Regardless of the size of their businesses or what sector they’re in, the question that keeps owners awake at night is, where will my next lead come from?
Without leads, there are no conversions; without conversions, there are no sales; without sales … without sales, there is no growth.
There is no one-fit-for-all strategy for growing a business, especially in a down economy, but the fundamentals apply across the board.
Full disclosure: Any business owner needs to weigh the costs of making any operational changes against the benefits. This is a Business 101 caution, but one that needs to be made over and over again.
That said, here are some strategies that support business growth.
The internet was made for direct-response lead-generation advertising. The trick is configuring your online presence to capture your prospects’ contact information, typically their email addresses.
Content marketing is a powerful tool for gathering that information. Once you have a prospect list, you can develop email campaigns to drive them to your ecommerce platform or brick-and-mortar store. Don’t forget the old traditional method of advertising, i.e., TV advertisements. Yes! People still prefer TV over gazing at the 6-inch screen. Go for TV ad placement and exhibit your services or products effectively.
But you cannot deny the fact that people like portable devices more nowadays. Thus, you can go for Connected TV advertising. It is the easiest way to reach the maximum audience and display your best services to attract them.
Optimal Use Of Time
You cannot spend all of your time doing any one thing, so setting priorities is a fundamental skill for success. One useful model to determine time allocation follows this ratio:
- 60% of time is devoted to keeping work on schedule and meeting deadlines
- 20% is allocated to business planning
- 20% is used to implement process and operational improvement
Make sure you are clear that planning is about what you are going to do, and strategizing is about how you will do it. Focus on the optimal use of time for business and consider it as an important business resource.
Invest in Strong Cybersecurity
Cybercrime is a colossal threat to business, and small- to medium-sized enterprises are prime targets. And 60% of SMBs hit by hackers go out of business within six months of the attack. Businesses that have a potential weakness not only jeopardize their growth but expose their clients and partners to security breaches.
Cybercrime is a persistent threat and businesses must keep up with malicious actors’ growing sophistication—and internal problems that can lead to accidental breaches—to protect their data and networks.
Work on Your Sales Funnel
An effective sales funnel can help you grow your business in possible ways. Think of a sales funnel as your relationship with your customers. Right from the moment a prospect lands on your website until they make a purchase and become your customer, they are in the sales funnel.
You should always look for ways you can increase your sales and expand your business. Trying new things like discounts, attractive offers, and limited additional sales or things like that can help you get more clients into the sales funnel. All you have to do is make their journey as simple and interesting as possible.
So don’t wait anymore to try new things out. They will help you in your business growth.
Wrapping It Up
Running a business, marketing, strategies, and advertising can make a big difference only if carried out in the right manner. However, there is no surefire formula for business growth, but using the above methods can help you in many ways. Of course, when you first start your business, you aim to build your brand and sell your products. But with time, when you expand your business, many things start to play their role in the process. Calculative risks can be added to your business strategies, which will help you grow. Regular monitoring of your progress and making required changes are the key to a successful business.