Starting a business is a thrilling experience, leaving the 9 to 5 behind and blazing your own path.
Many people have been taking the leap of faith, as just this past year, new business applications experienced a record increase from the previous year, increasing by 12 percent from the previous period.
However, starting your own business doesn’t come without its risks. Nearly half of small business startups will close their doors before making it to their five-year anniversary.
The key to survival is growth and sustainability. Keep reading to learn five innovative steps to growing a business that you should be implementing today.
1. Try a Loyalty Program
If you are wondering how to grow your business, focusing on building relationships with your current consumers can be a good place to start.
It’s much easier to convert current customers into repeat customers than it is to gain new ones. According to some estimates, it could cost between 5 and 25 times more to gain new customers.
A loyalty program can be an excellent way to give customers a reason to come back and do business with you. If they have an incentive, they will be much more likely to continue buying from you.
2. Start a Blog
One of the many ways a business can grow is by engaging with consumers and spreading valuable information. Starting a blog will not only give your consumers something to engage with – it will also help to increase your visibility on the web.
Being discoverable online is crucial in this day in age, with most people going online to ask questions and to find businesses or services when in need. What do most people do when they are searching for something they don’t have the answer to? They Google it.
With the right digital marketing plan, you can grow your business through search engine optimization.
3. Form Partnerships
Forming the right partnerships can give your business the boost it needs by leveraging the partner’s platform.
By utilizing partnerships, you open up your network to allow new customers to learn about the brand. If you can form partnerships with people within your niche, the better results you will have.
For example, Fiji water teamed up with Bodyworewhat to promote the brand within a series of workout videos. At the end of the videos, they stressed the importance of staying hydrated while promoting Fiji water.
4. Leverage Social Media
If you’re not active on social media yet, you should start as soon as possible. Social media is arguably the best place to boost your business in terms of customer acquisition.
The more helpful information you post and share, the better results you will have. The best part of using social media is you have access to a practically infinite customer base to share information with.
5. Utilize Analytics
The numbers don’t lie – using data and analytics, you can gather insights to adjust and improve your business.
Using these insights can help with business growth when you need it the most. Are customers leaving your web page before clicking anything? Are you spending too much on marketing without results? Are you missing a small business CRM?
These are questions you can answer with data and analytics – check out this article to learn more.
Learn More About Growing a Business
It’s about time you start acting on your dreams and start that business you have been thinking about. It may seem scary to take your first steps, but it will all be worth it. There is nothing more exciting than owning a business and watching it grow from the floor up.
If you’re looking to learn more about growing a business, check out the rest of our website!
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