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10 Important Business Growth Strategies You Must Know Right Now
Every business person works hard to grow their business. They spend much of their time trying to figure out how to keep the business growing even in turbulent times. Most of my time I spend it talking to freelance Teachers and freelance writers who have grown their businesses to 4 or 5 figures. I have discovered that they know and they implement these important business growth strategies to keep their business growing. Being the owner of a business that’s still growing, you have a lot of tasks to do and you must manage them successfully.
I know growing your business especially in the initial stages is not easy but you have to commit to it. 20% of small businesses do not last for a year, 30% fail in their second year and 50% do not make it to their fifth year. These statistics give every entrepreneur the reason to work hard to grow your business.
This post is going to help you make that commitment to grow your business through internal and external growth hacks.
Let me start by unpacking the term business growth strategy. It is a clever way of producing higher growth results through the use of results-based shortcuts. In simpler terms, it is strategizing to get the best return on investment. This business growth hacks cuts across all businesses and this means whatever business you are into, these hacks work.
10 Important Business Growth Strategies You Must Know
Developing growth strategies is not a day’s job. However, it is necessary and something every business owner who plans to grow must do. Hence, here are easy strategies to grow a business.
1. Social Proof
Social proof is an organic growth business strategy
Customers love to engage with a business that has a good reputation. It is natural that we rely on other people’s views to conclude our own. In fact, according to a poll, 84% of customers confirmed their purchases are influenced by social proof. As your business gains traction, collect and display as much social proof as you can. If you have a website utilize all the blank spaces with social proof to attract other customers. Social proof can be anywhere, from landing pages to home pages.
Look at how Michal Wurm used social proof on his landing page. If you are contemplating buying and you read through his page you are convinced that this is a useful product.
2. Ride on Influencers
Stop playing it alone. Successful entrepreneurs do not ride solo. Product placement is where your product gains exposure through the use of successful models or influencers. Influencers who have a huge following on social media have authority in your industry. Using them will bring magic to your own business growth.
There are many ways to ride on influencers to grow your business. These can be in the form of exchanging blog posts, co-hosting a webinar, or inviting them as a guest on your podcast.
3. Product Integration is a strategic growth in entrepreneurship
This business growth hack is almost the same as the one above. The difference is with product integration your product or service is interwoven with the product or service it is being integrated with. It becomes the center of attraction.
Product integrations bring a massive advantage to your business in that you won’t be building a user base from zero. From the sound of this, product integration is one quick hack to grow your business.
Here are some examples of product integrations:
Spotify and Facebook
Air BnB and Craiglist
Dropbox and Twitter
Facebook and Quora
These are just a few examples of successful product integrations that have seen these companies register massive business growth.
4. Testimonials are external growth strategies
No matter how good you are with your marketing, if you don’t get customer testimonials then it becomes very difficult to actually grow your business.
“Content builds relationships. Relationships are built on trust. Trust drives revenue” – Andrew Davis
People can only buy from you if they know you, like the product, and trust you (the business). Have your customers leave reviews for your product and that’s all you need to get more and more customers for your business.
“Satisfied Customer is the best source of advertisement”- G.S. Alag
Here are some reviews that got me a 40% increase in customers as soon as they were put on my site.
5. Asking for Customer Feedback is a Startup Growth Strategy
Any serious entrepreneur knows how important customer feedback is. People are willing to spend more on a business that prioritizes their experience. Asking for customer feedback will help you improve your business to meet their needs more accurately and that’s how your business grows.
Besides helping you grow and improving customer retention, collecting customer feedback shows your customers that you value their opinions.
To stir your business towards sustainable growth, make a deliberate effort to collect customer feedback. The collection of customer feedback can be done in various ways. These include pop questionnaires on your website, online surveys, and asking your customers to comment. That way you encourage them to give feedback. Their opinions will help you make or adjust some business decisions.
7. Offering Freebies: An easy market growth strategy
This business growth hack goes without re-emphasis. Who doesn’t like freebies! Freebies are a great way to build your email list. Your email list is your goldmine when it comes to making sales.
The bigger your email list the more audience you have and the more the sales you are likely to make. Freebies are also a way to connect with your customers. They get to feel your style before making the decision to purchase from you.
When I talk to teachers who struggle to get high paying students, I always ask if they have a way to let students feel their teaching style before committing a long time? Freebies help with that.
8. Write a Guest Post
Guest post blogging is an old but effective tactic to get yourself in front of a new audience and increase your reach. I must say amongst the business growth strategies it is one of the easiest.
Through guest blogging, you present your business in front of a new audience that another business has built.
According to a survey by Social marketing writing, 62,96 % of respondents felt that multiple authors add more credibility to a blog, an important reason to consider guest posts.
Here are some key benefits of guest post blogging.
a. Stimulates social media shares
b. Establishes your online authority
c. Gets you backlinks ( the most effective organic way to improve SEO)
d. Increases your social media following.
To summarise guest post blogging can give you online authority, qualified traffic, relevant backlinks, motivated leads, and sales leading to spontaneous business growth.
9. Invest In Your Business
Every business growth plan must include good investment which in turn gets a good reward. Sadly I have seen business owners that do not want to invest in their business but they want to see their business grow. It doesn’t work that way.
The famous old saying goes, “You reap what you sow”.
These are some of the areas you can invest in to get your business growing:
. Online automation – this reduces the time you spend doing things that can be automated. Instead, use the free time to improve customer satisfaction.
. Build a polished, ultra-professional website that speaks your brand or improve the one you already have.
. Buy more efficient equipment. You cannot be a successful blogger with an outdated laptop that fails to do half of what you want to maintain your brand. Neither can you be a successful teacher without a simple headset and mic. These are essential tools for your business you need to invest in.
. Invest in top talent. To get the results you want, you need to have the right people.
10. Dive deep into Social Media
Social media is an organic growth business strategy as I mentioned earlier and has become so influential in consumer trends. Becoming active on social media is an important growth hack for your business. By giving your business brand the social media touch, you not only generate more business but also connect with your customers better and serve them on a higher level. It actually makes your digital marketing easier.
According to 2019 social media statistics, there are now 3.2 billion users around the globe. That is about 42% of our total present population. This is too big a number to ignore if you are really serious about growing your business.
Here is how to expand your influence on social media:
Join groups in your niche and actively contribute to grow your reputation
Conduct a poll or ask questions- this generates engagement on your profile.
Use hashtags to reach a wider audience
Run social media contests
Share your social media profiles
Embrace yourself with these important business growth strategies and you set yourself apart as a recognizable brand. Taking these simple actions can have a significant impact on your business growth. Give them a try to see which ones work best for your specific business and watch your business grow!
My name is Melody. I am a married mum of 3 beautiful girls. Who loves working from home and I have established myself as a B2B Content writer, blogger, and online teacher.
I help other mums start an online business and work from home. I’m passionate about business, writing, and women empowerment.
I blog at melsinsights.