How to grow business? Main ideas for beginners.
How to grow business?
Main ideas for beginners
We live in an ever-changing world. The digital age is upon us, and with it comes a lot of responsibility to stay on top of trends that will help your business grow. It can be easy to get stuck in the same patterns, but just because they work now doesn't mean they'll keep working. There are so many new opportunities for growth!
Invest in yourself
when you start any business, you will sometimes find the profit margin to be very less or no profit at all, therefore any money you incur should be redirected to your business only.
The startup's ability to reinvest in itself is the reason for it's accelerating growth. Make sure that you invest heavily in your early days, so that the money helps you grow.
sell only once specific narrowed product or services. Instead of multiple products in your industry, pick up one niche and continue to improve expertise on it. When days go on, you are growing as an expert on the same niche. If you are a digital marketing agency, don’t focus on all the services like website development, SEO, Branding design, copywriting. Instead, just focus on one service. As a result, you continue to grow strong and transform your business from average level to expert level.
That's not to say that getting new customers is a bad approach. One of the easiest ways to do this is to ask your current customers for referrals. But notice the verb. Having good products and great customer service and just assuming that your customers are passing the word about your business isn’t going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he knows anyone else who would be interested in your products or services.
Remember the analogy of the big fish in the small pond? That’s essentially how this strategy for growing your business works. The niche market is the pond; a narrowly defined group of customers. Think of them as a subset whose needs are not being met and concentrate on meeting those unmet needs.
A nursery, for instance, might specialize in roses while a home design business might focus on window treatments.
Expanding into international markets can also be a powerful boost to your business’s bottom line. Like franchising, this is a way of growing your business that requires quite a commitment of time and resources, but can be extremely rewarding.
In today's e-commerce landscape, businesses don't achieve sales success just by having good quality products or services. Of course, that is a must. But that is not enough. To consistently increase sales as an e-commerce business, you need to:
- See and understand the bigger sales picture
- Provide a better customer experience
- Build better relationships with other businesses
Documenting your processes can lead to simpler management. You'll have all the information you need for managing and improving them, such as what works well or not so much; which process is causing delays in workflow etc., at hand when needed - making it easier than ever before!
What does it mean to be process-driven? To be process-driven is the other piece of puzzle that completes the systems you have in place. A process-driven culture increases efficiency and agility across the organization. It steers the entire enterprise to move faster in a direction that is customer and service driven.
Ultimately this augments the system or tool and ensure its success.
It’s important to start by knowing your target market. If you are a small/medium sized business, begin by profiling your existing customers. Look at their ages, buying patterns, interests etc.. Who are the ideal customers (high lifetime value, loyalty etc.)? What are their ages/genders/incomes/traits etc? I would literally begin by going through every single active customer (and even lost customers is interesting data) and create a list of their basic demographic info.
Create a SMART Goal and Start Testing
Once you have an idea of your target market, your desired brand image and have some basic information on your audience, start with a SMART goal. SMART means Specific, Measurable, Attainable, Relevant, Time Capped.
Then get to work on the goal. Start producing content, running ads, doing outreach and measuring performance. It is highly unlikely you will knock it out of the park with your first marketing idea but the point will be to get good, actionable data. To do this, try to isolate single variables at a time. For instance, say you are running a FB ad to get new members to join your club. Start by using the same image, the same copy and just different audience targeting. Run it for 1-2 weeks and look at the results. Then take that winning audience and try a few different images but keep the copy consistent etc..
Always encourage your employees to try new efficient work approaches. Give rewards to motivate them to increase the productivity of the organization.
Learn to work faster and properly. Try to make your work time efficiently. It takes us back to the above point, which concludes that if the employees are efficient enough, they will be able to work faster and more prominently.
Promotion and marketing start before and continues after the launch of any business. Do not stop promoting your business at any given point in time. In this era of cut-throat competition, if you are not promoting your product, you are not doing anything. The new emerging social media sites instill agency in the company marketing campaign by providing, feedbacks, reviews, offers, and other things.
Your receivables will account for around 50% of your assets. Don't batch an invoice, and bill as soon as possible.
Believe it or not, there are only four ways to increase your revenue:
- Increase the number of customers.
- Increase the average transaction size.
- Increase the frequency of transactions per customer.
- Raise your prices.
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