your business isn’t growing sustainably, your competition will quickly overtake you. Use these hacks to get ahead of your competitors and boost your small business growth.
Want more tips like these? Read 5 tips to drive business growth.
Helen Cartwright is a passionate blogger, who excels in the Digital Marketing and Technology niche. When not wired in marketing strategies she ghost-write for a variety of authors who have their work published on leading online media channels such as The Huffington Post and Entrepreneur.com