Growth will always be a top priority regardless of whether your business is brand new or you have been pleasing your clients for many years already. The problem is that most growth opportunities come with risks and uncertainties. Are you looking for simple, effective ways in which to facilitate business progress, all the while incurring minimal risk? Here are seven growth hacks to put to the test!
Look into content marketing
There are so many different forms of marketing to choose from, so it can be tough to make a definitive call at first. That is until you realize that digital marketing, and content marketing specifically, promises an impressive ROI, a higher reach, improved Google rankings, and increased consumer loyalty. Plus, you get all of this based on the budget that works for your business. Be sure to conduct plenty of research into the various content marketing best practice guidelines to maximize your chances of making a noticeable impact right from the get-go.
Make an impact on YouTube
Some of the world’s biggest, best-loved brands, including Red Bull and GoPro, have skyrocketed their reputations and popularity through the internet’s most sought-after video-sharing social media platform. You can achieve great results too simply by starting a YouTube channel and posting quality video content consistently. It is also a good idea to invest in software specifically created to encourage success on YouTube to discover actionable insights.
Offer customer incentives
Many small businesses steer clear of running competitions and offering customer discounts because they fear that they will lose out on a large amount of profit as a result. On the contrary, these attractive incentives are practically guaranteed to increase your bottom line in the long term.
For example, by offering customers a 10% discount on their next purchase if they sign up to your mailing list, you will be achieving two valuable outcomes:
- There is a much higher chance that the customer will indeed return to make another purchase in the near future.
- You are receiving their contact details and gaining the opportunity to entice them with deals and promotions going forward, further increasing the chances of more conversions.
Further your studies
Sometimes, you simply need to brush up on your business skills to make beneficial business growth decisions. You might want to consider studying towards an MBA if you feel as though you would like to take the next steps to become the best business owner that you can possibly be.
A Master of Business Administration degree, such as the University of Redlands MBA program, can be completed online, usually within the space of two years, depending on your previous education. Students can also select their area of specialization, such as general business, finance, location analytics, and marketing.
Get feedback on your products and services
A simple hack to speeding up business growth is to improve your current product or service offering. The question is, how can you find out where valuable improvements can be made? Easy – through your existing customers, of course. There are plenty of great ways in which to generate feedback regarding your business. For example, you could:
- Ask shoppers to fill in quick survey forms in-store
- Create a survey online
- Ask directly for feedback via social media
- Create a built-in comments/complaints form on your website
- Contact customers via telephone to ask them a few questions
Partner with influencers
Influencer marketing is a massive marketing trend right now, and many small businesses from around the world are embracing it full force. The reality is that you don’t have to partner with an A-list celebrity and fork out millions to benefit from this approach to lead generation. Instead, look for a social media influencer within your niche who boasts a decent number of followers – anything over 10,000 followers on Instagram, for instance. Work out an ongoing fee for them to promote your products or services, and you can expect to start reaping the rewards from there.
Even if you do not notice an immediate increase in conversions, you will still be benefitting from a sizeable boost in brand awareness and brand reputation in general. Everybody wins!
Fine-tune your hiring process
Every successful small business owner will attest to the fact that their employees are their greatest resource when it comes to maximizing productivity, keeping customers happy, and powering the business forward. As such, it pays to dedicate as much effort and strategy as possible into scoping out and holding onto, the best talent. Fine-tune your hiring process with the help of a recruitment agency or recruitment software, paying particular attention to conducting thorough background checks and ensuring that all potential employees fit into your company’s culture.
Growing your business is relatively straightforward when you know where to start and how to optimize your efforts. Good luck!
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