Business Growth Tips
Unlike other points in history, when people focused on supporting their local communities and didn’t have to compete with businesses from around the world, today’s businesses need to have comprehensive growth strategies. As a business owner, you understand the importance of growth and the devastation of stagnation. Therefore, these are a few business growth tips you may consider.
Focus on Customer Retention
If your business has been open for any length of time, you have customers. You may have many who regularly reorder or come back for more of your products and services, but you have those who may have only made one purchase as well. One of the factors in business success and growth is effective customer retention.
Therefore, develop strategies that encourage your customers to come back and buy more from your business. You may consider loyalty programs, discounts, customization options, email campaigns and online engagement. Make sure you offer a high-quality product and that your customer service is exceptional.
Conduct Market Research
When you started your company, you should have created a comprehensive business plan that included market research and marketing strategies. If you didn’t, it is time to conduct a full market analysis. If you did, it may be time to update your plan. First, learn as much as you can about your target market. Go beyond general demographics. Search for commonalities, such as hobbies, how your customers spend their time, what other products they purchase, etc. Consider these characteristics as you look for ways to expand your target market.
Also, conduct research on your competitors. Review their target market criteria, marketing efforts, sales figures, strengths and weaknesses. Then, develop strategies that can help you compete effectively.
Adopt Corporate Social Responsibility (CSR) Projects
Today’s customers want to work with companies that give back. However, it is a misconception that your CSR program has to cost your company money. The goal should be to have a positive impact on your community. Many companies are going green or adopting more environmentally friendly business practices, while others are becoming directly involved with the community.
Consider internship programs where you can build a database of possible future employees. Create or promote local volunteer opportunities, such as afternoon story time at the local library, involvement in programs like Big Brothers Big Sisters, coaching intramural sports teams, cleaning up highways or parks, etc. You can also sponsor local sports teams, provide educational seminars or host events.
These are only a few options you may consider as you pursue a business growth strategy. Consider these and other opportunities to expand your company while supporting your local community and meeting your customers’ needs.
