You don’t need to spend a fortune to reach new customers and accommodate their needs — all you need is a strategy. In this article, we will discuss a few of the most effective and cost-efficient ways of growing your small business.
Become an Industry Leader and Customer Resource.
Thanks to the power of the world wide web, you don’t have to be a multi-national corporation with a billion dollar budget in order to become an authority in your industry. All you need to do is find a way to offer something valuable to potential customers.
Writing blogs, recording a weekly podcast, and making how-to videos are all great examples this. (And none of these projects will break the bank!) If you have a bit more to invest, creating a price comparison engine for products in your industry, or envisioning some other type of online tool, can also help establish you as an important force in your industry.
Focus on Promoting Customer Loyalty and Brand Advocacy.
If your customers are happy, then you are bound to be happy as well. A customer who feels satisfied is highly likely to return next time they need any item or service related to your industry — and, as every business owner knows, repeat customers are the lifeblood of every successful company.
Perhaps even more importantly, a happy customer can become brand advocate — promoting your business on social media, by word of mouth, with online reviews, etc. References and referrals have always been crucial for small businesses, and in the internet age brand advocacy is more powerful than ever.
Ensuring that your customers have a positive experience, remarketing to former customers to create repeat visits, and launching marketing campaigns aimed at encouraging brand advocacy are all excellent low-cost methods of growing your business.
Use Data to Optimize Your Growth Strategy.
The ubiquitous availability of data and the undeniable power it can leverage has revolutionized the landscape of business — and every company, no matter how big or small, can use this to their advantage. Here are a few ways that data can help you achieve fast and efficient growth.
- Optimize pricing, identifying the perfect balance between high volume and high per-sale profit margins.
- Target your marketing with greater precision, and consistently improve your conversion rates.
- Master logistics, decreasing both costs and lead times alike.
- Develop products that your customers have been waiting for.
Use a Lean Hiring Strategy.
Hiring too many full-time employees to soon is a common and costly mistake that many small business owners make in hopes of spurring their business to faster growth. The problem is that many small businesses experience fluctuations in the amount of help that they need — so hiring too quickly can lead to enormous inefficiency. A better way for small businesses to get the help they need in order to grow? Work with freelancers and third-party organizations instead. From contractors to consultants to call centers, there are many ways of finding help without over-committing yourself.
For more on customer acquisition and growth-hacking your business, visit Direct Call Solutions online today!