Let’s be frank increase business turnover and know how to grow a business many times it is very complex and requires too much effort. That is why we have gathered 15 essential tips to grow your company.
If you are wondering how to grow your company, you will have to develop very different activities: dealing with sales and marketing, understand taxes andcompliance”, interact with clients, in short, you have to have a great command of the business world. Are you interested in knowing how? Keep reading
It may interest you: Master in Entrepreneurship
Digital Adaptation Report 2022
How to grow in sales
#1. Build a sales funnel
The first way to grow a business quickly is to build a sales funnel. If you don’t have a sales funnel, you’re making a fundamental mistake. These help automate the business, scale it and grow it rapidly.
It certainly requires some work front end Y back end to be developed, but after building it, the path will be easier. Sales funnels must be carefully conceptualized before they are created, and each one is different depending on the type of business. In this phase, having a detailed business plan is much more important.
According to him study MEC Momentum, 53% of consumers (more than 100,000 respondents) say they have a very clear idea of the brand they will buy before starting the purchase process. And it is that at present, a simple review in Vogue magazine can cause the direct sale of a lipstick through the Internet or a cosmetics store, without the customer having requested any information from the professional who sold it. This is an example of a client who enter the end of the sales funnel and the trend followed by most audiences, more and more frequently.
#two. Research the competition
When you enter a market and intend to offer a mass product, you need do a search for your direct and indirect competitorsmainly at the level of strategies of marketing digital, where social networks are indispensably.
How to do market research (market research)?
Today, doing market analysis is essential for brands to be successful in the long term. From product planning to customer needs, knowing what’s going on “outside” is essential to charting your roadmap.
As the market is constantly changing, knowing how to surprise is key to staying ahead of your competition.
market research can be made from various tools and software, taking into account what is intended to be analysed. You can organize everything in reports or dashboards, like a data warehouse where you can extract information from different sources. Thus, you will obtain important conclusions for your business.
#3. Create a loyalty program
Loyalty programs are optimal for increasing sales. On average, it costs three times more to acquire new customers than it does to sell to existing ones. In other words, acquiring new customers is expensive.
Build a fidelazation program help with customer retention, but it is also important in the acquisition of new. If there is a clear incentive to spend more money on your business, it will pay off in the long run.
Advice for entrepreneurs: Create an attractive loyalty program, accessible to current customers, and see how sales rise.
It is interesting when choosing our niche to take into account its presence in the market and how we could adapt to it, for example the millennials they account for 24% of the population and are characterized by being semi-digital, being hyperconnected and having an open mentality and sociability.
A study conducted by Nielsen states that between 49% and 59% of millennials review or rate products online of your favorite companies. So in case this is your audience The ideal thing to build loyalty will be to adapt to change. In the midst of the Digital Transformation era, not being up to date and not adapting to the demands of your market will make millennials not notice you. Pay attention to the economy and their tastes, they will appreciate that your company presents more than one purchase option.
How to grow internationally
#4. Identify new opportunities
Analyze new opportunities for your business based on the knowledge and understanding of the demographic factor. Learn, from distribution channels to direct competition strategies, through the foreign market analysis and other potential industries. There are always new opportunities that you can pursue after properly conducting an analysis.
Undertaking abroad can be a true odyssey if we do not know the country in depth. In fact, we have seen several cases of businesses that ended up withdrawing because in the countries in which they operated there were problems of all kinds (regulatory, administrative, tax barriers, etc.). We’ve discovered ten states that do something that seems essential to us: attract and help foreign entrepreneurs in your country.
#5. Use global platforms and the Internet
Whether you are an e-commerce business or not, it is important to use other platforms that help you complete your structure, such as Amazon Freight Services.
Master in Entrepreneurship
Learn how to develop and accelerate the growth of your company
New technologies are there for us to integrate into our businesses. Technological advances allow us to identify the needs of our clients and put them at their fingertips. Having a presence on the internet and on platforms opens us up to the market in a direct and accessible way.
#6. acquire other companies
Sometimes acquiring other businesses is a quick way to grow your own business. You may find competing companies that complement your business, using your acquisition to scale quickly. Search inside and outside your area to find potential opportunities.
#7. International expantion
You may expand internationally? If your offering can be adapted to other markets, international expansion will be a quick way to grow your business. It will require some investment, of course. But by taking decisions on an analytical basis and in the right direction, the potential benefits are enormous.
The search for new markets abroad is a form of internationalization, but it must be done following a strategy that is committed to the future.
How to grow your clientele
#8. Create an email list
One of the most effective ways to grow a business is to build an email list. For that, it is important to use a software CRM (Customer Relationship Management).
It is important to keep a fluent conversation with customers. One option would be sending bulletins or newsletters.
These are some advantages of sending a Newsletter:
- It is not a direct sales tool, but it can influence your subscribers indirectly.
- The users who receive the newsletter are your target audience. They have previously been interested in your brand and have subscribed because they want you to inform them of all the news.
- It can become one of the largest sources of traffic to your website or blog.
- Shipping is free, so it can only take time for you to prepare. It is a marketing technique that does not require a large investment.
- They can be very useful to retain your customers, as long as they are used properly.
#9. Diversify the range of offer
How to grow your company thanks to the offer? Trying to diversify the range of products or services offered. What products, services or information can you increase your business? To grow, you need to think in terms of expansion.
Identify new opportunities within your market niche. What else can you offer your clientele? Where can you add value? One of the ways to attract customers is to rely on marketing.
A example of this is a bell launched by a razor blade company. In it, a series of advertisements were made in which they joked about the fact that the blades are always kept in plastic boxes and you have to ask them to open them to buy them. “It seems that they do not want you to buy blades,” says the advertiser before encouraging to get blades without so much “drama”. Within 48 hours of launching the first video, 12,000 people had already signed up for the subscription service. In a few months the figure reached 330,000.
#10. Consider non-consumers
Segmenting the fixed clientele is a success, but what about the customers who do not consume your product or that of the competition? Betting on identifying this market niche and working on it will be a success, as long as the client’s need is well identified.
#eleven. Bring back old customers
This can be much easier than finding new customers. Developing a plan for those customers who one day decided to bet on you to do so again can be a success. The simple fact of establishing a communication with them reminds them that one day we were there.
How to make your company grow in marketing
#12. Different methods
Using only traditional marketing takes away many possibilities of what a company could be. It is important to use both digital marketing and conventional advertising. consider the possibility of diversify marketing of our products will allow us to reach more market segments.
#13. create community
Working in social networks and the digital environment allows create a community to interact with for the people who integrate it to remain active and faithful to your product. It is also a way of start having visibility and increase the number of people who follow you.
How to grow ahead of the future
#14. keep your essence and advance
You must know at all times what is the next step you want to take knowing what those possible scenarios will be like. Communicate your vision to clients and being able to constantly adapt it to the present will be your strong point.
#fifteen. Get update
To fulfill the previous step it is necessary to be aware of the latest trends. It may seem obvious, but it is a time that you should include in your workday. networking, events, being aware of forums requires a daily dedication. In this way you can constantly innovate and stay ahead of the competition.
Has it helped you to consider how to grow your company? to solve doubts? If you have been interested in this article, it is because you also want to undertake for that reason, we recommend you the Master in Entrepreneurship.
We understand how difficult it is to undertake, that is why we have designed this program that has experts who will advise you and teach you through their experience to have a critical and entrepreneurial attitude.
Master in Entrepreneurship
Learn how to develop and accelerate the growth of your company