Top 4 Tips For Small Businesses To Make It Big This Year
Well+Good, the vast health and beauty space has recently taken over the Internet. It attracts almost 5 million visitors every month. But, a decade ago, it was nothing more than a blip on the radar. Entrepreneurs Alexa Brue and Melisse Gelula started their fitness blog with just 40 employees. Now they generate eight-figure revenue annually. If they can start with a small business and emerge into a global business giant, you can also do the same.
The growth of your small business is essential to let your business survive in this world of cut-throat competition. You need to get your business beyond the bare sustenance level and turn it into an income-generating powerhouse. You may get confused with thousands of business growth strategies out there on the Internet. Let me narrow down the essential ones for you that will most likely take your business to a whole new level.
- Use Customer Management Systems
CRM or Customer Management Systems are tools that keep a track on every interaction you have with your customers. Small businesses can improve their rate of productivity by improving their customer services. Also, an effective CRM system will convert almost 79% of marketing leads to sales.
To be honest, there are almost 27 ways CRM can promote small business growth. But, the most amazing benefit CRM has on small businesses is that it increases sales revenue. It has been found that CRM increases the growth of sales by 41% per salesperson and increases the rate of lead conversion over 300%. You can choose any one from the list of 15 best CRM software for your business. Just keep the nature and motive of your business in mind.
Confused about the right use of CRM for your business? Don’t worry; you will do just okay. Have a look at how some brands make use of CRM for their revenue growth.
- Build A Sales Funnel
Not building a sales funnel is probably the worst mistake of your business career. The sales funnel shows the position of your customers in the process of buying your products. It is the quickest way to grow your business because it helps you understand your customer’s buying behavior. The sales funnel consists of four main sections:
Awareness: At this stage, your would-be customer just knows that your business exists.
Interest: At this stage, the customers are interested to know more about your business.
Decision: This is where you need to convince your readers to avail of your services.
Action: This is the final portion of the sales funnel where your potential customer has already decided to opt for your services.
Check out these 5 easy steps to create a sales funnel for your small scale business. According to Hubspot, the improvement of sales funnel efficiency ranks third in the list of top sales priorities. The funnels may differ on the basis of your business niche. Also, you may need to build the sales funnel keeping the ultimate goal of your brand in mind. I have found some inspiration from real-life examples of the sales funnel. I hope you too will get some innovative ideas.
- Know Your Competitors
You must be aware of your competitor’s every move to remain a step ahead of them no matter what. Say you own an assignment writing business in Canada. Take your time to find out about other writing companies in your local area. Check out their strategies, facilities, services and offers. Analyze their landing pages, ads and all other stages of the funnel. Competitor analysis will help you uncover their online strategy. Filter the strategies that are working for them for a long time. High chances are the plans will work for you too.
There are several key benefits of competitor analysis. The most important advantage is that you will understand your position in the market. You can implement strategies to beat your competitors accordingly. It is needless to say that a business should have a proper plan to grow. Check out how to execute a competitor analysis in your business plan.
Still confused? Don’t worry; I have been there too. Here are some examples of competitor analysis to help you get started easily. I hope things will be easier for you now.
- Start A Customer Loyalty Program
Small businesses should make their customers feel appreciated. Offer them some sort of loyalty rewards or points to make them feel valuable. Loyalty rewards persuade your old customers to visit your website again and again!
Research says that it costs up to four to ten times more to get new customers for small businesses compared to retaining the old ones. Hence, it is always wise to retain your existing customers as long as possible. Rewarding your existing customers for the purchases they make is one of the easiest ways to increase customer retention. Along with existing customers, you may also end up attracting new ones. Thus, a reward program is a great step for small business owners who want to gain an edge over competitors.
You can provide attractive discounts and free merchandise to your customers as loyalty rewards. The more benefits they get from you, the better chances they return to your website. Check out the three main customer loyalty programs for small business owners. You can take inspiration from these and come up with a new idea for your business.
Whatever loyalty program you choose, do not forget to consider the following questions:
- Is it simple enough for you and your customers to understand and use?
- Does this program fit into your current point-of-sale structure in the business?
84% of your customers are more likely to trust your services if you have a loyalty program to offer. Take Sephora’s Beauty Insider Rewards as an example. Their customers earn rewards for every purchase they make on the basis of a traditional point system. Sephora modified the concept of rewards by letting their customers use the reward as per their convenience.
You can also invest a few extra bucks in developing an app for your business as Starbucks did. Reward your customers with some extra brownie points every time they made a purchase via the app. If you are still not sure about the use of loyalty programs, start with the beginner’s guide to building a customer loyalty program. The fact is every loyalty program consists of pros and cons. The beginner’s guide will help you clear the air.
You can’t expect changes right from the moment you start implementing the tips mentioned above. It took almost seven months for me to see the impact these tips had on my business of digital printing. Work hard and you will certainly achieve your goal of expanding the business. Good luck!
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