4 Quick and Affordable Ways to Grow Your Business
Okay, i’ll admit the title of this article is a bit misleading. Truthfully there is no such thing as growing your business overnight. Scaling a business is tough. It takes a considerable amount of effort and dedication. That all said, there are a ton of growth strategies you can quickly implement that will sustain long-term growth.
Here are four quick ways to grow your business:
Identify Your Opportunities
First and foremost you need to identify which opportunities make the most sense for your company. You need to understand things like distribution channels, potential partners, direct competitors, and even foreign market opportunities.
Sit down with your team and really analyze your options. There are dozens, if not hundreds of opportunities out there. Before executing make sure you take the time to identify all the opportunities available to you.
Build a Customer Loyalty Program
Customer loyalty programs are a fantastic way to increase your bottom line. Studies show that it costs about three times more to acquire a new customer rather than sell to an existing one. Some estimates even have that number up to ten times more expensive, depending on the industry.
Regardless what statistic you want to go with, customer acquisition is just more expensive. That said, it’s worth your while to invest some resources into building a customer loyalty program.
Create clear incentives with actionable goals for your customers. If your program is successful, there’s a good chance word will pass on to new customers as well.
Find Your Strategic Partners
It’s often worth it to join forces with others and share in the reward, rather than going after it yourself. This is why strategic partnerships exist. Now for the tough part. How do you identify who would make a strategic partner?
In order to identify your potential partners you need to do a bit of planning. To keep things simple, lay out a basic six month to a year long roadmap. What products do you plan to roll out? Which marketing channels do you want to pursue?
Once you have your roadmap, you should look for companies that can compliment each action item. For example, if you’re a food truck ready to launch in a major city you can look for an event partner to fill your schedule. Quickly analyze the costs vs. the benefits, if it checks out go ahead and contact them.
Study Your Competitors
If you’re a new business going to market, there’s a good chance there’s someone out there with a similar business. In fact, I can almost guarantee there’s more than one.
These are your competitors. You need to know them inside and out. Platforms like Similar Web and AdBeat provide competitive intelligence data on other businesses. In addition there’s a lot you can find just by snooping around online.
You need to find out what advertising strategies worked best for your competitors. If it worked well for them, there’s a good chance it’ll work well for your business too.
To sum things up, it takes time to grow your business. However, there are a ton of strategies you can implement right away that will produce results. The four growth strategies above are only a handful of those out there, but are proven to work wonders.