Six Growth Strategies for Quickly Expanding Your Business
Growing a small business and transforming it into a large thriving one isn’t easy. Most small businesses stay small. Research has shown that only one-tenth of one percent of companies will ever reach $250 million in annual revenue, and only 0.036% will reach one billion dollars in yearly sales.
However, suppose you have different plans for your business. In that case, a successful transition from startup to a large company is possible, and you have two options: you can work with a professional growth marketing agency or create a solid growth strategy on your own.
If your budget allows it, consider hiring an agency that offers world-class growth marketing services to help you increase conversions and revenue. If you decide to do everything on your own, this post highlights some tips for growth that should become a part of your strategy and help you quickly expand your business.
1. Research Your Competitors
If you’re planning to expand your business and get your offer to new audiences, it’s worth looking into what your competitors are doing. Please take a look at their ad copy, landing pages, and other funnel stages to discover their digital marketing strategies.
The quickest way to grow your business is to determine what tactics yield results for your competitors and emulate them. After all, if something is working for your competitors, it is very likely it will work for you as well.
2. Use Alternative Channels
Although you might already be using more than one online channel for marketing, sometimes switching channels can help you achieve better results. Email marketing, social media, and business websites are the top marketing platforms.
Today’s consumers expect to find a website for your business, so even if your company operates exclusively online, you should consider launching a site with an online store to expand your reach.
Other alternative channels to consider are Google Ads (PPC advertising) and remarketing (an email-based tactic that includes gathering user information and creating lists that are then used for future promotional emails).
3. Focus on Your Sales Team
A sales kickoff meeting is a gathering of your whole sales staff to present product updates, new sales methods, best practices, and motivate everyone to bring in new sales. If you think such events are a significant investment, you’re right, but as sales teams become increasingly remote, you can take advantage of virtual sales kickoff meetings.
Virtual sales kickoff meetings can help bring the best in your sales team and foster a sense of connection. A well-planned virtual sales kickoff can help you achieve better results than traditional in-person meetings. Check out these sales meeting ideas that will help you make your event more memorable, boost engagement, and drive a better sales outcome.
You can also use a social media wall for events to increase audience engagement during your live event.
4. Build a Loyalty Program
Did you know that acquiring new customers can cost up to 3 times more than selling something to your existing customers? According to a Gartner group study, one-fifth of a brand’s existing customers account for 80% of its future revenue. That’s why you should focus on retaining the customers you already have, and one of the best ways to do this is by creating a customer loyalty program.
You actively engage and encourage customers to make repeat purchases with a loyalty program, boosting your business growth. If you aren’t sure how to start or offer as a reward, consider reaching out to your current customer base via a customer survey to see what they would want to see in your rewards program.
5. Use CRM Software
There’s no arguing that customers are the lifeblood of every business. It means that the relationship with your customers will determine your future success, which is why you should consider using a Customer Relationship Management (CRM) system.
Implementing proper CRM software can help you identify and add new leads quickly and easily, improve customer management, manage customer data, get valuable insights about customer data, and attract new customers while retaining the existing ones. It brings together all your customer information in a single platform and gives you a complete understanding of your customers to drive your business growth and success.
6. Host Webinars
When used in the proper manner, webinars can be beneficial for the speedy growth of your business. According to the Content Marketing Institute, nearly 60% of marketers use webinars for promotion.
So many companies are invested in the idea of hosting webinars because they offer virtually countless benefits. Research has found that 20%-40% of those who attend a webinar become qualified leads, whereas between 2% and 5% of the attendees will buy something from you.
For your webinar to be successful, you must set clear goals, highlight different objectives, and give due time to each topic without losing the audience’s interest. It’s a lot of work, but if you’re willing to take the time, it will be worth your while.
Creating a solid growth strategy is a good way of expanding your business. Your plan should include competitor analysis, introducing a loyalty program, using different marketing channels, and so on.
Implementing these six tips is an excellent way to get started with expanding your business quickly and efficiently.