How to grow your business: 15 tips
Let’s be frank, increasing the turnover of a business, and knowing how to grow a company is often very complex and requires too much effort. That’s why we’ve put together 15 essential tips to grow your business.
If you are wondering how to grow your company, you will have to develop very different activities: dealing with sales and marketing, understanding taxes and compliance, interacting with clients, in short, you have to have a great command of the business world.
There are many ways to grow a company or business and in this article, I will share with you the tips that have helped me the most:
How to grow in sales
Build a sales funnel
The first way to grow a business quickly is to build a sales funnel. If you don’t have a sales funnel, you are making a fundamental mistake. This helps automates the business, scale it, and grow it quickly.
It certainly requires front-end and back-end work to develop, but after building it, the path will be easier. Sales funnels must be carefully conceptualized before creating them, and each one is different depending on the type of business. In this phase, having a detailed business plan is much more important.
According to the MEC Momentum study, 53% of consumers (more than 100,000 respondents) claim to have a very clear idea of the brand they will buy before starting the purchase process. And it is that at present, a simple review in Vogue magazine can cause the direct sale of lipstick through the Internet or a cosmetic store, without the client having requested any information from the professional who has sold it. This is an example of a customer entering the bottom of the sales funnel and the trend that most audiences follow, with increasing frequency.
Research the competition
When you enter a market and intend to offer a mass product, you need to search for your direct and indirect competitors, mainly at the level of digital marketing strategies, where social networks are indispensable.
How to do market research?
Today, doing a market analysis is essential for brands to be successful in the long term. From product planning to customer needs, knowing what is going on “outside” is essential to drawing your roadmap.
As the market is constantly changing, knowing how to surprise is key to being ahead of your competition.
Market research can be done from various tools and software, taking into account what is to be analyzed. You can organize everything in reports or dashboards, like a data warehouse from which to extract information from different sources. Thus, you will obtain important conclusions for your business.
Create a loyalty program
Loyalty programs are great for increasing sales. On average, it costs three times more to acquire new clients than to sell to those who already are. In other words, acquiring new customers is expensive.
Building a loyalty program helps in retaining customers, but is also important in acquiring new ones. If there is a clear incentive to spend more money on your business, it will pay off in the long run.
Advice for entrepreneurs: develop an attractive loyalty program, accessible to current customers, and see how sales increase.
It is interesting when choosing our niche to take into account its presence in the market and how we could adapt to it, for example, Millennials make up 24% of the population and are characterized by being semi-digital, hyper-connected, and have an open mind and sociability. A study by Nielsen states that between 49% and 59% of millennials review or evaluate the online products of their favorite companies. Therefore, in the event that this is your audience, the ideal thing to retain is to adapt to change. In the era of Digital Transformation, not being up-to-date and not adapting to the demands of your market will make millennials not notice you. Pay attention to the economy and their tastes, they will appreciate that your company presents more than one purchase option.
How to grow internationally
Identify new opportunities
Analyze new opportunities for your business based on the knowledge and understanding of the demographic factor. Learn, from distribution channels to direct competition strategies, through the analysis of foreign markets and other potential industries. There are always new opportunities that you can pursue after proper analysis.
Undertaking abroad can be a real odyssey if we do not know the country in depth. In fact, we have seen several cases of businesses that ended up being withdrawn because in the countries in which they operated there were problems of all kinds (regulatory, administrative, fiscal barriers, etc). We have discovered ten states that do something that we think is essential: attract and help foreign entrepreneurs in their country.
Use global platforms and the Internet
Whether you are an e-commerce business or not, it is important to use other platforms that help you complete your structure, such as Amazon’s freight services. New technologies are there for us to integrate into our businesses. Technological advances allow us to identify the needs of our clients and put them at their fingertips. Having a presence on the internet and on platforms opens us up to the market in a direct and accessible way.
Acquire other companies
Sometimes acquiring other businesses is a quick way to grow your own business. You can find competing companies that complement your business, using their acquisition to scale quickly. Search in and out of your area to find potential opportunities.
Can you expand internationally? If your offering can be adapted to other markets, international expansion will be a quick way to grow your business. It will involve some investment, of course. But by making decisions with an analytical basis and in the right direction, the potential for benefits is enormous.
The search for new markets abroad is a form of internationalization, but it must be done following a strategy that is committed to the future.
How to grow your clientele
Create an email list
One of the most effective ways to grow a business is to create an email list. For that, it is important to use CRM ( Customer Relationship Management ) software.
It is important to have a fluid conversation with customers. One option would be to send newsletters or newsletters.
These are some advantages of sending a Newsletter:
- It is not a direct selling tool, but it can influence your subscribers indirectly.
- The users who receive the newsletter are your target audience. They have previously been interested in your brand and have subscribed because they want you to inform them of all the news.
- It can be one of the largest sources of traffic to your website or blog.
- Shipping is free, so it can only take time to prepare. It is a marketing technique that does not require a large investment.
- They can be very useful to retain your customers, as long as they are made good use of.
Diversify the range of offer
How to grow your company thanks to the offer? Trying to diversify the range of products or services offered. What products, services, or information can you add to your business? To grow, you need to think in terms of expansion. Identify new opportunities within your niche. What else can you offer your clientele? Where can you add value? One of the ways to attract customers is to rely on marketing.
An example of this is a campaign launched by a razor company. In it, a series of advertisements were made joking with the fact that the blades are always stored in plastic boxes and you have to ask to open them to buy them. “It seems they don’t want you to buy blades,” says the advertiser before encouraging getting blades without so much “drama.” Within 48 hours of launching the first video, 12,000 people had already signed up for the subscription service. In a few months, the figure reached 330,000.
Take non-consumers into account
Segmenting the regular clientele is a wise move, but what about customers who don’t consume your product or that of your competition? Betting on identifying this market niche and working on it will be a success, as long as the customer’s need is well identified.
Attract old customers back
This can be much easier than finding new customers. Developing a plan for those clients who one day decided to bet on you and do it again can be a wise move. The simple fact of establishing communication with them reminds them that one day we were there.
How to make your company grow in marketing
Employing only traditional marketing reduces many possibilities to what a company could be. It is important to use both digital marketing and conventional advertising. Considering the possibility of diversifying the commercialization of our products will allow us to reach more market segments.
Create a community
Working in social networks and the digital environment allows you to create a community with which to interact so that the people who make it up to remain active and faithful to your product. It is also a way to start to have visibility and increase the number of people who follow you.
How to grow ahead of the future
Keep your essence and move on
You must know at all times what is the next step you want to take, knowing what those possible scenarios will be like. Knowing how to communicate your vision to clients and being able to constantly adapt it to the present will be your strong point.
To fulfill the previous step it is necessary to be aware of the latest trends. It may seem obvious, but it is a time that you should include in your workday. Networking, events, being aware of forums requires daily dedication. This way you can constantly innovate and stay ahead of the competition.
Has it helped you to ask yourself how to grow your company? To answer questions? If you have been interested in this article it is because you also want to undertake that is why we recommend the Master in Business Management for Entrepreneurs. We understand how difficult it is to undertake, that is why we have designed this program that has experts who will advise and teach you through their experience to have a critical and entrepreneurial attitude.