If you are like most business owners, you spend days and nights dreaming about scaling your business and making it big. However, growing a business is hard and full of obstacles, especially if you use the wrong approach. What does it take to grow a business in today’s competitive market?
The most used strategies are usually the traditional ones. In this case, we want to mention the use of booths to promote your brand. So, reach out to partners like nstands to help you set up stands in industry events for networking opportunities.
Here are five important facts from business development experts who have been there and done that to help you in your growth journey.
Brand growth equals business growth
Brand growth is directly proportional to company growth. The more visible and recognizable your brand is, the easier it is to scale. Brand growth can be achieved through marketing activities like establishing a social media presence, SEO, traditional advertising, networking, rebranding, etc.
Customer focus is key
Many entrepreneurs think that a good product will help them win customers and grow big. Sometimes it works, but most times it fails because there are a million other products out there. A solid business growth strategy starts with you understanding what your customers want. If you focus on providing maximum value to your customers, you will be able to conquer new markets and scale.
Buyer focus starts with doing proper research and developing accurate customer personas. From there, you will design and develop products that your customers want. Client focus means that you don’t have to put so much effort into marketing to increase sales and enter new markets.
Other ways to provide value to your customers and build loyalty include:
- Offering coupons and discounts
- Creating loyalty programs
- Focusing on customer service
An example of a company that has scaled through customer focus is Apple. While their products may appear overpriced, they are so well built that this brand can sell them anywhere there are customers. The company has truly got its customer personas perfectly accurate and precise.
Capital expansion enables growth
The traditional approach to business growth is through capital expansion. Capital can be in the form of cash, equipment, or labor. The more capital you have, the easier it will be to grow your business. You can use extra capital to expand to new markets, develop new products, do more marketing, etc.
If you are a small business owner, there are limited but easy options to expand your business capital. You can get a business loan, plow back profits or get new partners to inject capital into your business. Going public or getting venture capital funding is also a good option for businesses with scaling potential. Ensure your cash flow is stable before exploring some of these funding options.
Online selling is king
In today’s business environment, nearly every commercial activity can be done online. Many small businesses can realize rapid growth by exploring online selling opportunities. Online selling helps you reach customers beyond your geographical area and give you control.
Growth is hard for most people, but it does not mean it is impossible or something to be scared of. For an entrepreneur, the possibility of going big should motivate you to go the extra mile. Please take note of the pitfalls that may exist as you grow, but don’t let them hold you back.
