Learning how to grow your business isn’t easy. It takes a lot of hard work and effort to get past the sustenance level. In the beginning, you have to do everything that’s necessary. Dealing with sales, marketing, taxes and understand all about your line of work. Growing your business is a necessity for your business’s survival, your financial health, and your well-being. So how can you turn your business into a money machine?
Here are some strategies you should definitely try.
1. Customer Acquisition and Retention.
Getting new customers is generally the first thing people think when they want to grow their business. More customers, more money, right? But if getting new customers was easy money wouldn’t be a problem. But the truth is, it’s easier and more cost-effective to get previous customers to buy from you again than to find new customers and persuade them to buy from you. Focus on ways to get customers coming back.
Like anything else in life or in business, you have to put in the time if you’re looking to reap the benefits. Don’t focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it’s simply a matter of taking action and putting in the work to scale.
2. Ask for Referrals.
Attracting new customers is always a good idea, and one of the easiest ways to do it is to ask your current customers for referrals. Having a good product and great customer service is only half of the work; actively asking your satisfied customers if they know someone who might be interested in your services could work wonders for your business.
3. Build an email list
Now that you have retained your old customers and got new leads, the next step is to build an email list. This means that you need to have a lead magnet like a newsletter or send emails with some information your customers might be interested in (not just trying to sell them more stuff). And with this comes the necessity for a sales funnel. There are some really nice established companies like Aweber, ConvertKit or Drip that can help you grow your email marketing and then build great integrations with e-commerce, landing page, membership site providers and a lot more.
4. Extend Your Market Reach.
To grow a business, it’s mandatory to let your business to be known. If you own a store, you can open stores in new locations, but new locations can also be virtual, such as a website with an online store and through advertising. Social media could also have a huge impact on getting your business known by your target customers since nowadays everyone uses at least one social media.
Switch Case focuses on building an online presence for businesses by creating websites, mobile applications and helping social media profiles grow.
5. Niche Market.
A niche market is a defined group of customers whose needs are not being met. There is a good example in Portugal of a Hamburger Franchise called H3. No one believed there was a market for a new hamburger franchise because McDonald’s and Burger King are huge companies. But H3 owners saw there was a place for them. There are people that want a burger, but don’t want McDonald’s or Burger King. H3 grew and it’s now the largest national hamburger franchise.
6. Diversify Your Products or Services.
If you think about diversifying your products or services, make sure everything is similar. For example, Switch Case provides IT services like Websites or Mobile Apps plus Social Media development and growth as a complimentary service. If you own a clothing store, you could add shoes or jewelry. Identify new opportunities within your niche. How can you add more value to what you already have to offer?
Just like McDonald’s, Remax or FNAC, if you have a successful business and you can develop a system that allows others to replicate your success, franchising could be a great way for you to expand your local store, do some initial micromanagement and let the franchisee do the rest.
10. Go International.
Going international could be a huge boost to your business. What would you need to do to take your business to other countries? Would you be able to manage two very different locations? This way of business, just like franchising, requires a major commitment of time and resources, but it could bring a massive increase in revenue.
11. Strategic Partnerships.
The best partnership is with companies that complement your own. If you have products to sell and you want to start making some home deliveries, instead of buying a motorcycle and hire someone to drive the goods to the client, see what companies offer distribution. Uber eats it’s a sub-product of Uber that delivers food. Any restaurant can register on the platform, and just like that, they can have clients that want to eat, but don’t want to go to the actual restaurant.
12. Acquire other businesses.
If you have enough capital, acquiring other businesses is a very quick way to grow your own business. If you can buy your competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. On April 9, 2012, Facebook bought Instagram, a growing competitor, for 1 Billion dollars! And just this month, February 2019, Facebook bought Chainspace, a blockchain company, and GrokStyle, a company that develops Computer Vision for Retail.
Related: What is Blockchain Technology?
Time to Grow!
There you have it. This list is long and not everything might be suited for your business. Pick the best ideas and start developing your own master plan.
Just like anything else in life or in business, you have to put in the time and effort if you really want the best results possible. Things don’t happen overnight, so don’t focus on the short-term outcome of your work. Look to the long term. Look to bring actual value to your customers and genuinely care for them. If they fail, it’s very unlikely they will do business with you again.