As a new business owner, you will have a range of goals and targets for the success of your business. If you are entering a growth phase it is an exciting (and daunting) time, and if you’re struggling to achieve substantial growth it can be highly frustrating.
For any and every small business, though, overnight success isn’t a given. The first thing you need to remember is the basics – don’t get ahead of yourself. Build on the high quality basics of your product and make sure you have the stamina to see your plans through to fruition, then build further. As a business owner you will already be aware that you have to put in the hours and effort to achieve success.
Make the customer the heart of what you do, then use these tips to outshine the competition and build your business fast.
Identify your customer’s journey
Knowing the customer’s journey, from finding your products to making their purchases, is important. Businesses refer to this as the ‘sales funnel’.
Sales funnels are a vital aspect of growing your business quickly and can help you grow quickly with relative ease. As with a lot of aspects of building your business, though, there will obviously be some initial graft involved. Once you get your processes implemented , it should be smooth running from there.
Focus on long-term hiring
It’s extremely natural to assume you need to hire staff quickly when you experience rapid growth, but resist the urge to do this. Ensure you create a hiring process that connects you with the ideal personnel to drive your business forwards. If you’re taking the time and effort to carefully consider who you are hiring, it’s vital that they understand your company values. You will thank yourself later when you save on employee turnover costs and dips in performance as a result. If you are unsure about when you need to think about hiring, follow this guide for helpful tips.
Make your customers a priority from day one
This is a big one – and you would think it goes without saying, but you’d be surprised. When a business grows quickly, it can be all too easy to get distracted by such a large volume of new customers. Try to avoid focusing on a burst of customer acquisition and instead ensure you are producing a quality customer experience. To get your customers to purchase from you and refer your products to others, you should provide a high level of customer service that the customer can really get behind from the very beginning of their experience with you.
You could consider a customer loyalty programme here as offering this type of product is a great way to increase sales. Just remember that acquiring new customers can be expensive – a loyalty programme encourages retention and can, in turn, attract new business so really a loyalty programme could, and should, be a no brainer. Make sure you understand your target market and, if there’s a clear incentive to spend more money with you, implement it. It’ll pay off in the long run.
Your customers’ perceptions of your business can really make or break your product and, with the power of social media and online reviews, the quality of your overall delivery is vital. Either way, customers soon share their experiences with their friends and followers – make sure their experience with you is positive, and you’re onto a winner.
Build an email list
An email list is one of the best and most effective ways to quickly grow a business. You are most likely going to have to incentivize the customer to sign up for your email list by offering a discount code, a free physical product, or even something like a free e-book that you have created as a bonus for them. This type of incentive is often referred to as a ‘lead magnet.'”
Neil Patel, Co-Founder of QuickSprout explained how to build your first email list from scratch and said it’s ‘one of the best ways to get people excited about and engaged with your brand’. He also added that: “Ultimately, your email subscriber list will help you increase engagement, generate leads, and drive conversions.”
Keep a close eye on your competition
It’s so important to keep up continuous research and assessment of your competition – not only will this gain you an edge, it will lead you towards creating a strong strategy for your business. Gaining even the smallest advantage can mean the difference between failure and success, so utilise an online competitor analysis tool to get you a step ahead of the rest. If your competition has methods in place which are proven to be working then emulate those – if it’s worked for them, there’s no reason why it can’t work for you.
Diversify what you offer
In order to grow your business, you need to keep on your toes and regularly reflect on what you offer to your customers. Can you improve what you have on offer or change things up in any way? Keep your eyes open to identify new opportunities – where can you add value for your customers? Can you include complementary products or information in your offering? Ask yourself questions and be prepared to think outside the box.
Form strategic partnerships
Creating appropriate strategic partnerships with the right companies can increase your reach quickly and ultimately make a huge difference to your profitability. Set aside some time, put in the work and research companies which you feel complement your own. Don’t discount social media either – with the world of online influencers, this may also be an avenue to explore. Many influencers boast thousands of followers and therefore, an incredibly wide reach. Get in contact and organise meetings to suggest collaboration opportunities!
Use these methods, work hard and you will quickly build your business, but always keep the future in mind. It can be so easy to get caught up in the excitement (and stress!) of a booming period for your company. Put strategies in place to build a network you can lean on in uncertain times – connections are always important to your business.