Start-ups and Small Business Owners are amongst the smartest, hardest working, and most authentic people I come across. Always passionate about their work and always trying hard to make positivity contribute to customers' lives.
However because they are small, there usually work in their business too much, instead of making time to work on their business. And to truly succeed in competitive markets it is prudent that you work on your business and have a tangible long-term business growth plan to keep you focussed. The sad truth is that many start-ups or small businesses fail because they haven’t taken this vital step.
If you are at the phase where your business needs a boost it is time to figure out which growth strategies can be put in place.
These are our top 3 tips for Business Growth Strategies for Small Businesses
1. Alternative channels and Organic Marketing
Utilizing alternative channels is one of the best methods of growth in business. Many small businesses already use more than one online platform for advertising, but from time to time switching platforms may attain better results. The top three marketing channels are email marketing, social media, and business websites.
- 54% of small businesses use email
- 48% use social media
- 64% of small businesses have their own website
For solely offline businesses, it may be time to launch a website and to expand your reach to sell your products nationally or internationally. Another to create awareness in your local market about your products and service, thereby penetrating the market more and increasing traffic. The digital world is going nowhere. Adapt or die. Small businesses with quality products usually benefit from using alternative channels. Commonly used channels are Google Ads, Facebook, email marketing, and remarketing. To give you an idea, remarketing is email-based and relates to the collection of user information for list creation; the lists are then used for future promotional emails. An alternative to paid Ads is organic marketing. Organic marketing refers to the act of getting your customers to come to you naturally over time, rather than ‘artificially’ via paid links or boosted posts. It includes any direct, instinctive, and, with the exception of paid marketing tools.
Organic social media marketing is the best way to show customers your true values and culture, while also learning about the values of your customers. By utilizing funnel optimization to convert organic traffic into purchases. Organic social media marketing has a 100% higher lead-to-close rate than paid marketing.
Yes, it is possible to target customers organically on most platforms and to reach your target customer with ease. Provided you have the know-how, and it is easy to learn, we equip entrepreneurs with digital skills.
2. Market segmentation
Another small business growth strategy is market segmentation. This simply means dividing your market into various groups (segments) according to customer preferences, interests, locations, and other characteristics. These segments allow you to create targeted campaigns according to specific variables, giving the campaigns a much higher chance of success. Typical segments are:
- Geographic
- Demographic
- Behavioral
- Psychographic
This works, because it allows you to focus on the specific needs of that customer segment and to service them according. This combined with an after-sales process and commitment to evolving the Customer Experience can steadily and sustainably grow your business.
3. Partnerships
Sometimes joining forces with another business is the most feasible and practical technique of growing your small business. Providing that the arrangement brings substantial benefits to all parties, it can be a true win-win state that boosts resources in a big way. Depending on your type of business, the opportunities for partnership might include additional resources in terms of skills, knowledge, equipment, and technology. There may be a decrease in workloads or risks. Partnerships tend to suit Businesses that can share clients, collaborate, or offer complementary services. For example, Accountants, Lawyers, and Business Consultants, or alternatively, Carpenters, Electricians, and Builders.
By partnering up with a complimentary, non-competitive business you can instantly gain access to new customer bases and markets. Be cautious, ensure you have all-inclusive legal contracts in place in order to protect your business in the event of unexpected issues.
So by creating a solid business growth strategy you can scale your business – whatsoever the product, service, or market. Keep in mind, that no business strategy or plan is the same; it is vital to figure out what works for your exact business, tailored to the resources at your disposal, the needs of your target customer, mission, and vision of your business. Well-implemented business growth and growth strategies will increase your market share. Plan for the future, rather takes a financial hit in the short-term, so that you can build a stronger position in your market and ahead of the competition
How do you create a business strategy?
Know where you want to go, definitely have a vision, then define your competitive edge and set SMART goals for your business, in a realistic time frame. To be realistic, your goal must represent an objective in which you are willing and able to work. You are the only one that can determine just how substantial your goal should be, but you should ensure there is a realistic chance that given the right circumstances, you are able to achieve it. It is no use creating a great plan with awesome goals but they are unrealistic, which leads to mistrust and negativity. Instead, start slow and adjust to the process, remember its a marathon, not a race.
What is a SMART Goal?
To make sure your goals are clear and reachable, each one should be:
- Specific (simple, sensible, significant).
- Measurable (meaningful, motivating).
- Achievable (agreed, attainable).
- Relevant (reasonable, realistic and resourced, results-based).
- Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).
SMART is an acronym that you can use to guide your goal setting. Its criteria are commonly attributed to Peter Drucker’s Management by Objectives concept. The first known use of the term occurs in the November 1981 issue of Management Review by George T. It’s a simple formula, however it can be hard to implement and adhere to…
Ask a business consultant to act as an accountability and thinking partner. Business consultants help businesses overcome challenges, increase revenue, expand or re-design the business model, and optimize processes. It’s important to ensure that the business consultants you work with are, experienced, educated, skilled and ethical, after all, they are interacting with you, your employees, and possibly your customers.
At Success By Design we help businesses increase sales, productivity and improve customer experience through consulting training, and software services. Feel free to contact us to talk about your needs info@successbydesign.co.za