You have successfully changed your idea into a business, but thinking of how to grow your company is different.
Thank yourself for looking out to the next level business strategy which is really essential to grow the company to the next level.
In this blog, we will discuss 15 actionable business strategies that include next-level marketing, staff improvement, product development, and more.
Let's get started.
- Market penetration for next level marketing
- Manage customer effectively
- Reach customers in more than one way
- Hiring and managing employees
- Leverage social media for next level marketing
- Optimise your website
- Implement Content marketing
- Manage and understand the cashflow
- Diversify offer lineup
- Market development strategies
- Set scalable goals
- Leverage marketing automation
- Product upgradation
- Identification of new customer
- Build a strong business network
1. Market Penetration for Next Level Marketing
Market penetration focuses on expanding the sales of your existing products or services to grow your revenue.
You can look for new customers and expand the market to a new audience, which you have not tapped yet.
Identify the new community or the audiences you have neglected till now to whom your existing product or service is necessary.
New customers whom you are targeting are already using products from one of the competitors. So market your existing product using the successful promotional strategies that helped you gain existing customers.
Marketing strategies may include discounts, price decreases, offers, cash backs, vouchers, and referral discounts. Market penetration plays an important part in growing or expanding your startup after your initial establishment.
2. Manage Customers Effectively
Grow your business by effective management of your existing customers. Managing an effective customer support system is a high-level business strategy.
Solving customer problems always gains the trust of your customer rather than just selling the product, “Trust grows company”.
Pay proper attention to customer problems and try to find a solution to them as soon as possible. Managing existing customers efficiently will result in bringing in new potential customers.
Proper structuring of customer support systems drives a way to understand the next level of product development from the customer itself.
3. Reach Customers in More than One Way
Today's trend leads to different channels that connect in reaching your customer, whether it is online or store outlets.
Reach your customer from several sources like newspaper ads, social media posts, blogs, articles, and hosting events.
Email campaigns are an excellent strategy to approach targeted customers because emails still have a higher opening rate than any other social media platforms.
If you are running a startup, hiring an agency to develop a website or app, or enlisting products on online selling platforms like Amazon will attract new customers to increase your sales.
4. Hiring and Managing Skilled Employees
It’s important to hire people who understand the motive of your business. Business consists of different departments. Success in every department will lead to a successful business.
At the beginning, we must have hired a certain number of employees who are essentially needed. When the business grows the need for employees also grows.
Hiring skilled employees will result in increased productivity thereby helping in achieving your business goals.
If you ever think that hiring more people with certain skills will help you work faster, hire them right away.
Apart from hiring, managing a friendly and productive workspace for the employees to work is extremely important.
Awarding the best works and encouraging the employees will result in better performance, which leads to business growth.
Suggested Reads: How to Optimise Your Team for Business Growth.
5. Leverage Social Media for Marketing
Social media marketing is fast, not very expansive, and clearly reaches more audiences nowadays.
There are nearly 4.2 billion active social media users across the globe, so if you are missing out on social media marketing then it’s clearly a big mistake.
Social media marketing will boost brand awareness, grow website traffic, generate new leads, boost sales, increase engagement with customers or audiences, and improve customer support. Reaching out to your target audience is a powerful way to grow your business.
Using analytics on social media will provide a large amount of data that helps to understand your customers in real-time. It provides you with a strategy to reach your target audiences. Also, you can easily follow your competitor on social media, which helps in understanding your competitor.
Be active on social media regularly, share blogs from your site to bring customers to your website. Try social media ads to promote your products to your target audience.
Also never forget to engage with your audience. Because everything on social media is mutual. Create valuable content that connects with your target audience.
6. Optimise your Website
We are living in an era where everything is one click away. So owning an awesome speedy website is like a brand new tire to your business car.
Websites run your business 24*7, 365 days a year. So having a well-optimised website with a good loading speed is essential for a growing business or a startup. Creating a flawless website is one of the best strategies to grow your company.
People’s preferences change with time so always update your website accordingly with all the latest features for a better user experience. Outdated websites bring down your traffic and business.
Make sure to have some powerful visuals, quality content, and an easily navigated home page. Try to have a home page where you can show all the services and products you are providing. Always make your site mobile-friendly. If it's not mobile-friendly then you are losing more visitors than you think.
Add contact details, business hours to your website to help customers reach out to you seamlessly. Also, never forget to add social media links to your website with proper icons.
The primary focus of owning a website is to make the visitor take the desired action to connect with you. Always add a good call to action to your website, which helps in converting the visitor into a customer.
If you are not owning a site or feel it is hard to manage and upgrade your website, there are a number of companies to develop your site and manage it efficiently.
You can outsource your website project to them.
If you have further doubt about outsourcing, read our blog on the 6 Reasons To Outsource Your Development.
7. Implement Content Marketing
Data and stats show that content marketing provides 3X more leads than any other marketing strategy. Also, it costs 50% less than other marketing channels.
So focusing more on content marketing means a win-win for the business by dropping the cost spent and boosting engagement with your target customers.
Also, content marketing help in:
- Improving organic search traffic
- High social media engagement
- Achieving higher quality leads
- Gaining higher conversion rates.
- Reaching out to your customers effectively
- Developing brand awareness
Content marketing includes blogging, videos, podcasting, email marketing, social media posts, and more. Proper use of relevant keywords will be a booster for your content marketing. Start using content marketing now to grow your business globally.
Have doubts on How to Do Market Research for a Business Startup?
8. Manage and Understand the Cash Flow
Expanding your business requires proper funding. If you run out of cash then you will run out of business. So understanding cash flow is a non-negotiable strategy.
Be sure to understand the short and long-term cash flows required for your business expansion.
Try to maintain a cash flow even if the expansion of your business leads to delayed profits. Sometimes profits won't lead to cash flow. Delays on investing in marketing or paying the employees will lead to different headaches.
9. Diversify Offer Line-up
Like we analyse our competitors, the competitors also analyse us. So offers that we provide can be copied, so never stop launching new offers.
Shuffle the offers or come up with a new strategy, let it be cash backs, vouchers, or referral codes. Never think of stopping the promotion with a discount. Diversify the offer to the customer base.
10. Market Development Strategies
Developing an existing market or promoting a product to a new market needs a lot of effort. Strategies involved in market development are:
- Having a marketing objective
- Market research
- Understanding the target consumer base
- Understanding your competitor
- Advertising strategy
- Pricing strategy
- Offer line up
The above points are crucial to t make a proper marketing development plan for the faster growth of the company.
11. Set Scalable Goals
Whatever the expansion or the business growth we are expecting should be converted into long-term and short-term scalable goals.
Scalable goals always show whether we are going in the right direction or not.
Set a clear and future-based goal for effective expansion of the business.
Long-term scalable goals provide objectives for both the marketing and the sales team. Without scalable goals, growth or expansion can’t be measured. To be successful while expanding determine goals that provide necessary information to all the different teams of the company.
12. Embrace Marketing Automation
Marketing automation is a combination of both strategy and software. It helps in growing your business at many levels.
Marketing automation will allow you to automate the marketing tasks and help you in the proper management of marketing workflow.
Studies have found that automated emails make an average of 86% higher open rates and generate around 196% higher click-through rates. They have the potential of producing 320% higher revenue than the common promotional email.
Marketing automation includes automation of email marketing, social media automation, converting abandoned shopping carts, sending updates, onboarding customers, and more.
Some of the great advantages of automation are:
- Improves productivity
- Increase on ROI
- Easy scalable
- More customer engagement
Marketing automation is a next-level marketing strategy that is cost-effective and it is growing at a rapid speed. Make sure to have a good marketing automation tool that will help you expand your business.
13. Product Upgradation
Try to upgrade all the products or the services you provide or add new products. Adding a new product will be a great opportunity to grow the company.
As we make the product, there are thousands of replicas trying to target your customer so make yourself unique.
If you have an online based business like having an app, website as base of your business. Try to provide proper cybersecurity, make the website faster and more. Try to make the upgrade according to the customer feedback.
14. Attract New Customers
Some of the best ways to attract new customers to budding tech companies are:
- Building a good marketing plan
- Recontacting old customers
- Strong networking
- Excellent customer support
- Partner with best complimentary business
- Asking for reviews from existing customers
- Promote your experience
- Use social media effectively
Try different things and learn about your customer base then target them and win.
15. Build a Strong Business Network
Business networks are an effective way to attract huge growth in your business.
Here are some of the steps to build a strong business network:
- Attending business events.
- Always wish people on special occasions.
- Always listen to the other, then speak about yourself and the brand
- Communicate with great people on social media
- Optimise your LinkedIn profile to connect with people that fit your customer persona
Starting your business is like climbing a mountain to its half, but growing the company is like a long and narrowed climbing of the other half. With proper plan and goals, along with clear management in updating your website or app, managing digital marketing, marketing automation tools you can grow your business successfully.
Make sure to have some patience and always think of the purpose of your business. Understand the strategies and never forget to implement the above strategies to grow your business.
Want to read more: Growth Hacking for Startups: 17 Strategies to Boost Conversions.