4 ways to grow your business

     1.    Marketing and advertising

It is not particularly surprising that marketing and advertising are absolutely key in introducing your product or service to new customers. However, many businesses inaccurately assume that to make marketing worthwhile, you need to throw money at it. In fact, there are two efficient ways in which you can quickly attract customers, gain recognition in the relevant market and not cause your accountant all manner of grief in the process.

 

Customer referrals

Take a step back and think about your existing customers. A loyal and satisfied customer base is a fantastic starting point to create new revenue streams. Incentivise your customers to refer your product to friends and family or write online reviews. You will be directly engaging with your customers, while at the same time grasping an opportunity to attract new ones. In a world where internet presence of a business is unescapable, customer referrals are a really powerful tool; you would be surprised at how large an audience your product could reach that way.

Media presence

Media, including online newspapers and blogs, can offer you invaluable access to new customers and improve your brand recognition. For free. You don’t have to rely on paying high advertising fees, sponsoring your Facebook posts or using Google ads. Irrespective of what your business offers, there is a better and more effective way in. Your expertise has commercial value. Approach your local media or a professional newspaper read by your target audience and offer to write articles or to be a spokesperson when expert opinion is required. All it will cost you is your time and, through professional contribution, you can develop a stellar reputation for your business.

  

     2.    Be where your customers are and nurture them

Undeniably, incentivising schemes work and turning your customers into a sales force has numerous advantages. However, in the long term, you would want your customers to voluntarily serve as your brand’s most ardent advocates. Your focus should be on customer relationship management. For your customer base to identify with your business, you not only have to be able to understand their needs, but also comprehend why exactly they prefer your product to the products of your immediate competitors. A cost-effective way to gather such information is to be where your customers are on the web; whether it is forums or social media groups. Engage, create content and ask questions. This will allow you to offer tailored loyalty schemes, improve your product and gain confidence in the eyes of your target audience.

     3.    Diversify and develop new products

Currently, the phrase ‘innovate or die’ is more relevant than ever. You can gain an instant edge by introducing new products to your marketplace. Nonetheless, getting access to capital can be quite tricky without a clear strategy and a careful risk assessment. It is not too difficult to commit a false start due to an incomplete or rushed market research. Many sources of funding will require you to submit a detailed business plan to explain precisely how and to whom you will offer your product and how you will make money on it to avoid such scenarios. You can put together a business plan yourself, however, with opportunities for substantial investment or loan on the line, it is probably better to turn to a professional for advice.

     4.    Your business is your team; people work for people

Customer loyalty is immensely significant, but the loyalty of your employees is at least equally important. Remember that efficiency and results are not only improved by deadlines and brainstorming sessions aiming at boosting productivity, but, primarily, through the working environment you create in your business. Don’t forget; enthusiasm is contagious. You can achieve a great deal by leading by example and presenting to your employees a clear vision of where your business is going. Additionally, the growth of your business will be contingent upon the trust you endow your employees with. If you haven’t already, learn to delegate and be confident that everyone can do their job. Distrust is an obstacle to growth and can kill any enterprise.

Miłosz Palej