10 Things to Consider When Growing Your Business
No matter how successful and strong your brand might already be, every business strives to grow even further and attract more customers its way.
This is particularly important due to the growing number of competing brands that are popping up in every industry, and in all likelihood, your niche is no different. Facing fierce competition and many technological advancements poses plenty of challenges for many brands to not only meet the changing needs of their customers but preferably exceed them.
Although the steps needed for your business to grow differ among various niches, there are several key ingredients for any growth strategy. Consider them your ten commandments of growth, and you can help your brand soar despite the crowded market and the number of competitors you’re bound to face.
In the early stages of business development, most owners and managers invest all of their time, effort, as well as funds into growing their client base. Networking opportunities such as industry-relevant conferences and other events are often on the back burner, for some other, more profitable period of growth.
Consider this your golden opportunity to grow your knowledge base. Attend these events with the purpose to learn, and you’ll have access to yet another cool marketing tactic, a clever tip for using your CMS software, and similar insider info relevant for your company.
Reevaluate Your Hiring Habits
Diversification is the name of the game when it comes to getting more people on board. Getting stuck in a hiring template may help you get the same level of quality from your employees, but you’re likely missing out on implementing a greater variety of skills in your team.
Consider hiring outside of your comfort zone, and you can even talk to an HR professional or a recruiter with experience in this field of work.
Assess Your Finances
Every type of growth requires investments, so you need to establish the available funds you have for the upcoming growth efforts. Perhaps your existing cash flow isn’t enough to cover the expenses related to your new growth strategy, but looking into investors, bank loans, or forming partnerships might help you find the best way to boost your business.
Tap into Customer Insights
Every brand exists to serve a particular purpose, and if your goal is to surpass your competitors in terms of the service or product you offer, the best thing you can do is listen to your customers directly. A great way to do that is by setting up paid surveys for your customers to take, so that you can get direct feedback and adjust your brand accordingly.
Support Your Community
Connecting is not reserved for the online world alone. In fact, looking for more creative ways to build stronger bonds with your clients is vital, and doing charity work, organising free workshops, teaching seminars, or setting up a fundraiser for a cause are great ways to connect.
No matter how valuable your brand is, and how great your product or service, you need to be able to change it for the better on a regular basis. That’s why you see top brands introduce eco-conscious practices, tech improvements, you name it, they thrive on innovation. Make sure that your offer never becomes outdated, but that you can find a way to update your service through ingenuity.
Always Provide Content of Value
The fact that people like freebies will never change, so offering consistent value through your content both online and offline will make your offer all the more alluring. Think: infographics with actionable advice and research-based data, or free e-books in exchange for an email subscription. The Internet is already brimming with useless, fluff content, so it’s up to you to make your brand’s voice count.
It may make more sense for your business that you outsource some of your projects or company positions to a freelancer or an agency, so that you can better allocate your in-house resources.
When the time is right to focus all of your strengths on growing your client base and building a portfolio of happy customers, outsourcing makes more sense that overworking your own staff.
Use Tech Advancements
No modern business can survive without a strong online presence, but it pays to know and often anticipate the next big thing, especially when you have many brands to compete against. Introducing VR, or finding new ways to communicate with your customers, enhancing their experience through technology, you name it, as long as you do your best to keep your brand at the forefront of the game.
Even using in-house CMS platforms, project management tools, and communication software to enhance your productivity will reflect well on your ability to grow your business, despite the fact it doesn’t directly affect your brand presentation.
Build Influencer relationships
On a final note, the modern consumer bases their decisions mostly on personal recommendations, from friends and family, but also on what is loved and appreciated by celebrities and social media stars. They write reviews, they work as brand ambassadors who share their values, so this is your chance to find the people from this realm who share your beliefs and who would be the best match for your brand.