Tips and Tricks That Will Grow Your Business Amazingly
Business growth is the desire of every entrepreneur. It comes with increased sales, profits, opens up your business to greater opportunities and builds your capacity to deal with turbulent situations. To successfully grow your business, there are practices you must imbibe in your decision making coupled with some tips you need that should guide your marketing. Here are the things you need to do to grow grow your business:
- Discover new markets.
- Find new clients.
- Test your website performance and functionality
Launch Into New Markets
Before you launch into any market, you need to evaluate the potential of the maret and be properly guided on its profitability. Here is a simple guide to help you achieve this.
1. Discover an industry’s market size
It is important to have a precise understanding of the market potential and share of the industry, in percentage, that a market accounts for. For example, how many children are in a particular country, what percentage of parents shop online for children's needs? What time of the day experiences a high demand for children's clothing, and so on. This information should shape your entry strategy and help you determine the profitability of new markets.
After you are able to determine the market size of an industry, you can then proceed to design and budget for a suitable marketing program to enter the market. Shopper behaviour, dominant demographics and income levels within the industry can help shape your advertising, other promotional methods and timing of entry.
2. Evaluate the level of competition
Before you enter a new market, it is good to evaluate the level of competition you will face, the strength of the competition. You should start by asking and determining how well consumers are currently served. If the service is being adequately provided and the market is not expanding to accommodate new entrants, then the risk is high for new entrants. If customers are not so adequately served, then there's a lower risk of entry as you can take advantage of the failures of competition to provide improved service.
Generally, how well competitors are performing can make it easy or more difficult for new entrants. That is not to say that if competition does not have a deficiency, you may not find a reason to enter.
If you are launching an online service, a few, but very important metrics can determine how well you can grow to lead the industry:
- Grow your domain authority
- Publish useful and supportive content for consumers
- Offer comprehensive packages
- Improve website interactivity and user experience
3. Evaluate the level of consumer demand
Understanding consumer demand patterns can help your business growth strategy especially when you launch into new markets. It is important that you do not just evaluate overall consumer demand but narrow it down to small niches and determine the profitability of those nitches.
Determine if the consumer demand rate is growing, at what rate it is growing, what level of investment can the growth rate support, can existing suppliers meet the demand level, are there gaps in existing supply levels and so on. A stagnant market or one that is experiencing an insignificant level of growth does not encourage new investment except there are other positive indices to justify the investment.
4. Estimate Cost of Paid Traffic
Organic traffic is free and accounts for most of the visitors who come to your website through search engines. Paid traffic on the other hand, is more targeted and can be tailored towards a particular group of consumers, designed for certain periods of the day. Paid traffic gives room for a lot of planning and prediction.
You need to estimate how much it will cost to launch an online advertising campaign to drive traffic to your website. It will be important especially at the launch of your services to run paid advertising and create awareness while you develop other sources of organic traffic that will build up to grow and sustain your business.
Common paid traffic sources will include Google Adwords and Yahoo Paid Ad programs. These programs give room for a lot of customization and targeted traffic.
5. Benchmark market share against competitors
Rather than just calculating market share and comparing it with the entire population or industry, it could be more useful to compare your share of the market to those of industry leaders. So you can report that while the leader controls 20 percent, you can grab 40 percent of the market share which had been under the control of the leader.
The idea is that such estimates target real customers and just every member of the population who can be a prospect. So wrestling market share from competitors is a more realistic strategy than trying to grab all that has potential to buy.
Targeting the right people will save advertising cost, increase returns on investment and increase overall turnover.
6. Project potential ROI for any market
This is closely related to the discussions we have had above. When launching into new markets, you will need to project the rate of returns you can make on your investments.
Find New Clients Within Existing Markets
Growth involves increasing your customer base. Finding new customers in current markets is therefore a requirement for growth. Outside running advertising campaigns, you can share your products and services in social media groups and encourage employees to do the same. It can be a good idea to create a company page on the various social media channels.
If you have the budget to fund bigger advertising expenditure, you can consider billboard advertising and sponsorships. All that can help promote your brand and increase your customer base.
There are effective ways to find new customers within your market. Here are some of the ways you can win new clients for your business:
Offer Discounts and Promotions
Consumers are always attracted to value and deals. Lure them into your business by offering introductory discounts and special deals such as buy 2-get-1-for half-price or free gift. These offers can win new customers who could eventually turn into very loyal buyers. In many cases, it lures customers into a trial and eventually can keep them if they become satisfied with the service or product.
Go For Referrals
Encourage your existing clients to refer new clients. You may want to offer a big referral bonus like 50 percent on renewals or 30 percent bonus on any amount paid by referrals. Make it easy for your clients to generate referrals by giving them a unique referral link built into the sales process. You also need to continuously encourage them by sending reminder emails and deals for every new customer they generate.
Reach Out to Old Customers
Reaching out to old customers can help you build your business. You can use your email database to continuously send newsletters and new offers to your customers including your old customers. Winning back old customers can be easier than getting entirely new clients. You can also consider making the extra effort of putting out telephone calls to win back valuable customers.
Meeting people by joining associations, unions and getting the opportunity to talk to people about your business can be very helpful in building business. Take advantage of meetings, meetup events, reunions and several other opportunities to connect with people.
Keep Your Website Updated
Keeping your website updated involves presenting your offerings in the most attractive way possible for what you do. Visitors to your website should see and understand your website quality. It is a good idea to run a blog on your website and get visitors updated with the recent happenings in your company and industry.
You will, from time to time, consider redesigning your website to give it the right and attractive look. Your website should be able to convey the trust and quality you offer to your clients.
It is important to always keep in mind that the first contact and assessment your visitors will makke of your offerings is most likely going to be your website so, it is important that you make it a selling point.
Partner with complementary businesses
Teaming up with businesses that have a similar customer base, but aren’t directly competitive, and then strategizing how you can market to one another’s customers to drive new business is a smart way to attract new customers while not spending a fortune. For instance, if you sell baby products, working with a business that sells maternity clothes would be a great partnership.
7. Promote your expertise
By showcasing your industry expertise, you can generate interest and even create buzz, which can help you attract new customers as well as get more business from your existing client base. Volunteering to speak on industry panels, giving a webinar or workshop, speaking at industry events or to groups your target customers belong to, or holding educational sessions are just a few ways you can make a good impression with potential new customers and clients. This technique works particularly well for B2B business owners.
8. Take advantage of online ratings and review sites
Consumers, both in the B2B and B2C worlds, frequently turn to online ratings and review sites before they’ll do business with a company they are not familiar with. So make sure you monitor those sites and respond to any complaints. Make the most of positive reviews by linking to them on your website. Post signage in your store, office, restaurant, or other location encouraging customers to add their perspectives. Social proof is powerful, and new customers are more likely to give your business a try if they see others praising it.
Test your website performance and functionality
Test your website for performance and functionality. Check your registration forms and product delivery processes and be sure your website is not delivering error pages. Optimize for speed and update your website to address issues of software vulnerabilities. In short, make sure your website is convenient to use, generally user friendly, fast and performs what it should be doing.
There are tools that can help you test the performance and functionality of your website for free and we will mention a few of them here.
Pingdom is a well-known website speed test tool that’s been around for ages. It requires no login to use although the reports are less detailed than what you’d get from Google PageSpeed Insights. The site’s performance is graded from 0 to 100 and then has a breakdown of the response codes, content size, request types, requests by domain, and a waterfall chart that lets you see details on your files load times.
Their free tool allows you to run a single test from any of their 70 locations and if you sign up to their Synthetics solution which starts at $10/month for 10 uptime checks you can set up page speed monitoring as well as alerting.
For years Google PageSpeed Insights has been the go-to tool for testing and grading your website. It’s a simple tool created by Google that benchmarks websites and grades them on a scale of 1 to 100 for both mobile and desktop. The higher the number, the faster the website is.
Despite its great reliability, Google PageSpeed Insights, though not customizable, is completely free and doesn’t require registration to use.
Uptrends offers a test from one of 10 locations and you can configure the test to run either from a mobile device or a desktop. For the desktop test, you can pick the resolution of the screen from one of four browsers (Chrome, Firefox, PhantomJS, and IE) and bandwidth throttling to test the site under different speed scenarios.
There is a free version of the test but if you sign up for their Uptrends Synthetics product, you’ll get all of those plus more for $12 a month.
WebPageTest is an open-source website performance testing tool that allows you to benchmark your website from one of its 40 locations and a wide range of devices. You can choose to simulate your tests over a slow mobile network or a fast 4G network. The result will be graded from F to A and will include information on compression, TTFB, caching, waterfall charts for the resources load speed, and more.
GTmetrix allows you to get detailed information on your page speed, timings, performance score, and much more. GTmetrix also provides information about how to fix the issues that were exposed by the test.
It does not require registration to use the GTMetrix tools
6. Varvy Pagespeed Optimization
Varvy PageSpeed Optimization is a free tool that tests your website performance and provides tips on how to create a better experience for your users.
7. Site 24×7
Site24x7 is a simple product that offers a free alternative to Pingdom. The free plan offers 5 monitors with email notification which is probably enough for any small website.
The premium plans start at $9/month (paid annually) and get you 10 monitors and 1 synthetic web transaction, status pages, 500mb of logs, 100K RUM views, and over 110 testing locations scattered across the world.
13. Website Audit
Powered by Google Lighthouse, Geekflare Website Audit is a simple website speed test that provides basic actionable information about your website. A great feature of the Geekflare Website audit is its request waterfall chart that allows you to see how your resources are being requested and loaded.
15. Google Chrome DevTools
Chrome DevTools a simple tool that lets you see a waterfall timeline with all your resources and details on what’s costing you precious load time.
To access it you need to have Chrome installed and then you open it up by pressing F12 if you are on a windows machine or CMD + Option + I if you are using a MAC.
Every business desires growth. But it does not come cheap. Business growth requires planning and continuous evaluation to determine how the business is performing. Arming yourself with the skills and tools discussed in this post, you can put your business on the part of steady growth to success.