Building your small business is a great learning process but it is not an easy one. It takes a lot of hard work, perseverance, and a strong will to get through to the top. A lot of people dream of starting a business but there are only a few who can act on it. It takes courage to follow your passion. If you have started your venture or you are on the brink of starting up, congratulations on making it this far. For your journey ahead, if you have been wondering “How can I grow my business” or “How can I make my business grow in simple steps,” here are a few suggestions that might make it easier for you.
1. Do your research on markets, customers, and the competitive landscape
One of the most important steps to take to ensure that your business sees step-by-step growth is to do detailed research on the market. Find out other similar products that are available in the market and what would set your product or idea apart. Build on the unique selling point of your product. Survey customers and find out what they are looking for in the product, what’s the need of the hour, and what would suit best with the times. For example, if you plan to introduce a new line of shoes, find out what the customers desire in their dream shoe concept, and the percentage of weightage on style, comfort, and trend. It is also important to look out for the competitive landscape, which other brands are producing the same products that you plan to produce, or which organizations are already investing in the ideas that you plan to launch. Make sure to find a niche for your product to ensure steady growth.
2. Build a sales funnel
Develop a well-planned sales funnel to ensure that your potential customers turn into buyers. The sales funnel would take different routes depending on your product or idea. If you are planning to sell a product that is new to the consumer, it will take time to make the consumer understand what makes the product or software or idea different from what they are used to and how it will help them. The sales funnel could include email marketing, webinars, zoom sessions, creating a community on social media pages with regular updates, sales calls, and easily available resources that are simple to understand for the common man.
3. Customer loyalty program
Customer loyalty programs are used by many brands and companies effectively. They are very useful in ensuring that you are able to retain customers and that they find benefit in coming back to your products. The customer loyalty programs could be membership benefits, building up of points with each purchase, free vouchers, or special coupons. The points should be valuable and the rewards should be of different varieties with different rewards for each variety.
4. Identify new opportunities
Be quick to identify new opportunities and ideas that will further help the growth of your business. It is important to remember that a business cannot remain stagnant, it must constantly evolve and reshape with the changing times. Give your customers a reason to come back to you, and show them how you are constantly changing and evolving for the better. Introduce new products or additional features to existing products from time to time to keep your loyal customers and potential customers engaged.
5. Leverage global platforms
If you have been pondering on “how to improve your company’s growth,” one step forward is to take it to the global platforms. Today, a lot of people value locally made products and independent businesses. Your product may gain just as much or even more popularity in other parts of the world. To extend your market reach, you can always export your products after doing market research and survey. Having a contact person who is well versed in the area will help a lot in extending to the global platform.
6. Maximize social media
Social media is an important marketing tool you can use for the growth of your business. Using paid ads and attractive slogans and brand images, you can gain attraction from the age group your product aims to cater to. Have a well-laid social media plan and posting and publishing strategies that will help you seek out potential customers.
7. Provide Great Customer Service
Make sure your customers will want to come back, not just for the products but also because of the good service you have rendered to them. Even a great, high-quality product often does not make its intended impact due to poor customer service. A good customer service system helps retain regular customers and attracts new customers. Be quick to respond to feedback and follow up on any complaints or doubts the customers might have.
8. Be consistent in policies, communication, and business principles
Consistency is one of the most important keys to growing a small business. If the workflow is of a pulsating high point followed by a pause, the customers and investors may find the business unreliable. The business should be consistent in upholding its policies and business principles. You should also make it a point to communicate consistently with concerned persons including customers, employees, and investors.
The growth of your business can be fueled with the passion and drive to have, but make sure you do your research, that you are consistent, that you treat the customers well, and identify new opportunities for maximum sales. Most importantly, persistence is the key to success for any business that is setting out to find its place in the market.
The ‘no fees, no equity’ Wadhwani Advantage program has a repository of business advisors, SME consultants and mentors, and curated experts who add great value to businesses. These are domain experts who have successfully transformed businesses. You can avail of their services by applying to the Wadhwani Advantage program, which builds capacity to accelerate the revenue of businesses by 2x to 10x.
(Businesses with INR 25 Cr+ revenue and employee strength ≥ 100, intent to grow 10x and a commitment to learn can apply)