Regardless of the current size of your business, there are always plans and structures to help you get ready for the future and give your business the best chance at growing. For the first few years of business, many small business owners have one thing in common.
They are focused on survival. Once they survive, they start prioritizing the growth strategies to not only last but also turn their business into the income-generating powerhouse they envision.
So, here are some small business expansion strategies that help you take your business to the next level.
#1 Ask for Referrals
One way to attract new customers to your business is to ask your current customers who are gained through behavioral targeting methods over time to pass the word about your business. These customers are already part of your target market, so their social or professional circles are also likely to be.
Bear in mind that passing the word about your business isn’t going to increase your customer base on its own. You have to actively seek referrals incentivizing with a discount code, encouraging satisfied customers to create user-generated content (you can use UGC tools that will help provide social proof and boost brand affinity). Also, by asking them to share and tag your brand on social media.
Note: Having a consistent presence does matter when engaging your audience. It would be a great idea to use online scheduling tools to be consistent.
#2 Build a Sales Funnel
Building a sales funnel is all you need to take your business to the next level. A sales funnel shows your customers’ journey; when they first enter your business or visit your website, they’re at the top of this funnel.
When they buy something or sign up for a service, they’ve gone through the funnel, and that’s all you need; finding ways to move people through the funnel to make a sale. You can offer discounts and giveaways or get their contact info to send them offers, updates on your business, etc.
Note: Launching an email campaign helps your business stays on top of customers’ minds and move them through your sales funnel.
#3 Tap Into New Sales and Delivery Channels
The internet and social media platforms are the best examples of how new sales and delivery channels can help small businesses grow. Online opportunities allow companies to reach a broader audience by advertising online or using search engine optimization (SEO) techniques to rank highly in web searches conducted by prospective customers.
So, make sure you use the best tools for designing ads, banners, and marketing materials for better results. As you may know, Instagram is one of the most popular social media platforms, with an estimated 1.074 billion users worldwide in 2021.
Thus, it can be a good platform of choice for online advertising. Businesses can grow better on the platform if they schedule Instagram posts or rely on a solid Instagram growth service like AiGrow and get more reach and revenue.
#4 Incorporate Influencer Marketing into Your Strategy
An influencer outreach program is another effective way to move people through your sales funnels. All businesses need is an influencer marketing hub to jumpstart or create their latest marketing campaign to boost their brand awareness and revenue.
The top influencer marketing hub that does the job of connecting marketers, business owners, and brands with ideal Instagram influencers is Ainfluencer. It’s a DIY influencer marketing platform, free to register, and the only payment made is when a brand’s advertisement gets published by an influencer.
#5 Choose the Right Growth Strategy
Finding the right growth strategy depends on so many factors. Some are the resources you have available, the stage your business is in, business goals, your current market, your customers’ needs, and whatever you have to invest, including time, money, expertise, etc.
Here are some tips on picking the right strategy that appeals to every business owner:
- Pick growth ideas that are appropriate for your business and your circumstances.
- The new business plan should be created based on that strategy.
- Set goals for income, expenses, and growth.
- Keep track of these goals regularly to keep track of your development.
Pro tip: To keep track of your business growth strategies systematically and consistently, the only thing you will need is a website monitoring tool. These types of tools will assist you in quickly identifying the strengths and shortcomings of your website. You can change your site’s weaknesses and improve its performance as soon as you see them. Moreover, these tools can also give you reports and different things from the users’ browsers to their location and similar things.
#6 Make your Blog Shine
It’s not surprising that 53% of marketers state blog posts are vitally important inbound marketing activity. That’s because successful blogging can drive traffic to your website, convert that traffic into leads, develop authority in your market, and help your organization achieve long-term outcomes.
Ask intelligent content creators who know the struggle of writing engaging and interesting articles and writing blog posts that will rank well.
#7 Use a Customer Relations Management (CRM) System
Having robust systems such as the best CRM software tools and eCommerce tools is a massive part of a business because CRM systems assist your company in managing relationships with current and potential customers. You can see a great CRM system in action here.
They help you maintain customer information and identify sales opportunities and store all the data in one place, so you and other employees who need it can access it.
#8 Form Strategic Partnerships
Forming strategic partnerships may be one of the fastest routes to growth and expansion for startups and smaller businesses.
Entering a partnership with another company can give you the chance to grow and learn another’s perspective, increase your knowledge, skills, and resources available to improve products, reach a larger audience, increase your customer base and long-term stability.
#9 Prioritize Customer Service
Customers will not want to support your business if you treat them well. Ensuring their complaints are addressed and getting the most pleasing experience possible reveals that you value them as a customer.
Growth transformations are the most challenging of all time. We outlined the nine strategies above to help you deal with the challenges you may encounter in the process of transforming your small business into a bigger one. Although these principles can’t guarantee success, they should help you make the odds work in your favor.