Tips to grow your small business

Starting your own business can be a daunting task. Getting off the ground is an accomplishment, for sure, but growing is the real challenge. It won’t happen overnight and it takes a bit of effort, but if you follow a few key strategies, you can avoid plateauing and enjoy your rise to success.

Know your customers and know your competition

To accelerate your business growth, you’ll have to do your research. You’ll want to understand your customers, your competitors, and current market trends. Who is buying your product or service? Where else can they get something similar?

Knowing your customers allows you to develop products and services that will keep them coming back for more. Engaging them through social media, surveys, and reviews are all great ways to gain perspective on their wants and needs. Satisfied customers become repeat customers, as well as advocates for your brand.

Knowing your competition and conducting a regular market analysis is also vital for growth. This allows you to make decisions for your business based on the achievements or failures of your competitors. You will be able to avoid common pitfalls, as well as follow trends that have proven success rates by observing the efforts of those around you.

Two words: Customer service

Customer service will make or break a business. Let your customers know they matter by actively engaging them on a regular basis. Directly address complaints or concerns and graciously give thanks for reviews and comments. Social media has quickly become our most powerful tool to respond and interact. When customers feel acknowledged and cared about you build a loyal fanbase.

You’ll also want to consider rewarding customers for their loyalty. You can run discounts and promotions to let your returning customers know they are appreciated. Additionally, loyalty program perks can attract new customers and reclaim those who left.

Networking Events

Networking is not always at the top of the to-do list, but make sure you don’t bury it completely. A large part of growing your business is in knowing your business community. Attending networking events increases your visibility, and attracts potential customers, employees, investors, and partners. You can also gain insight on emerging trends and practices from your peers. Although many small business owners neglect these events, networking remains one of the most effective ways to get the word out about your brand.

Diversify

Diversifying your products and services will help your business thrive. Consider offering new products that compliment your returning customer’s previous purchases. Conversely, find new ways to offer existing products to reach untapped markets and introduce your brand to a new customer base.

Take notes and refine YOUR process

No business has the magical formula for guaranteed growth, and what works for one may not work for another. Set aside some time to go over your strategies. Regularly monitor your progress and see which methods have reaped the most rewards. Use the information you gather to refine your process and forecast the future of your business. Ultimately, you will know what’s working for you.

www.JamesGarrisMarketing.com