If done the right way, scaling your business is not necessarily complicated. More often, it takes the right strategy along with considerable effort. It might feel a bit overwhelming initially, 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 analyse strategies with respect to your business. We shall 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 utilise to grow your business.
Types of Channels to Grow Your Business
Communicating a brand to its target audience or a product to consumers effectively has always been the primary goal of marketing.
Primarily, there are two different types of growth channels in marketing, i.e. Offline Channels, also known as traditional marketing, and Online Media.
As we live in an era of technology and digitalisation today, marketers spend quite a lot on digital marketing campaigns. Every customer’s journey, on the other hand, will be unique. Varying marketing methods will appeal to different people as the audience is diverse. The audience tends to enjoy personal communications at times, which is the reason offline marketing channels are still in the picture.
Now if you’ve been wondering, numerous marketers apply one-to-one, offline marketing techniques like mailing postcards, pamphlets, networking, attending or hosting trade shows, and cold calling even today.
Companies no longer need to choose only 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
Online media is a thing of the current times. The way sales are handled today reflects that the online media represents the present and future of transactions. It is critical for businesses to have digital channels that allow for better exposure of products and services to the general public, regardless of where they are.
Read on to know more about online channels and options.
Being on social media today is not merely trendy but imperative for a brand, in order to have greater visibility and reach.
All major brands and global companies use social media for:
- Better exposure of their business
- Communication with the client
- Creation of a ‘personality’ for the brand
- Marketing activities
- Product sales
The way social media is used by companies to reach a wider audience for their brands has changed over the last few years, going from brands advertising their platforms on social media platforms to the same platforms creating direct-purchase tools for users.
Today, social media platforms have integrated with other channels such as online stores with direct links for making purchases. The consumer is redirected to the product’s checkout page by clicking on these links.
In practice, leveraging social media as a sales channel is a quick and easy approach to convert customers. This makes the procedure easier for them and results in a parallel flow of buyers.
SEO – Search Engine Optimisation
With search engine optimisation (SEO), you have the means to rank your web page and landing pages higher on search engines such as Google, Bing or even YouTube.
On-page and off-page optimisation approaches are used in SEO. When done correctly, it could help you get more organic traffic to your website from search engines.
As a marketing channel, SEO nowadays is one of the most essential to have in your overall marketing strategy that could benefit even the most local companies out there.
The technique of having a third party, such as an individual, publisher, or another company, advertise your services and products is known as affiliate marketing.
Every time an action occurs through their network, these third parties, known as affiliates, will be compensated.
Affiliate networks, for example, use affiliate links to deliver traffic to your landing page, and if a sale occurs, the affiliate is paid commissions.
Affiliate marketing is a performance-based marketing channel, which means you only pay for outcomes.
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.
Read on to know more about offline channels to grow your business.
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.
Make sure that the publication you choose would be beneficial towards your goal of reaching your target audience. Take time to conduct surveys to know whether the audience reads a particular magazine or newspaper.
This type of print marketing’s return on investment is notoriously difficult to quantify. To combat this, you may set up a special landing page on your website to receive traffic from your print advertising campaign.
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 criticised and often counterproductive practice, when done on a mass level with smart targeting can, in fact, be a very effective marketing tool.
For networking and scheduling event speaking opportunities, for example, a personal phone call would be a useful strategy.
Just make sure you have a good purpose for calling and aren’t leaving a generic message. Or randomly dialling phone numbers of people you don’t think will be interested 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 would also most likely put you in front of a highly engaged audience who would 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.
1. Know Your Customers
It’s vital to understand who your consumers are and what they require. When creating your business strategy, you went through the process of choosing a target market. However, you now have an active consumer base with whom you must engage in order to improve your business.
You need to continuously ask the right questions to the right people for honest feedback, whether it’s through frequent surveys, user evaluations, or direct customer service conversations. Take note of the most prevalent complaints from your clientele. Launch new features, make internal tweaks, or make any other necessary fixes to address these issues.
2. Focus on Customer Service
As you begin to grow your business, there is a possibility that quality customer service for your current customers could potentially decline, especially with a large influx of customers. As a result, the aim is to minimise customer attrition as you do not want it to directly hamper your attempt to grow your business.
Customer attrition is an unavoidable part of running a business. At the same time, focusing on quality customer service could eventually lead to growth. Existing customers are more likely to refer you if you treat them positively and with care, and would willingly recommend it to others.
3. 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. Simply, 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.
4. Monitor Trends
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
- Organisational culture
5. 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.
6. Develop Additional Income Streams
Developing additional income streams may be necessary if you’ve been struggling to grow revenue from your core business model. This could be in the form of a new product or service, multiple price schemes for different consumers or subscriptions, or even passive income from adverts and sponsorships.
Consider any new revenue stream as a growth of your company. To verify that the new project is viable and that your present firm can sustain it, you should create at least a lean business plan. Consider the launch and operating expenditures, as well as your expansion plans and the time it will take to break even.
7. Take Calculated Risks
Risks are unavoidable in a business expansion. It will occasionally be necessary to step outside of your comfort zone in order to make the best selections.
You should not, however, rely solely on good luck. You’ll set yourself up for success by focusing on the final goal and anticipating potential hurdles, even if your next move feels risky.
Build a Bigger Online Presence
Even if you don’t have an online business, developing your online brand presence is critical for getting your goods in front of more eyes, particularly if you sell directly to consumers. Some strategies you could consider:
- Post content consistently: Whether you share your content on a blog, in a newsletter, or on Twitter, writing on a regular basis will keep your followers interested and engaged in your brand.
- Stay true to your brand identity: Make sure the content you upload on whichever online platform you use to market your business is consistent with your brand’s identity.
- Run a promotion: Generate buzz around your business with a giveaway or contest.
Your business might consistently transition between points of growth and points of stagnation. The goal is to continuously look for new opportunities for growth and to not be scared to get creative and take risks. But be sure to have goals and measurable results in mind so you can avoid turning potential growth into a severe misstep.
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