Although growing your small business will take time and energy, there are 5 strategies you can use to help accelerate business growth.
Do Your Research
When you’re looking into how to grow your small business, you need to do market research. This not only lets you better understand your existing customers, but also your potential customers. It’s important to gain insight into your target market and know what their needs are. That way, you can see how your business can grow and change to meet those needs.
Build a Sales Funnel
Your sales funnel can help take business to the next level. Think of a sales funnel as a customer’s journey. When they enter your business or visit your website, they’re at the top of the funnel. When they buy something or sign up for a service, they’ve successfully gone through the funnel. You should try to come up with ways to move people through the funnel to make a sale. This can include offering a discount or getting their contact information and sending them updates on your business.
Increase Customer Retention
It’s not enough to just get new customers for your business. You also need to keep your existing customers coming back. When you increase customer retention, you’re building customer loyalty, which can increase sales.
Considering it costs five-times as much to get a new customer than it does to keep a current one, focusing on retaining customers means your business won’t spend money on something that isn’t a guaranteed investment.
Participate in Networking Events
Increasing your brand visibility can help you attract new customers and grow your business. A good way to do this is by attending networking events. Check local professional organizations and don’t be afraid to attend a few events to get the word out about your business.
You can participate in these events by:
- Attending and meeting other business owners
- Putting up a booth to promote your business
- Speaking as an industry expert
Practice Corporate Social Responsibility
Many customers want to do business with a company that matches their own values. Corporate social responsibility (CSR) means you recognize the impact your business has on all aspects of the community. Letting the public see what your business is doing to have a positive impact can help your business’ bottom line.
After, everything, if you’re a Christian, pray
