Your business’s growth strategy can provide a much-needed blueprint for the future of the company. A good growth strategy can take the business from a small-time operation to a full-blown corporate entity, but following the right steps is crucial to your success. That’s why making a well-written business plan is also necessary to keep you in track without missing a single detail. Here, we’ll talk about five ways to improve your business growth strategy using social media, target marketing, research and feedback, and talented people within your organization. Keep reading to learn how these tips can make your business growth strategy truly effective.
Ensure You’re Marketing to the Right People
If you’re spending thousands of dollars per year on marketing, but you aren’t getting a return, it’s time to take a look at who you’re marketing to. One of the most common mistakes businesses make is not marketing to the right people. There’s a common misconception that the more people you market to, the more likely you are to generate leads or sales, and this simply isn’t true.
Think of it like this: if you market to 100 people who have no interest in your type of products, you’re likely going to get 100 failures; meaning a 0% return on your investment. However, if you market to just ten people who are interested in your type of product such as a bell and ross watch, and eight of them make a purchase, you’re getting a return on your investment.
Successful marketing isn’t how much you market, but rather who you market to. Study your audience carefully to learn who they are, what their age/race/gender is, where they hang out, or what websites they visit, and what kinds of products they like. Once you know the customer, your marketing efforts become easier and ten times more effective.
Don’t Underestimate Social Media
If you’re one of those business owners who refuses to take part in social media, you’re doing yourself and your business a disservice; it’s as simple as that. Social media has infected every aspect of our daily lives, from what decisions we make on fashion, diet, and music, to how brands reach us with ads and convince us to purchase their version of a certain product. Social media is a powerhouse of information and potential customers, and utilizing it to its full effect is crucial to and modern business’s success.
While it’s understandable why some people don’t want to be part of a massive social network, you can’t deny the results. According to Lyfe Marketing, 70% of the US population has at least one social media profile. Seventy. Percent. With a population of around 330 million, that means at least 231 million people use social media. That’s 231 million potential customers you’re missing out on! Having a social media presence and utilizing it to maximize your marketing efforts is vital to any modern business’s success; regardless of your personal views on social media.
What’s the best way to encourage growth? Self-reflection. Knowing where you went wrong, how you went wrong, and how you can fix it leads to increased awareness and further growth in both business and personal ventures. Getting feedback from not only customers but also your own employees can help revolutionize how you conduct business.
Something as minor as how your store is set up or which POS systems you’re using can have a major impact on your business, and you might not even realize it until you get feedback. Yoru customers know better than anyone what they’d like to see from your business, so always pay close attention to their feedback and suggestions. You might just learn something!
Invest in Talented People
Internal talent can take your business to new heights, which makes investing the right people essential to improving your growth strategy. Since your business is built around the competence of your employees, you’ll want to be certain you’re hiring the right people. A good employee is worth ten mediocre ones, and someone who loves what they do will always outperform someone who’s just there for a paycheck.
Improving your hiring process and making it more competitive will attract the right people and ensure that you’re not just hiring to fill space. Employees should add value to the company, not hinder its progress!
Study the Competition
If you want to grow in any market, you must study the competition. Your competition can offer tremendous insight into market trends, customer behavior, and even how to be successful in your industry. Plus, is you want to beat the competition, you have to study their angle. Know your enemy, so to speak.
With the right information on how your competition approaches the market and reaches customers, you can craft a growth strategy that includes some of the competition’s methods, and that’s ok. There’s nothing wrong with borrowing strategies as long as you’re not outright plagiarizing products or copyrighted material.