Scaling your business does not necessarily have to be hard. It takes the right strategy along with considerable effort. And it might feel a bit overwhelming in the beginning, as you’re wearing multiple hats. You need to focus a lot more on sales and marketing, interact with customers frequently, hire massively, and do much more. One may claim that growing a business is challenging, but is it even growth if it’s easy?
If you’re struggling to find ways to grow your business rapidly in 2022, this article can be the light at the end of the tunnel.
So buckle down, focus with all your mind, and try to analyze strategies with respect to your business. We will identify various ways you can grow your business and scale up your revenue quickly in 2022.
Before we actually dive into the best growth strategies for the rapid growth of your business, let’s first discuss the various channels you can utilize to grow your business.
Types of Channels to Grow Your Business
Marketing has always involved one thing, and that is matching or communicating a brand to a target audience.
Primarily, we have 2 different types of growth channels: Online Media and Offline Channels (Traditional Marketing).
As we live in an era of technology and digitalization today, marketers spend quite a lot on digital marketing campaigns. However, every customer’s journey is naturally going to be different. The audience is always made up of various categories, and different marketing ways will appeal to different kinds of people. They do enjoy personal communications at times, which is why offline marketing channels are still in the frame.
Now if you’ve been wondering, even today numerous marketers apply one-to-one, offline marketing techniques like mailing postcards, pamphlets, networking, attending or hosting trade shows, and cold calling.
Companies no longer need to choose any one type of channel as they can easily combine multiple platforms into one grand marketing strategy.
Let us understand these two major types of growth strategies below:
Online Growth Channels
The online medium is the present and the future of transactions, which is reflected in the way sales are conducted today.
For companies, it is essential to have digital channels that allow greater exposure of products and services, reaching the public wherever they are.
Check out more channel options, all online, below!
Being on social media is of great importance, something almost mandatory for brands these days.
All major companies are there in pursuit of:
- Exposure for their business.
- Communication with the client.
- Creation of a “personality” for the brand.
- Marketing actions.
- And, especially, product sales.
Today, social networks have direct integration with other channels, such as online stores.
More than simply advertising a product, platforms like Facebook and Instagram already have direct purchasing tools.
By clicking on these links, the consumer is redirected to the product’s checkout page. In practice, using social media as a sales channel is a fast, direct way to drive the consumer to conversion.
This makes the process easier for them and generates a parallel flow of people willing to buy.
SEO – Search Engine Optimization
With SEO or search engine optimization, you rank your websites and landing pages higher on search engines (Google, Bing, or even YouTube).
SEO itself is a combination of on and off-page optimization techniques. When done correctly helps you reach more people from the search engines as organic traffic to your website.
As a marketing channel SEO, nowadays is one of the most essential to have in your overall marketing strategy that can benefit even the most local companies out there.
Affiliate marketing is the process of having a third party (like an individual, publisher, or another business) promote your services and products.
These third parties also called, affiliates, will get rewarded every time an action happens through their network.
For example, the affiliate networks use the affiliate link that sends traffic to your landing page, and if a sale occurred, the affiliate would get paid in commissions.
As a marketing channel, affiliate marketing is performance-based, which means you would only pay for results.
Email marketing is an essential digital strategy and works as a very effective sales channel.
Companies communicate through different approach cycles with potential consumers, educating and leading them until they become customers.
This is how email marketing generates conversions.
After users are ready, understand the product, and have decided to buy, the emails start to take a more direct approach.
By making this gradual communication, respecting each person’s context, email marketing becomes an important strategy to generate conversions for companies.
Offline Growth Channels
Offline channels are the traditional means companies use to make sales.
Although they are not quite modern today, as we live in the age of digital transformation, many of them are extremely important and have not ceased to be effective.
Below, check out the list of offline growth options!
Having a presence in any industry-specific magazine or journals is, of course, important for your franchise. But in the wider world, advertising in the publications that you know your target audience reads gives you access to a wider market than restricting yourself to purely online channels would.
Be sure to choose the publications you target with care, though. Does your audience actually read this paper or magazine?
The Return On Investment of print marketing like this is also notoriously difficult to measure. Having a specific landing page set up on your website to receive traffic generated from your print advertising campaign can be a way to combat this
Depending on the industry, trade shows might be essential for growing traction and revenues.
While trade shows as a marketing channel might not be worth it in other industries because of the upfront costs or the audiences might not match with your perfect customer type.
However, trade shows offer the placements of industry specialists, industry-leading companies, press, and influencers to connect with. Additionally, the shows can provide new ways of gaining brand awareness among your peers.
Cold calling, though a widely criticized and often counter-productive practice, when done on a mass level with smart targeting can, in fact, be a very effective marketing tool.
A personal phone call is an effective method for networking and arranging event speaking opportunities, for example.
Just be sure that you have a reason for calling, and that you aren’t simply using a generic message. Or wildly calling phone numbers with owners you are unsure will have any interest in your offer.
Speaking at events is one of the key offline marketing strategies for franchise companies. Not only do you get the publicity of speaking at the event itself, but you also establish yourself as a “voice” within your brand.
The event will also most likely put you in front of a highly engaged audience who will be receptive to your message. They’re frequently a great way of sourcing leads.
Top 7 Strategies for Rapidly Growing your Business
While tons of business growth strategies likely exist, we have selected seven of the most realistic ones. Keep reading to push your business to the next level quickly and efficiently.
Know Your Customers
Knowing who your customers are and what they need is vital. You went through the process of identifying a target market when developing your business plan. But now you have an active customer base that you need to engage with and in the process improve your business.
Whether it’s through regular surveys, user reviews, or direct customer service communications, you need to keep asking the right questions to the right people for honest feedback. Take note of common grievances coming out from your customer base. Solve those problems by launching new features, making internal adjustments, or any additional fixes required.
Focus on Customer Service
As you try to grow your business, quality customer service for your current customers can potentially degrade. No doubt that customer churn is a part of doing business, but the aim is always to minimise it (also you don’t want it to be a direct result of your attempts to grow).
At the same time, focusing on quality customer service can primarily trigger growth. So if you treat your current customers positively and with care, they’ll be more likely to refer you. They may also recommend your brand to their acquaintances, and might even purchase from your business again.
Showcase Your Expertise
If you want to establish your brand’s uniqueness, you need to showcase your expertise to your customers and other businesses. You can do so by providing free resources, hosting webinars, conducting research studies, and even running Q&As through your social channels. Keep hunting for chances to share what you know, and present it as a free opportunity to learn and grow. Simplu, make sure you collect contact information or provide a link to a specific promotional page when you host an event or give access to a resource. Remember, you’re not just showcasing expertise but leveraging it to grow an audience that will hopefully turn into customers. Follow-up and consistently serve valuable insights. That will lead your path towards consistent growth.
Changing global trends have a considerable effect on your business. Stay current on updates and issues happening in your industry and local community. Some things that don’t even seem relevant on the surface have an impact on your business, so consider all possibilities. Here are the possible areas where you constantly need to monitor trends:
- Marketing and Branding practices
- Hiring strategies
- Organizational culture
Enhance Your Selling Power
A high-return area for business improvement is the sales function. Whether you’re a one-person operation or managing a sales team, you must focus on sales improvement. To start, clarify your business mission. When you determine areas where you excel and who needs what you do, you will have a greater sense of vision and purpose.
If 2022 is to be a year of rebuilding after the profound disruption of COVID-19, then it is important that organizations effectively position themselves for growth in the world beyond the pandemic.
Develop Additional Income Streams
If you’ve been struggling to grow revenue from your core business model, developing additional income streams may be necessary. This could be a new product or service offering, separate pricing models for different customers or subscriptions, and even passive income from ads and sponsorships.
Treat any new income stream as an expansion of your business. You’ll likely want to build out at least a lean business plan to make sure the new initiative is viable and that your current business can support it. Consider startup and operational costs, your goals with the expansion, and how long it will take to break even.
Take Calculated Risks
A business expansion just cannot avoid risks. To make the right decisions it will sometimes be necessary to move outside your comfort zone. After all, guillemot chicks will plunge off of cliffs with incapable wings to meet the rest of their flock, risking almost certain death if their jump goes wrong.
We’re not saying you should rely only on good luck. By focusing on the end goal and proactively identifying potential roadblocks, you’ll set yourself up for success, even when your next move feels like a risk.
Build a Bigger Online Presence
Even if you don’t have an online business, expanding your online brand presence is crucial to getting your product in front of more eyes, especially if your product sells directly to consumers. Some strategies you could consider:
- Post content consistently: Whether you share your content via a blog, newsletter or Twitter account, posting regularly will help your followers stay interested and engaged with your brand.
- Stay true to your brand identity: Whichever online platform you use to promote your business, make sure the content you post is consistent to your brand’s identity.
- Run a promotion: Generate buzz around your business with a giveaway or contest.
Your business will consistently transition between points of growth and points of stagnation. The key is to keep searching for new growth opportunities and not be afraid to get creative and test them. But be sure to have goals and measurable results in mind so you can avoid turning potential growth into a severe misstep.
If you’re unsure if you should pursue a growth opportunity, revisit and update your business plan and forecasts.
“I see life almost like one long University education that I never had — everyday I’m learning something new.” -Richard Branson We walk about our day-to-day life in a world…