Planning to Grow Your Business? Here Are the Best 4 Ways to Do So
As a business owner, growing your company will always remain a priority. Business growth means a larger customer base, more sales, and higher revenue, but it also involves costs and undertaking calculated risks. In this article, we’ll explore some tried and tested ways entrepreneurs can use to grow their businesses while keeping costs low and reaping their intended benefits.
1. Develop a Customer Loyalty Program
Customer acquisition cost (CAC) is the expense your business undertakes to convince a customer to purchase a product or service you’re selling. CAC of existing customers is significantly lower when compared to the cost of converting new users into paying customers. Creating a customer loyalty program is one of the best ways to upsell current customers and increase month-on-month revenue.
The basis of a customer loyalty program is to reward users for purchasing from your platform and prevent them from switching to competitors, reports Constant Contact. This can be achieved by introducing a points-based reward system. Customers can be awarded points for referrals, and purchases, creating a complete profile on the platform, and engaging with the brand on social media (this tactic can be used to garner traction for your marketing campaigns).
2. Invest in Email Marketing
HubSpot explains, whether you want to acquire new customers, retain existing ones or educate them on your products and offers, email marketing is the medium that can help you achieve all these goals in a cost-effective manner. In fact, there is some very persuasive data to support these claims:
● 73% of millennial customers expect brands to communicate with them directly through email.
● 99% of customers report checking their email daily to read up on updates shared by brands they follow.
Here are the steps you can follow to build a mailing list and share engaging content with customers via email:
● Encourage enrollment: sign up customers for your mailing list during the registration process. Provide them an option to select the types of emails they would like to receive, which range from offers, latest news, pre-sale sign-ups, and more.
● Data analytics: use your CRM tool to create customer segments based on their interests and create personalized content to meet their expectations.
● Be brief: keep text to a minimum and focus more on sharing information via infographics, images, and other types of graphics.
3. Utilize Business Process Management
During the growth phase, businesses typically introduce new processes, expand their workforce, and undertake projects at a larger scale than before. Even with experienced managers in the fold, it can become difficult to handle all these responsibilities manually. Here’s where using a business process management (BPM) tool comes in handy. The tool can be integrated with software used by teams across the business, such as a CRM, HR management tool, social media marketing tools, etc. post, which leverages the power of AI to create a map of your end-to-end processes.
Additionally, the tool can provide insights to improve efficiencies, automate repetitive tasks, and provides easy sharing of data among all stakeholders, improving collaboration, employee morale, and overall business productivity. Moreover, the tool constantly repeats this process, allowing you to check the impact of new business processes in real time and make prompt changes.
As you reduce redundancies and take a critical look at your business’s data, you may also want to consider changing your business structure. Explore the S Corp vs C Corp pros cons to see if adopting one of these structures would be more advantageous for you. They each come with their own benefits and disadvantages, including tax benefits and liability protection, so look closely before deciding.
4. Create Video-Based Marketing Content
When sharing content on social media, videos should be your go-to format. According to Wyzowl, video marketing can help businesses:
● Increase website traffic
● Educate customers on products and services easier
● Generate a higher number of leads
● Garner higher sales
There are various tools online using which one can quickly combine videos, make necessary edits, and much more in just a few clicks. These tools are perfect for when you want to create product promotion videos, launch new contests, and share testimonial videos to generate higher engagement on your social handles and create a buzz regarding your brand.
However, if you don’t have employees who are comfortable creating this content, you may need to hire an in-house video editor to create good marketing videos. If your budget is tight, a small business loan is always an option. But it’s important to check your credit score first. Potential lenders use your credit report to determine if you are likely to repay the loan, and a low credit score will likely be a red flag.
Make Strategic Changes
Making investments in technologies, such as business process management and video marketing tools, will serve as an integral part of your growth strategy. If you dedicate ample resources towards collecting, analyzing, and using the data you collect, it will help you to invest your resources more strategically, from email marketing strategies to changing your business designation. So focus on what’s working and change what’s not to see your business grow.
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