Growing your business successfully is easier said than done. There are a lot of companies of all sizes that face challenges in growing their business. It is even more difficult for small businesses and start-up companies.
Around 20% of new businesses fail during the first two years in the business, and only 50% of businesses survive more than 5 years.
Without a clear and actionable plan for growth, your business may struggle to take off.
Therefore, you need to focus on creating a concrete growth strategy for your business. Here is the list of top six strategies that you should incorporate in your overall growth plan:
1. Business forecasting
Business forecasting allows you to make informed guesses about business metrics, such as sales, expenditures, profits, and losses.
Business forecasting is done using quantitative and qualitative techniques.
Quantitative forecasting is a long-term approach that deals with only measurable data such as statistics and historical data. It uses past performance that helps to identify trends of change.
Quantitative techniques include trend analysis, econometric modelling, and indicator approach. Trend analysis, once understood can be effectively used for business forecasting.
Similarly, qualitative forecasting focuses on making short-term predictions based on industry experts' theories. It is extremely useful when there is not enough historical data to make statistically relevant conclusions.
2. Data analysis
A data-driven approach helps businesses to improve their marketing strategies, reducing the buying cycle, boosting CLV, and increasing ROI.
Data analysis allows businesses to use a data-driven approach to make strategic decisions based on data collection, analysis, interpretations, and insights. You can use these insights to provide tailored and customised offers.
Machine learning is revolutionising how companies use data to drive profitable growth, offering early adopters a rare opportunity to outpace their competition, as many leading players already are.
Therefore, you should consider hiring trained graduates in marketing analytics who can create effective strategies to collect data, analyse the information, and implement possible analytics solutions for your organisation.
3. HR management
A weak HR management strategy might hinder solid business expansion. Therefore, you should always prioritise the role of HR in business growth.
Here are some of the best HR strategies to follow:
- Hire the right people leveraging an efficient recruitment process.
- Build a strong company culture where employees can learn and grow.
- Use HR management platforms such as peopleHum which uses AI and automation to drive powerful business results.
- Train new candidates and conduct growth planning sessions.
- Measure the performance of your employees.
- Take employee feedback to optimise your existing HR processes and policies.
A powerful and effective HR team helps to recruit the right people and retain valuable talent to foster business growth.
4. Market segmentation
Another growth strategy is market segmentation. It is all about dividing your market into several groups based on customer preferences, interests, locations, and other characteristics.
The most common segments are:
- Geographic, including city, state, region, or country.
- Demographics, such as age, family size, life cycle, and occupation.
- Behavioural, such as knowledge, product usage, or consumer attitudes.
- Psychographic, including lifestyle, values, and personality.
Market segmentation helps you to create targeted campaigns with a much higher chance of success. It is extremely beneficial if you have a diverse range of products or services.
To segment your market efficiently, capture customer details through email surveys, purchase history, and website analytics to find trends in your existing customers' behavioural traits. Another powerful method of segmenting your market is integrating marketing automation tools to optimise your segmentation process.
Once you find out the market segments for each of your product categories, you can create more targeted ads to attract your potential customers.
Thus, market segmentation helps you to develop a deeper understanding of your customers, optimise your user experience, break into new markets, and improve customer retention.
5. Digital marketing
With the increase in the number of consumers present online and tech advancements such as AI and machine learning, businesses need to focus on digital channels and devices through digital marketing.
Digital marketing is the use of the internet, online digital technologies, and IoT to market your products and services.
Using digital marketing tools and techniques, businesses distribute a brand message, enabling them to stay competitive and experience significant growth in their business.
Here are popular techniques:
- Search engine optimisation: It helps you to generate more traffic to your website by ensuring that it ranks higher in the results of a search engine. SEO is challenging and therefore you should take the help of a professional SEO agency to promote your site. However, not all SEO companies are the same. Hence, you should take care when hiring an SEO agency to promote your business.
- Content marketing: It is about creating valuable and relevant content consistently on digital platforms.
- Email marketing: It enables a company to get users to sign up for an email list and drive them to your brand and purchase new products.
- Social media marketing: It can be used to distribute paid ads and sponsored content to the target audience. You can also use influencer marketing to reach the right audience by partnering with the relevant influencers.
- Video marketing: You can create quality commercials to have a lasting brand image in your audience heads and drive them to purchase your products and services.
6. Use multi-channels
Utilising more than one channel is one of the best methods of growing your business.
The best three marketing channels that you can use are:
- Email marketing: Email marketing helps create more awareness for your brand, expand your customer base, and build customer trust and loyalty. You can use different email formats, such as email newsletters, promotional emails, loyalty program emails, seasonal messages, transactional emails, and drip campaigns. Some of the best practices you follow are to get the frequency right, craft compelling subject lines, make text scannable, and personalise your email messages.
- Social media: The rapid adoption of social media platforms, such as Instagram, Facebook, YouTube, or Twitter, by consumers makes it nearly impossible for businesses to ignore these platforms. Identify the right social media that suits your business and focus on creating user-generated content, targeted advertising, and partnering with influencers to promote your business, products, and services. For instance, Lines.com shares sports videos on their Facebook profile to connect with their followers.
- Business websites: Create a website to present your products and services online and gain national or international reach. It is better to have both an offline and online presence to grow your business. Ensure that you provide contact details, such as location and contact number, to make it easier for customers to reach you.
A few other channels that you can use are Google Ads, remarketing, video content, influencer marketing, and SEO.
To grow your business and become successful, you need to efficiently invest time and money in harnessing new growth strategies. To be effective, apply the above six strategies and align them with your specific business needs.
Therefore, figure out what works best for your specific type of business and construct a solid business growth strategy.
Copyright 2021. Post by Joydeep Bhattacharya of SEO Sandwitch Blog.