Starting a successful business can be pretty scary. In fact, research has shown that startups are more likely to fail than succeed these days. But as hard and scary as it may be to start a business, growing it can be even more daunting.
But here’s the thing — success isn’t so difficult if you know what to do. So, here are 4 easy tips that will help you grow your business quickly in a sustainable way.
If your business is going to stand the test of time, you need to do your research. And by that I mean to identify your target customers, know your competitors and understand the dynamics of the modern market.
Understanding your customers’ needs will help you develop products and services that are tailored specifically to meet their needs. And this will help them stay loyal. To understand your customers’ needs, you need their feedback, which can be obtained through surveys or by going through customer reviews of similar products by competitors.
This brings us to the next point — researching your competitors. One of the easiest hacks to business growth is finding out what makes your competitors so successful and following similar strategies. Tools such as Similar Web and Ahrefs can help with competitor research.
Although it may sound counter-intuitive to give away your products and services for free when trying to make more money, it actually works! Why? Because people love free stuff… and you can use this to your advantage.
People normally don’t like to part with their hard-earned cash, but when you show them you genuinely care about meeting their needs (not just taking their money), they’ll end up buying whatever you’re selling. So, think of free giveaways as baits with which you catch some really big fish.
Oh, and one more thing — giveaways aren’t limited to branded T-shirts and coffee mugs. Simple (but helpful) YouTube videos, podcasts, and e-books can be just as effective. Not only will these help you develop a loyal following, but it will also help to build your brand.
Alright Solopreneur, listen up — you can’t do everything yourself. While it’s okay to know a little bit of everything, it’s often not the most efficient approach to business. So, if you really want to scale your business, you need to hire the right people to take care of certain stuff.
This is where you have to be really careful. Don’t hire people only for skill, but also for personality. Surrounding yourself with positive people with a “can-do” attitude is an important step to ensure sustainable business growth.
Can’t afford in-house employees? Opt for freelancers! Thanks to technology, managing a remote team has never been easier.
One of the greatest mistakes businesses make is neglecting the “few” customers they already have, in the pursuit of new ones. But the truth is… existing customers can be even more valuable than new ones.
How you may ask? Well, Not only can existing customers constitute a consistent sales channel, they can become unpaid “marketing agents,” for your company. So, whatever you do, don’t ignore them!
Get their emails and send them periodical newsletters. Set up an exceptional customer service team that will go the extra mile in catering for their needs. If you keep your customers happy, they’ll most likely tell their friends about you. If you don’t, they’ll tell the world even faster… social media has made sure of that.
Speaking of social media, be sure to engage with your existing and potential audience via this channel… it’s a really powerful tool. Setup social accounts and build a following. It may take some time and investment, but it will definitely pay off.
Summarily, your reputation and speed of growth depend largely on keeping your customers satisfied. So, whatever you do, don’t piss them off. Remember to also understand your market, give stuff away for free and work with the right people. The result will be a rapidly growing business.
Tope Longe is a Content Marketing Specialist at Time Doctor – a productivity software for remote teams. He’s a lover of visual content and marketing automation technologies.@temitopeLonge