Updated: Jan 15
Let’s say your business has passed the start phase, tackled the survive phase and is now on its way to begin thriving. You’re probably wondering how you can take your business to the next level to achieve goals you never thought were possible. In this article, we will look at the various methods that businesses have used to grow and serve more customers.
One of the biggest challenges associated with growth is capacity. Businesses simply cannot keep up with growing demand and so they can’t grow any further. With the advances in technology, it is much easier to set up an automated sales funnel for your business which can save you a lot of time and resource. By using digital marketing techniques, you can deliver marketing messages to your audience at every touchpoint in their journey without even having to push a button. You can also deliver relevant messages to your customers based on where they are at in the journey. This will help to increase your success as more relevant messages will have a higher chance of being read and acted upon.
There are many tools and resources out there to help you build a fully automated sales funnel including Click Funnels.
Rewards / Loyalty Programmes
Why focus all your effort and resources on finding new customers when it’s much easier to increase the value of your existing customers. Many small businesses have a large customer base yet struggle to encourage customers to make a repeat purchase. If you think about some of the largest organisations that you shop with, a lot of them have loyalty and reward programmes in place. The incentive of collecting points to receive money off or a free reward is something that entices all of us to keep coming back. Adding this feature to your business helps to ‘gamify’ everything making it more fun to business with you.
If you can spend some time thinking about the products and services that your customers desire most, then you can start to think about how you can work those into your very own tiered loyalty and rewards programme.
The benefit of doing this is that you don’t have to spend the money it takes to acquire a new customer and you can focus on boosting the overall value of each of your customers.
Developing new income streams
Software companies have become very successful due to their business model. If you think about companies such as Adobe, they have been able to grow the success of their Photoshop software by offering it to customers on a subscription model. Doing so creates a passive income stream for their business meaning that they receive increased revenue without using up all of their resources.
To grow your business, you might want to consider developing new streams of income that won’t take up too much resource every month. Finding these passive income streams is key to improving cash flow and keeping up growth on a month by month basis.
Acquiring another business is one of the fastest ways to grow your business and it could be a great solution if you’re a business that is struggling with capacity. By acquiring a company, you can gain access to their infrastructure that will enable you to boost supply and keep up with rising demand for your products and services.
Although this is one of the quickest ways to grow your business, it is also one of the most expensive so it isn’t an option for every business to consider when growing their business.
Utilise social media
Social media has enabled businesses to reach people all across the globe and with over 2 billion active users now using Facebook, it’s clear that businesses can find their target audience on the platform.
If businesses are serious about growing, they might want to start exploring markets overseas and social media is the perfect way to start connecting with people. To get started you can publish paid Facebook ads that are targeted to your unique audience in the specific country that you wish to explore.
Want to take your business to the next level?
The Grow2Succeed workshop is designed to support businesses through their growth stage so you can maximise your potential. This lunchtime workshop will equip you with the knowledge and tools needed to reach the next level and get ahead of the competition.
Find out more here.
There are hundreds of different strategies out there that could help your business to reach the next level but its all down to you to explore the various options that are available and find what is most suitable for your business.
If you are looking for expert strategy support, our team is available to help you find the most appropriate solution.