Stagnancy is always undesirable. Especially more, when it hits a business squarely in the finances. Keeping your venture afloat takes guts and contingency-based thinking. Whether you launch your brand online or on the streets, you need to have a proper growth plan in place to ward off any sort of stasis that might unpredictably affect your profit-loss ratio. According to the stats published on Forbes, about 45% of small businesses fail to live past the integral 5-year mark. The reason? Because they lose their relevancy in the market and drop into the ocean of oblivion.
If you’ve been facing a similar setback and wish to pull your business out of the sludge, then you need to understand first where the issue is located. It could be the way you’re handling your transactions and funds, how you’re pitching your sales message in addition to interacting with the audience, and the manner in which you’re logging heads with the competition in the market. Nonetheless, once you have caught where you are lacking, it is time to bring effective solutions to the forefront and give your business the adequate boost that it so desperately needs.
Lucky for you, this post will detail the top growth-spurting tactics and approaches which have been tried and tested by business experts time and again. Check them out below, and then formulate your reformative strategy around them.
Most of the solopreneurs and other business owners tend to overstress the presence of capital as an integral element in a venture’s growth. They believe that by having a bigger office, a larger set of employees and newer tech integration, they can ensure the sustenance of their organization. Though this line of thought may be still true in some respects, it often sidetracks a business’s main goals. I mean, you can easily find small startups, online or offline, with limited funding, making headways in the market. How? Because their focus is on a vertical form of growth rather than a horizontal one. Vertical growth refers to the creation of a practical sales funnel and the implementation of an eye-catching conversion offer.
Conversions are at the core of any business. They transform leads into revenues. And, revenues spell success for a brand. So, instead of scaling the funds on office expansion, you should work hard to come up with a converting offer which gives a great ROI and topples the breakeven point in your business’s favor. One of the ways you can extend a converting offer to the audience is by hosting a webinar. The famous entrepreneur Russel Brunson vouches for this technique of boosting leads and says that a webinar saved his business from hitting bankruptcy TWICE.
A webinar is an online seminar, which does not exactly lecture the viewers on a particular subject as teachers usually do. No, it is a step-by-step process of breaking down the limiting beliefs of the audience in regards to a product/service, using the vehicle of stories. The end is always to call the viewers to action and generate leads thereby, boosting the business’s growth.
How can you orchestrate a webinar? By selecting a definite time/date, choosing a topic, gathering a panel of speakers, designing its brand face, creating a hashtag for social media promotion, publicizing the event with email invitations/custom splash screens which would appear on your landing page, building the main content and doing a test run, and finally hosting it on a credible platform, provided you have a reliable connection as offered in those amazing Frontier deals or some such packages. Don’t forget to do a proper follow-up for the sake of the attendees and publish its recording on a social-sharing forum. You’d be surprised with the engagement results if it’s done right. Trust me.
Client Management Tech
In today’s world, the real power exists in the hands of the consumers whose attention spans equate that of a goldfish. If you don’t cater to their needs and whims properly, you cannot hope to prosper as a business. That is why it is absolutely crucial for you to have a customer management system in place to engage with your audience properly both online and offline. You can make use of AI assistants and bots for responding to the clients promptly on social media. Other than this, you can take advantage of software tools like,
• HubSpot CRM
• Hatchbuck, etc. for automating the CRM and boosting your business’s growth.
New avenues keep on coming up with the passing times. Aim to hit them for a bull’s eye reward. Traditional modalities can only help you so much. If you want to go the extra mile, then expand your outreach methods and learn to present your conversion offer in more than one garbs. You should:
• Invest in Mobile-Friendliness—Yes, around 49% of the users prefer to surf online over their smartphones (StatCounter). This indicates the rapid rise of the trend, and if you want to see your business’s rise in the future, then make your site mobile-friendly by optimizing the content thereby and including interesting tappable elements.
• Give Ad Extensions a Try—If you’re selling stuff online, you’d want your ad to appear on more platforms, and in a larger format to push away the competitors, right? For that purpose, an ad-extension software can do wonders to your visibility and create a sense of urgency.
• Integrate Social Media—This measure is a MUST for brands that crave audience attention.
The list of diversification goes on. The point is to stay on top of the trends, engage the traffic in omnichannel ways, and think out-of-the-box for maintaining a stronghold in the market.
In conclusion, if you wish for your business to thrust forward and see dynamic growth, then clear your priorities and try to implement the aforementioned tactics. You will not be disappointed.