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business When considering how to grow your small business, you need to do some market research. This allows you to better understand not only your existing customers but also your potential customers. It is important to learn about your target market and understand their needs. This allows you to see how your business can grow and change to meet those needs.
Don’t forget to research your opponents as well. Knowing what your fortes and weaknesses are can help you in your decisions on how to properly scale your small business.
2. Create A Sales Funnel
Your sales funnel can help you take your business to the next level. Think of a sales funnel like a customer’s journey. When they come to your business or visit your website, they are at the top of the funnel. If they buy something or sign up for a service, they have successfully made it down the funnel. You would try to find ways to move people through the funnel to make a sale. This may include offering a discount or obtaining your contact information and sending updates about your business.
Hire The Right People.
Before you can start thinking about your company’s growth path, you need to have a strong workforce to help you achieve your goals.
“Hiring the best persons you can find is a surefire way to ensure rapid growth,” said Christian Lanng, CEO and co-founder of enterprise software provider Tradeshift. “Depends on the right team”
With hard-working employees who are dedicated to the success of your business, your business is better equipped for continued growth. Plus, delegating tasks to focus on important work will free up your time and energy so you can do your best work and foster a collaborative work culture.
Focus On Established Income Streams.
Instead of trying to attract new customers, turn your attention to the core customers you already have, suggested Bill Reilly, a Wisconsin-based auto repair entrepreneur. You can do this by applying a loyalty or referral program, or by testing marketing strategies based on past buying behavior to encourage repeat business, he said.
This focus on your established market is especially important when it comes to obtaining financing.
“In the past, we’ve emphasized our business goal of becoming a franchise, which hasn’t resonated with the banks,” Reilly said. “We have learned to emphasize that there is a huge market for what we do. This would pique the interest of a banker who cares more about return on investment than his business aspirations.”
Get To Know Your Current Clienteles Healthier
“To comprehend what people really want, you have to figure out what their real challenges are,” said Ramit Sethi, author of the New York Times bestselling “I’ll Teach You How to Be Rich” and founder of Development Lab, a company that helps entrepreneurs to build and grow online businesses. Find out what made your current customers buy your product. That way you can identify what you’re doing right and what marketing strategies might be wasting your time. Mr. Sethi surveys tens of thousands of his own clients who are also business owners to find their pain points and counsels them to do the same. He asks the next queries:
Tell us about your day. What are the best parts? What are the most difficult parts?
Have You Ever Bought Something Like This?
If you could wave a enchanted wand, what would achievement look like?
If your business provides services to other businesses (known as B2B), ask about their business and revenue goals. You can conduct these interviews by phone or email. Select a wide range of customers: customers you interact with constantly and customers who use your business only occasionally. Either way, the meeting process can help you discover what works and what doesn’t in your marketing.7. Form strategic alliances.
Strategic partnerships with the right businesses can really make a big difference. It could enable you to reach a wide range of customers quickly. Identifying these associations may be easier said than done. But look for companies that complement yours. Contact them and suggest opportunities for one
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