To facilitate your company’s growth, you need to consider numerous things, from planning to resources to finance to technology and whatnot. It would be unfair to say that growing a business is a cakewalk and carefree process. No, it is completely opposite to that; it requires some serious endeavors and a strategic approach that unites and works together like peanut butter and jelly.
However, in this modern and digital world, the business growth process has become quite easy. And credit goes to advanced apps, websites, software, and tools that automate business and makes the business growth process easy. Further, the internet has opened the door; entrepreneurs can hone their skills by taking examples from others.
But is it that easy? Let’s find an answer. A report from the Bureau of Labor Statistics, claims that over 20% of the businesses fail during the first three years, more than 45% during the first five years, and 65% within the first decade. These numbers seem horrible, but it also reveals how important it is for entrepreneurs to invest in business growth strategy.
In order to grow your business, it is significant to pay attention to some proven techniques that take your business far from where it is today. Irrespective of business size and type, you need to implement some simple yet effective ideologies. Now before moving on to the ways, let’s understand what business growth is.
What is Business Growth?
Source: Gartner
The word “growth” itself expresses the meaning of the term. A growing business continues to expand its reach in numerous ways. Let’s go through some points that show a company is growing, such as:
- Revenue
- Sales
- Company value
- Profitability
- Number of customers
- Number of acquisitions
- Number of employees
- Technology adoption
Companies can grow in some of the above ways. For instance, revenue can grow without growing its customer base. Companies whose customer retention strategy is strong can grow in this way.
But keeping in mind the ongoing situation, we can say technology is the major influence that grows business and allows entrepreneurs to streamline their operations without hefty capital. We all know how the on-demand delivery market is thriving; what is it? It is the initiative taken by business owners to fulfill the rising needs of customers.
Taxi is booked, food is delivered, grocery is picked up, a hotel room is booked, and the list goes on. Earlier, only large corporations were implementing technology as they had adequate resources and budget, but now small grocery retailers are harnessing the power of tech and investing in grocery delivery app solution as it has the potential avenues for growth.
How to Achieve Efficient Business Growth
Business growth is not something you achieve overnight. But there are several steps you must take into consideration that keep your business forward in this saturated business world. It is also a time-consuming process, but you will realize that your effort is worth it when you start reaping benefits. So now, without wasting more time, here are some ways you need to adopt if you wish to see your business thrive and flourish.
Make Sales Funnel
If you are a business owner and running a service-based business, you might face the biggest challenge of upscaling your business. So let’s talk about how sales funnels can upscale your online or offline business. Now you must be wondering what the sales funnel is.
In simple words, sales funnel is the marketing term that describes the journey of potential customers passing through various ways. Therefore, if you want to create an effective marketing campaign from your website, it would be better if you opt for the sales funnel technique because it can help you develop a better marketing campaign.
In the sales funnel, there are four types of stages:
- Awareness
- Interest
- Decision
- Action
If you wish to grow your business, make a sales funnel that keeps engaging customers and never loses its effectiveness. Play with emerging marketing techniques and keep improving your product experience.
Manage Your Customers
A strong customer base is a key to a successful business. You can’t imagine a business without customers. These days, customer’s preferences keep evolving, so maintain a good balance between what they want and what you are offering.
Today, more and more customers want to prefer to buy products online. Not only fashion and beauty products, but customers are ordering groceries online. If you are a retailer and want to expand your business, offer an online grocery platform to your customers, it will add value to your business and spread the word about your brand.
Moreover, find different ways such as email marketing, social media, etc., and keep them engaged with informative content. It will grow your business in the long run.
Know Your Competitors
If you are in business, you have to deal with rivals for sure. In today’s competitive world, no business can run on a monopoly track. Therefore, if you want to upscale your business, you need to know your competitors first as it will not give you an insight into how they are managing their business but also help you understand what mistakes they have made.
Consequently, you can take advantage of those mistakes and make your product superior. Moreover, competitive analysis is a continuous process because it offers several benefits, such as helps you understand the market better and enhance your overall marketing process.
Focus On Customer Retention
Source: KPMG
Customer retention is all about keeping your existing customers happy so that they do more business with you for an extended period of time. Harvard Business Review revealed that increasing customer retention rate by 5% boosts profits by 25-85%. Isn’t it impressive?
Here are several reasons why customer retention is the key reason behind your business growth,
- Save money on marketing
- Boost profitability
- Free word of mouth marketing
- Customers will agree to pay premium prices
Seek New Opportunities
Technology keeps evolving; business standards keep evolving; customer preferences keep evolving, so don’t you think you should also seek new opportunities that can excel your business. Leverage technology, social media, and other digital tools that streamline business operations, save money, and keep your business afloat in the neck-breaking business world.
Final Words
Living in an ever-changing world, no one can stick to a single approach for business growth and expansion. Keep experimenting with emerging techniques, and choose the best that works best for your business. However, business growth will not be achieved overnight; you need to work hard, soon, you will enjoy the success that you always hoped for.
