In 2020, about 45% of small businesses expected revenue to increase within the next year. About 67% planned to expand before the pandemic hit. Only 38% of small businesses stayed open in 2020, though.
With a plan, you can learn how to grow a small business without costly mishaps. Becoming an entrepreneur doesn’t have to feel stressful if you have a plan in place.
Set yourself up for business success. Learn how to help your business grow with these tips today.
1. Research Your Audience
Before using the rest of these business tips, take a moment to gather research. Research can help you make more informed decisions moving forward.
Consider completing a SWOT analysis to learn more about the industry, market, your customers, and your competitors. Focus on the opportunities that will set you apart from competing brands. Consider which threats will hinder your progress to determine the best way to avoid those threats, too.
Take the time to research your ideal customers as well. Researching your audience will allow you to create personalized experiences.
About 50% of consumers will pay more for services and products if brands do a great job at providing personally relevant content.
In fact, 90% of marketers report a lift in business results after using personalization. About 98% noticed an advance in customer relationships, too. Personalization might even boost your marketing ROI by eight times.
Your sales could lift by 10% or more as well.
You can start creating personalized experiences and content by gathering demo- and psychographic research. For example, consider:
- Buying behaviors
- Online behaviors
- Household income
- Marital status
If necessary, segment your audience and start creating buyer personas. Then, gather keyword research for each group. Keyword research can help you determine what your customers search for while online.
You can learn more about the problems your customers are facing before positioning yourself as a solution to their problems. Consumers will recognize you have the experience and expertise they’re looking for. They might feel more inclined to trust your brand, which can help you generate more leads and sales.
2. Update Your Website
You could struggle to generate new leads and sales if your website is outdated. In fact, your website can also impact your brand’s credibility. Without brand credibility, consumers won’t trust you with their business.
Make sure your company website is fast, mobile-optimized, and user-friendly. Offer a positive user experience to ensure your site is easy to navigate and use. Create more than one conversion opportunity on your site, too.
A positive user experience can benefit your search engine rankings and pay-per-click (PPC) campaigns. Otherwise, your rankings will drop. Your PPC cost-per-click will become more expensive, too.
Low rankings and expensive ads can impact your ability to reach new customers online.
Adding multiple conversion opportunities can also benefit the user experience. For example, you can add a link to the navigation bar for immediate conversions. You can also use pop-ups or a chatbot to engage your audience.
Add a lead magnet to your website to encourage people to subscribe to your email newsletter, too. Email marketing will help you engage and retain customers while remaining top-of-mind.
3. Invest in Tools
Using the right tools can help you experience lasting business success.
For example, you can use marketing platforms to automate campaigns. You can find top marketing tools here to learn more.
Use an email marketing platform to automate your email marketing campaigns. Automation will save you valuable time and energy. That’s time you can dedicate to your customers instead!
You can also use platforms to manage and monitor your social media marketing campaigns.
Otherwise, think about your employees. Allow them to use tools that can automate repeat tasks, too.
4. Increase Customer Retention
Increasing customer retention will help you generate repeat sales, improving your ROI. As you continue running a company, look for ways to retain your happy customers.
For example, you can offer your loyal customers exclusive deals, coupons, and a first glance at new products. Consider creating a loyal program to reward your customers for sticking with you, too.
Make sure to prioritize customer service as well. Consumers will want to support your business if they recognize you value them.
5. Use Omnichannel Marketing
Omnichannel marketing can help you reach consumers at different touchpoints. Consider:
- Website design and development
- Content creation
- Email marketing
- Search engine optimization
- Pay-per-click advertising
- Influencer marketing
- Social media marketing
Make sure to maintain brand consistency across all marketing platforms. Look for ways to connect your marketing strategies, too.
For example, you can reformat an old blog post to create a new social media post. Then, direct followers to the original blog to generate website traffic.
6. Diversify Offerings
Look for ways to diversify your offerings this year as well. Offering new products and services will help you appeal to new customers.
First, identify opportunities in the market your competitors are neglecting. You can use your SWOT research to gain a competitive advantage.
Find new ways to offer existing products, too. For example, you can create bundles or start offering subscriptions.
7. Measure and Refine
Once you begin using these business tips, review the results of your efforts. Determine which strategies and campaigns are helping you generate results. Consider which tactics are slowing you down or proving too costly.
Then, start making changes to your campaigns to refine them. Refining your campaigns over time will allow you to better utilize your budget. You can find new ways to boost your ROI to help your business grow.
How to Grow a Small Business: Use These Tips for Success in 2023
Becoming an entrepreneur doesn’t have to feel stressful. Instead, use these tips on how to grow a small business this year. With these tips, you can start experiencing business success without stress.
Help your business grow with these simple tips today.
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