If your business growth has stalled, it’s time to take action. While there’s no single formula for running a successful business, there are some proven tactics that you can implement to achieve better results.
Here are 10 must-have tactics for successful business growth that you should implement within your business:
1. Create a Value Proposition
A value proposition communicates to potential customers what your business can offer them and why they should buy from you. The best value propositions are short, sweet, and to the point. Value propositions should differentiate your business from your competitors — what makes your brand unique?
Contrary to popular belief, value propositions actually differ from slogans. Slogans are shorter than value propositions and are meant to be catchier. While both are important for your business, a value proposition is more valuable in terms of growth, whereas a slogan is more valuable in terms of marketing.
2. Research the Market and Competition
If you want to grow your business, then you need to know your market and your competition to see what you’re up against. So, either before or shortly after launch, you should conduct in-depth market research into your industry, customers, competitors, and more.
In terms of competitors, you need to identify your main competitors — big and small. This includes checking out their websites, social media profiles, customer reviews, perhaps even ordering their products!
Along the way, you can identify successful components that may also be beneficial for your business. On the other hand, you may also be able to identify other components that aren’t working as well and should be avoided.
3. Determine Your Target Customer
Part of your market research should help you identify your target customer. At the same time, you don’t necessarily have to start from scratch. If you have substantial sales, then you can use information about your previous customers to determine the best target group for your business.
While it’s easy to stop with basic demographic information for your target group, a better approach tailored for growth goes several steps further. The best way to build a comprehensive target customer is to come up with a customer persona that includes detailed information for a complete personification. For instance, you may want to include wants, fears, hobbies, interests, and more.
4. Prioritize Customer Service
Once you have determined your target customers, you need to provide them with top-notch customer support to grow your business effectively. Depending on the type of business, there are several ways to do this. For instance, you could utilize a live chat feature on your website to provide quick, easy, and accessible customer support.
You should also consistently ask for feedback from your customers about their experience. You can then incorporate this feedback into your business practices for a better approach.
5. Consider Product Development and Diversification
One of the best ways to keep up with changes is to focus on product development and diversification. Nothing kills a business faster than outdated products that have become ineffective and useless over time.
Instead, you need to work constantly to ensure that your products keep up with changing technology and demands. It’s also a good idea to diversify your product offerings so that you’re not dependent on a single product. This is a great way to safeguard your business against unexpected drops in supply or demand that could quickly wreak havoc on your business if you’re not prepared or diversified.
6. Monitor Performance Data
Often, businesses choose to focus on obvious indicators like profits and sales. However, there are so many other key performance indicators out there that you should be monitoring. For instance, you may also want to monitor average order values, percentage of market share, inventory turnover, time to market, and more. The best way to gather and analyze data effectively is to use tools and technology.
7. Invest in Omnichannel Marketing
Marketing is a part of a successful business. Many businesses get caught up in a single aspect of marketing. However, if you really want to enjoy success, then you need to take an omnichannel approach.
An omnichannel approach covers a wide range of areas including email marketing, SMS marketing, search engine optimization (SEO), branded content marketing, social media marketing, and more. All of your marketing channels need to be integrated to create a seamless experience for your customers.
8. Hire the Right People
It’s impossible to run a successful business on your own. Instead, you have to hire the right people to help you grow. You should look for people that are motivated, interested, and eager to learn.
The key to successful hiring is to prioritize intelligence over experience. While they may not be coming in with skills, they can learn along the way. To hire the best people, you should conduct meaningful interviews and perform reference checks before making your final job offers.
9. Keep Investing in Yourself
Running a successful business takes a ton of sacrifice. One thing that you may have to sacrifice in the beginning is a salary. While it may be tempting to take a salary from your profits, a better approach is to use that money to further invest in your business. Obviously, this may not always be a possibility — but think about your return on investment.
For instance, say you spend an extra $10,000 on marketing. If you’re achieving the typical marketing ROI of 5:1, then you can turn that $10,000 into $50,000 with the right approach. If you keep going with that process, your business will be incredibly successful.
10. Outsource When Necessary
While it may make sense to hire in-house, sometimes it also makes sense to outsource certain business areas to outside experts. Marketing, for instance, is one area that you may want to outsource. Marketing experts are able to get you a better ROI than the 5:1 average.
Greg Gillman, for instance, is a marketing expert that has helped his clients generate more than $4 billion in annual revenue. Additionally, he takes an omnichannel approach and is able to meet all your marketing needs without having to work with multiple different agencies.
The Rundown on Growing Your Business
Even though growing your business won’t happen overnight — it’s definitely possible with the right amount of research, planning, effort, and expertise. While you may be able to do a lot of it on your own, you should never avoid asking for help from experts when you need it.
Sources:
Conducting Market Research | Entrepreneur
12 Essential Tips For Businesses To Improve Their Customer Experience | Forbes
10 Essential Hiring Tips for Small Business Owners | Business.com
