7 Tips for Growing Your Business In 2020

It is important that your business increases its sales volumes, enters into new markets, increases its product offering and enhances its portfolio. All these elements of business growth require planning and implementation of various ideas with precision. Otherwise, a business that is not growing is likely to be pushed out of the market by various factors, including changing market needs, new technology, rising business costs and competitor forces. Growth is required in all industries and business sizes, from the SMEs to large corporations. Below are seven tips that can help grow your business in the year 2020.

Encourage Customer Reviews

Word of mouth advertising has always been an effective way of gaining new customers. With the growth in communication technology, this has transferred into online customer reviews. New customers are more likely to trust other customers words than a Facebook ad saying the same thing. In fact, most customers will first look for reviews before considering buying from you.

Therefore, it is advisable that you encourage your customers to leave reviews about your product or service in relevant sites such as social media, forums and on-page reviews. This could be in the form of asking in person or sending a follow-up email asking what they thought of the product. Also, reach out to clients who post negative reviews, fix the issue and then encourage them to state that the matter was resolved to show that customer service is provided.

Host an Event

Company events are a great time to network with other industry professionals, meet potential customers, share workable ideas with stakeholders in your industry or even open up new sales opportunities. It may also be an event for the business to showcase its product line and in turn, increase product awareness.

You can create events such as product launches, free product repairs, customer training seminars, charitable events and extravaganzas, among many more. Charitable events, in particular, help improve the image of the business as part of the community around it.

Invest in Market Research

Market research helps you find gaps in the market that you can cover profitably. It also helps identify pain points within the market that cause low sales volumes, poor services or inability to reach your customers effectively. Your business actions should always be driven by market research.

You can use various methods to carry out market research. One of the most popular ones is customer focus groups, which gives you insights into the thought processes of customer buying decisions. You should also try A/B testing of various website or social media marketing campaigns, as well as product design ideas. This ensures your marketing efforts are presented best in the eyes of a particular market.

Know When You Have Outgrown

Over time, you will outgrow various elements of your business whether it is the premises, production equipment or available workforce. If your business capital and tools do not meet your business needs, they will be dragging your business down, making it will be hard to meet your goals.

It may be time to update your equipment to create greater efficiencies or move to a larger premise to ensure adequate working space. Some new staff members may be necessary, and you could bring in new investors. You may not be required to change everything at once but should be on the lookout when any of the elements are stressed to their limits. You also need to balance your upgrades with available cash or sustainable credit, and in turn, see the return through greater sales and efficiencies. Click here for help with business finance and other tips from Westpac.

Follow Up

Follow up both prospective and current customers to increase your sales. If you own an e-commerce site, email customers about abandoned carts and contact customers who made inquiries about your products and then went silent. In addition, use cookies to determine what customers were looking on your site and make personalised emails based on this information. It is also advisable to follow up customers who once bought from you to either know how the product is going or market new, related offers.

Use Blogs to Grow Your Business

Blogs are soft selling platforms where businesses promote content meant to enlighten the customer or offer solutions to some based problems in the industry you are serving. Look at the broad picture and overall value that the customer gets and not just the product that you are selling. Blogs attract new customers to your site and enhance your authority in the industry. You can leverage blogs with your social media platforms to increase your traffic.

Incentives

The human mind is wired to love free items. Therefore, small incentives may increase the uptake of your products or open up new markets. However, ensure that you market significant incentives that can spur interest in your offerings. For example, You can increase your email list by asking prospects to sign up and get a discount on their first purchase. You may have special promotions at your events or exhibitions, or you could offer return customers or large buyers a discount too. Measure the impact of your incentives on your volumes over a specific time period.

Overall, these are a few workable tips to grow your business. You can implement several others, depending on your type of business. Plan before implementing any of them and monitor their impact on your business after a given period.

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