6 Modern Business Growth Strategies Every Entrepreneur Should Know

StrategyDriven Entrepreneurship Article |Business growth strategy|6 Modern Business Growth Strategies Every Entrepreneur Should KnowAbout 83% of successful business owners start their business from scratch, and while it is challenging, it eventually pays off. One of the biggest challenges that you will face as an entrepreneur is identifying various means to expand your business, but that does not mean it is highly impossible. Growth is a significant indicator that your business is on the right track and involves taking more risks, developing innovative ideas, and identifying the right audience. So, what can you do to grow your business in a way that suits the current times? These few strategies should help answer that.

1. Expand your locations

You will sell more if you are open and available in more places. Of course, that does not mean you have to open up your business just anywhere. It takes a fair amount of research, and you would have to consider several factors, such as its proximity to your target market, among many others. When you open your business at a new location, you aim to gain access to new markets and customers. You can choose to open a physical store at another site, and you can either run it or operate it as a franchise. Alternatively, if you run a digital business – or your current business has an online presence – you can expand your sales channels. You can list your products on other websites like Amazon or even use social media.

2. Diversify your product offerings

If you are into manufacturing, then it will not be a bad idea to expand your product lines. It could be as simple as adding more colour options or creating new product styles and designs. Scope out your competition to see what sort of product upgrades they have to offer, or you can identify a gap and fill that need. Before you expand your product offering, it would be best that you conduct research. Apart from researching your competitors, find out what your existing and potential customers would like for you to add.

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3. Have a reliable team

To run a successful business with growth potential, ensure that you have a reliable, dependable team behind you. Take your hiring processes seriously and employ high-quality motivated staff members who share your business’ ideals. Invest in your staff members by organizing training sessions to help them become more adept with their tasks and to make proactive decisions. As a business owner, you must motivate your employees by ensuring that they are adequately compensated. You must also ensure that you are as transparent with them as possible and let them know they can trust you too. You will see that your business’ turnover rate will be less when you build and maintain a healthy relationship with your team.

4. Get your business online

Every modern business must have an online presence, especially if you want to stay relevant. The internet allows you to reach a wide range of potential and existing customers. If you have not done so already, you should make your business’ digital marketing efforts a priority. You can hire digital marketing companies skilled at optimizing your website for better search engine results. They can also help you with retargeting, website building, and content creation. They create campaigns that are designed to generate traffic to your website and social media pages. Whether you are an influencer like Sierra Skyee, or you run a bakery, digital marketing companies can help expand your business.

5. Expand your customer base

Your customers are one of, if not the most important, drivers of growth for your business. You must maintain your current customers by ensuring that you regularly keep in touch with them. After all, a 5% boost in client retention might increase your profits by 25% to 90%. It is also equally vital that you reach out to new customers to expand your base. So how do you expand your customer base? You can share free newsletters on company news and updates. You can also ensure that your company has excellent customer service. You will also gain more clients by promoting your business on social media and always updating your website.

6. Merge or acquire another business

Another way to grow your business is by merging or consolidating or purchasing another business altogether. This move can reduce your competition, expand your product lines, and increase your market share.

Successful businesses do not grow overnight; they take years of commitment and smart strategies to succeed. If you desire your company to grow, why not consider these strategies and set targets to track your efforts?

Are You Connecting With Your Customers?

StrategyDriven Customer Relationship Management Article |Customer Service|Are You Connecting With Your Customers?There are so many things that go into making any kind of business truly successful in the modern age. The truth is that trying to keep up with all of the things that you have to deal with as a business owner can actually be somewhat overwhelming. The main issue is trying to figure out what needs to be at the top of the list of your priorities. A lot of different people will give you different answers to this question. They will say that you need to focus on marketing your business. Others will insist that you need to pay attention to your bottom line above all things. Others will say that keeping up with the times should be your number one priority. However, the truth is that the thing that you should really be paying the most attention to combines all of these things together. The truth is that the one thing that you need to be focusing on more than anything else is your customer base. Your customers are the only reason that your business is something real and not just another pipe dream and you need to make sure that you’re connecting with them properly. However, that can often be something of a challenge. With that in mind, here are some things that you can do to connect more effectively with your customers.

Understanding them

The first thing that you have to understand when it comes to making sure that you’re connecting with your customers is that you have to understand who your customers actually are. There are plenty of great businesses that come up with incredibly effective marketing techniques that still end up failing because they haven’t actually figured out their demographic. This isn’t just a matter of knowing the vague age groups or gender of your target audience. You need to be able to understand your target customers well enough that you can create a clear and detailed profile of them. That way you can not only tailor your marketing to them but you can tailor all aspects of your business in such a way that it is going to be as appealing to them as possible.

Understanding the modern landscape

Of course, it’s not just your customers you need to understand, you also need to understand the context that both you and they are in. The most important change that has come about in terms of how businesses and customers relate to one another is that people generally aren’t as receptive to traditional advertising as they might once have been. Not only that but they often actually find more overt and traditional forms of advertising frustrating and distasteful. Ads are skipped at the start of Youtube videos and pop-ups are closed almost instantly. Customers are interested in content in the modern era and you need to be sure that you’re providing them with just that. Just look at the way that a lot of brands are using social media these days. They’re not just advertising their products. They’re talking to people, making jokes, creating an emotional connection that is essential to building a relationship with customers in the modern era.

Embracing new technology

Technology has also played a major part in the way that businesses connect with their customers. The internet and social media are obvious examples of this but there are ways to go beyond that in how you embrace modern technology. Something that allows you to queue up social media posts on sites like Twitter or your business’s blog means that you’re able to keep up with a clear upload schedule while still focusing on other elements of your business. A few weeks is a lifetime online so a service like that is incredibly valuable. A chatbot on your website is also incredibly useful since it lets you automate a degree of your customer service and remove any barrier between your customers and the information and support they need. Check out this bot building resource page for information how to really get the most out of your website. These might not be the biggest changes in the world, but they’re the kinds of things that can make a huge difference.

Going beyond marketing

The idea of the chatbot raises an interesting point in terms of how you might need to change the way that you’re thinking about connecting with your customers. Most of the time this idea is focussed around marketing, which is certainly important. However, it’s also important to understand that your relationship with your customers goes way beyond marketing. You also need to think about the support and customer service that you’re offering at every stage of your customer’s interaction with your business. Otherwise, you’re going to be putting in plenty of effort into bringing in customers, but no effort into keeping them.

Putting in the effort

Speaking of effort. It’s essential to understand that if you want to connect with your customers in a meaningful way, you have to be willing to put the work in. This is not a part of your business that you can set aside until it’s convenient. It’s an integral part of your business from the very start and if you’re not paying it enough attention, you’re going to end up in trouble.

Of course, it’s essential to understand that this is far from the only thing that you have to worry about when it comes to trying to really make your business the best it can possibly be. The reality is that you need to give the same level of care and attention to every single part of your business because if you don’t then you’re going to end up dropping the ball. It can often feel like you’re spinning plates and keeping them all level can be an exhausting challenge. But that’s just the nature of the beast when it comes to running your own business. It’s the choice that you need to be sure of before you dive in for good. You need to be sure that you’re the kind of person who can handle the pressure and challenge that comes with running any kind of business at all.