Are you a business owner looking to scale your business in 2021? No matter how big or small your business is, growth can be challenging to face. That’s especially true if your profits have been static for the past few months.
If you want to grow your business, read on to learn some tips on how to stay ahead of the pack and scale your business.
Your customer base carries invaluable weight in the entire business process in the form of feedback. Your customers, just like your business, constantly grow and change according to the state of the market; furthermore, they can also oftentimes hold opinions that, while scathing, can prove to be geodes of information that can give your business a sense of direction of what needs improvement and what’s performing well now.
It can even shed light on potential new initiatives that can shape the industry and provide breakthroughs in your respective field. Being in the pulse of it all can give you a leg up against the competition.
Having an inactive or absent customer service experience, on the other hand, can bite your business in the back in due time. Reports show that 96% of consumers say that how they’re treated is an important factor in choosing which brand they’re dedicating themselves to. Needless to say, you should engage with your customers amicably and professionally. This is not just out of common courtesy, but also because customers admire and connect with businesses with a personable brand that’s relatable and human.
You can engage with customers on various social channels. Facebook, Twitter, Tiktok, and Instagram are a few apps and websites that foster a business-to-customer relationship. Additionally, you can conduct market research through surveys, interviews, and looking through common complaints.
Millennials are 70% more likely to invest in a brand that participates and donates to active causes. With millennials owning a staggering $2.5 trillion in spending power, there’s much to gain for a company that gives back. And at the forefront, the core purpose of extending a hand to help people in need comes with its own karmic purpose too.
Corporate donations can help with a number of things. This includes but is not limited to:
Employee morale: According to a 2016 study conducted by Deloitte, millennials were more likely to rate their company’s culture higher if the company does volunteer activities.
More attention: Charitable sponsorships for a good cause tends to boost company and stakeholder morale. It also gives your own little marketing efforts a push in the right direction too.
Tax deduction: You should closely comply with your local area’s laws, but for most places, sponsoring charities or events is grounds for a reduction in tax requirements.
Community boost: If you donate for a medical cause, you’d be helping the lives of members of the local community. This will help improve the landscape where you do business while simultaneously doing good for your fellowmen and women.
Investing in a digital marketing strategy and putting your website on the digital map can help bring leads and traffic to your business. You can perform paid advertising with Google Ads to bring your site on top of the search results of Google when a customer searches a relevant query.
Even if your business only serves locally, there's a lot of value from bolstering your marketing efforts through SEO or PPC. In fact, Hubspot reported that “Where to buy” and “near me” queries have doubled in search volume over the years. Gaining a digital presence can help your customers connect to your brand even if you’re sound asleep.
There are lots of learning resources online that can help you navigate through the digital marketing space more proficiently. One common and brilliant way of improving your skillset is by taking up online marketing courses like Monarch to become more marketing-savvy.
Your content marketing strategy can make or break the perception of your company to your customers. It’s crucial to deliver actionable, engaging, and expert-level content in the niche that you provide to gain your customer’s trust.
If you’re making a collection of blog posts, a completely outlined marketing strategy should come before creating your first article. A pillar article should be set in place, with branching content that leads your customers to your product page following afterward.
Whether you plan to create infographics, social media copy, videos, or articles, see to it that your content follows Google EAT principles and follows user intent. This will help you rank higher in search engines while also giving your customers something worthwhile and relevant to digest.
Data is crucial to get to the heart of your customers. It helps businesses understand who their customer is, what their behaviors are, and how they interact with their site. These metrics also show the effectiveness of certain pages on your site—from the customer’s dwell time, bounce rate, to their click-through rate.
But just as important as the data, interpreting it with relevant analysis and decision-making skills is a huge asset to a company. The best part is many tools like Google Analytics offer their metric-capturing services at no cost. With data running how million-dollar decisions are made, relevant analytics are invaluable to making the right decisions.
Planning ahead helps us identify our goals and vision more clearly. But while you may have solidified a plan and strategy on Year 1 before launch, a lot of things can change for you and your business. So much so that it may require another round of planning to get you up to speed.
Planning can be a circular and fruitless endeavor if you don’t have a standardized method of doing it. That's why having a proper strategic management process in place is vital for your business’s overall prosperity. Here’s one great way of doing it:
Determine your position: Synthesize your findings and reports with a SWOT analysis
Develop a strategy: Grounded on your core purpose, see what success looks like in x period. Establish an approach on how you’ll succeed and develop a financial projection based on it.
Build the plan: Perform a SWOT analysis, monitor and reach KPIs, cascade department and member goals, and ground everything on a time-specific budget.
Manage performance: Communicate strategy to your team, train teams, review mid-year and end of year results. Repeat.
Stakeholders participating in these meetings include the organizational leaders like the CEO and department heads. Then, it cascades to respective offices and departments until the very last member.
As your business grows, you as the CEO will have more pressing matters on your plate and won’t have the time to micromanage the tasks of others.
Additionally, you’ll not be able to do all your things on your own. Nor should you. You need a talented and skilled team behind you to carry out the vision of your organization.
If you’re a business owner who thinks there are not enough hours in the day to carry out your tasks, it’s a sign that you’d need to invest in someone to do it.
While they may not have the same proficiency and understanding as you at the start, with proper training and guidance, they can carry over the role and train their own legion of subordinates for when your company scales even further.
In any business venture, the possibility of risk is ever looming. Risk in displeasing your customers, risk in overstepping the budget, and risk in simply not having oversight.
That’s why having a contingency plan is vital in case something goes wrong. The purpose of a contingency plan (and another one after that) is for operations to continue proceeding even if an unforeseen event occurs.
Aside from that, a contingency plan also can:
Identify key staff
Improve customer experience
Assign specific tasks when in recovery
To grow your business, you should have plans in place to stop it from tumbling and crashing to the ground. Having a contingency plan will help assure you in that even if things go astray, there’s still light at the end of the tunnel to bounce back.
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