Your small business is flourishing, and you’re ready to grow. Good for you! It’s time to look into some new strategies. Scaling up a business is no easy feat. What’s the best way to grow a business?
There’s no one answer. To grow a business, you’ll want to build a cross channel marketing strategy. That means you’ll want to try several things at once. You may not have the budget to try all marketing strategies at once and see what sticks. But with good research and proper analytics, you can grow your customer base and scale up your business.
Ready to learn strategies to expand your business? Let’s go!
Update Your Sales Funnel
Quick question: do you have a sales funnel? If not, you need to make one! For those who don’t know: a sales funnel is the series of steps a person takes from being a potential customer to purchasing. You want to visualize every step of the process, so you can identify parts that can be automated. It is essential for any business trying to scale up to use technology to automate parts of the process. Start the growth process by analyzing and updating your sales funnel.
Your sales funnel is important because it helps you understand your customers. The sales funnel explains what they’re thinking and doing at every step towards purchasing. You want to know this to target your messages effectively at different stages of the sales funnel. This will ultimately close more sales. If you already have a constructed sales funnel, time to analyze it and look for potential updates. Don’t miss sales, know your funnel!
Choose an Effective Customer Management System
It’s hard to do transactions manually. It is dull work with a lot of room for errors. You need an effective customer management system if you want your businesses to grow quickly. Customer relationship management (CRM) software helps you at every step of the sales funnel.
CRM software automates several parts of customer relations. It can collect and organize all formats of customer contact information. It can pull in and analyze other important information, so you can fully understand and best serve your customers. Many services like Salesforce work with cloud-based servers, so you can access your customer data from anywhere.
When choosing a CRM tool, ask if it comes with customer analytics. It is crucial to your business’ growth that you have a good analytics tool. When you have information about your customer’s demographics, you can make informed business decisions. You can even segment your market and deliver targeted messages. CRM software can automate every step of that process.
A business lives and dies by customer relations. You do not want to miss out on what technology has to offer. A good CRM tool is crucial to the growth of any small company.
Analyze Your Competition
Don’t just learn from other’s mistakes, learn from other’s successes too. You should always know what your competition is doing.
To analyze the competition, ask yourself a few questions. Which ads have my competition run the longest? Where do I see ads for my competition? What kinds of ads do I see for my competition? Can I remember any ads that did not run long, and why?
Your competition has already done a lot of work to become a successful business. See which parts also work for you.
Start or Expand Your Social Media Campaign
There are many reasons to start a (or expand!) social media ad campaign. It’s a great way to expand your customer base and increase brand loyalty. Most customers ignore traditional display ads. People are more responsive to native ads like sponsored social media posts.
Social media is also a great way to drive customer engagement. When people comment on posts, you can get some excellent feedback on what they want. This can be useful information when coming up with new products and services to offer.
The hardest part of social media is choosing which platform to advertise on. You’ll want to choose the platform most of your customers use. If you’re a B2B company, don’t waste money advertising on TikTok. If you’ve invested in a good CRM tool, the analytics provided should give you useful information for your social media campaign.
Create Streams of Passive Income
You’re doing a lot to make money, what if money could make itself? By creating streams of passive income, that’s essentially what happens. During the expansion phase of your business, consider what your business can do to build passive income. Creating passive income for your business can help sustain growth. It can also help during months that your business is not doing well. There are many strategies to build passive income, like selling information products or creating an app.
There are many strategies for small businesses to grow. You’ll want to be sure that the technological tools you’re using are both effective and can scale up with your business. If you start with tools that are suitable to scale now, that can save a lot of hassle later. By doing some research about customers and competition, your business can expand!