Starting a business is hard, but having the patience and knowledge to grow it is even harder – but do-able.
If you’ve already started a business but are struggling to grow it, don’t fret – we have a few tips to help you grow your business and ultimately make more money. Take a look below:
Create a sales funnel
A sales funnel is the buying process you’ll need to lead customers through when they’re purchasing your products or services.
To quickly grow your business, you need to build a sales funnel or learn how to build one if you don’t already know. Having a sales funnel will help you put processes in place and automate your business.
Get a customer management system
Unless you’re a machine, you can’t track transactions manually every single day especially as your business grows. It’s hard and back-breaking and will have you ready to give up quickly. A reasonable alternative is to employ a customer management system. Your line of work will determine the type of customer management system you opt for.
Find new opportunities
Take time to understand your demography and study new opportunities that exist for your business therein. Stay abreast of analysis of foreign markets and other potential industries. There could be lots of new opportunities you will uncover with adequate analysis.
Who is your competitor?
Before you jump into the market with your product/service offer, it is important that you research your competition. Find out what their unique selling proposition is. Scour their website, landing pages, advertising materials and social media pages – basically rip them open and search for what makes them tick and existing weaknesses you can improve on to make your own offer better.
Survey your friends, family and acquaintances to find out if they use that product, why they use it and what they would like improved.
Knowing your competition like the back of your hand gives you the knowledge you need to offer something better which of course will translate to more money as customers shift to you as a better option.
Build your email list
Don’t underestimate the effect your email list has on the growth of your business – it is massive. To begin, you must first have a lead magnet. A lead magnet is an irresistible offering of value to a prospect in exchange for their contact information. Its goal is to increase the number of targeted leads you get for a specific offer. When you have a lead magnet in place, the next step is creating a sales funnel like we talked about earlier.
With that done, find companies that build and manage your email list such as Constant Contact, Aweber and MailChimp among others to help distribute and manage your contacts.
Now, you can send out offers and direct mails to your prospects and possibly turn them to paying customers.
Find worthy collaborations
Collaborating with the right companies can help you reach a wide range of customers fast. Find out companies that their products or services complement yours and reach out to them for partnerships. If for example you run a web and graphic design company, you could look to partner with a copywriting firm to partner with because you know both services go hand in hand. You get the picture, right?
Expand your value offer
What additional products, services or information can you offer in your business? To grow your business, you must constantly think about expansion. Find new opportunities that exist within your niche and tap into it to sell new products/services to your clients.
In our next instalment, we’ll complete this countdown for you. Make sure you stay on the lookout for this on our blog.