Hacks for Fast Growth of Your Business
Thursday, February 7, 2019, 6:00 AM | Leave Comment
The reason why term fast growth usually has a negative connotation in the context of business is due to the fact that people often mistake fast and hasty.
You see, hasty is rushed and full of room for errors, whereas fast merely means that you get to your break-even point a lot faster.
Think about it, every entrepreneurial story is basically a race against time. You have an idea. You make plans.
You start a business and you try to become self-sustainable before you run out of money. It really is that simple. In this context, fast growth doesn’t sound nearly as risky, does it?
With that in mind and without further ado, here are several tips for much faster growth of your business.
-
Competition research
If you imagine your business story as a path with a beginning and an end, it would be safe to assume that every mistake you make is a detour. They either take you in a wrong direction, which can harm your brand and your public image or cause you a net loss that you have to make up for. Either way, you’re losing time and resources, not to mention the loss of effort that failed to give results.
The easiest way to avoid them is to research your competition, see which mistakes they are making and find a way to avoid them. One way you can do so is by acting as a random customer and trying to see what their business model looks from the outside. Any element you dislike or find to be counter-effective to the overall customer experience you just don’t implement.
-
Work on your sales
There’s a thing called customer life cycle, meaning that in order to become a paying customer, each person must first pass a couple of stages. Very few people are willing to make a purchase immediately after entering your site. However, the number of visits prior to purchase is something that you can affect.
First of all, qualified leads are far more likely to buy, due to the fact that they already have the tools and the knowledge to assess both your business and your offer. You might also want to adopt a more systemic approach to this topic by opting for managed website sales chat service. In this way, you can ensure that more qualified sales leads go your way on a daily basis and improve your B2B interactions by quite the margin.
-
Don’t stop at the sale
The next thing you need to understand is the fact that it’s pivotal that you don’t let it all end with the sale of your product. Remember, 40 percent of your entire profit is generated by just 8 percent of return customers. The person that’s just about to leave your e-store might be a potential return customer so, at least, try to get their email. This will allow you to stay in touch, make it easier for you to make a post-sale follow-up and much more. Keep in mind that some of the most loyal customers might eventually become brand ambassadors. The percentage of these people may be small but it scales with your number of return customers.
-
Don’t rely on a single source of income
In theory, finding that one product/service that your audience is interested in the most would be the most cost-effective thing. However, such a thing is impossible to achieve until your products are finally launched. At that point, you risk it all on the success of this one offer, which is more of a gamble than a business move. Therefore, in order to both secure and facilitate your growth, you need to diversify. Later, you can adjust by figuring out which of these products/services are performing the best and focusing on them some more. This way, your products will have a chance to be tested out in the market which is much more reliable.
-
Content marketing and social proof are your two strongest tools
So many times already we’ve mentioned the importance of making a good impression on those who are not yet your clients. Well, content marketing and social proof are the way for you to do so. First, content marketing helps you prove your knowledge of the industry to those who are still unfamiliar with your service. Social proof, on the other hand, gives them validation and affirmation from those who they consider their peers.
Conclusion
Getting where you want to go faster is great only if it’s safe. Therefore, you need to make sure that each of these policies is scalable and systemic. In this way, you can rely on it long after your company starts rapidly expanding.
Throw us a like at Facebook.com/doable.financeAuthor BIO
Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.
