These days, hardly will you see one out of five persons not running one business or the other. Online businesses are everywhere. What this simple reality show is that the problem often faced in business is not in starting but in growing the business. Also, running a business is demanding. Plus, you will be faced with different ups and downs. If you are reading this article, it means you want to know more about running a business, grab a cup of tea or coffee, take a seat and let me walk you through the 5 most effective strategies to grow your business.
Social media platforms
I know you must have heard this before. Because hardly will you see any business-focused article not talking about the benefit of having your business on at least 3 out of the numerous social media platforms out there. Since you already know this, what I will do here is to tell you the social media platforms you can use to achieve quick business growth. Any business not registered on these 4 platforms is yet to know what it is doing. They are not just among the top global platforms, they offer unique opportunities to business owners. What are these platforms?
Customer loyalty program
Another way to scale your sale is via loyalty programs. Acquiring a customer cost 3x more money than retaining the one you have. Therefore, beyond attracting more customers, retaining your current customers is key. The best way to achieve wins at both ends is by organizing customer loyalty programs. You never can take who the current customers that would be benefiting from the program would tell about your service.
Research your competitors
Here is the truth. You don’t want to leave your competitors out in your struggle to scale your business. Remember the adage that says no man is an island. You can’t know all there is to know about running a business. As such, find out the ads that have been up and running and emulate them. You never can tell what will kick start your business.
If you are yet to have a sales funnel for your business, you are making a monumental mistake. Consider your sales funnel is an automated system to attract the right customer for your business. When you adopt a sales funnel, this can help you scale your sales.
Research for new opportunities in your niche or business. Pay attention to your market demography. Analyze everything from the distribution channel to your direct competitors. Also, analyze even your foreign market opportunities. This is essential if you have your business on different social media platforms and would be creating awareness for your business via these platforms. The more in-depth your research, the better your chance of finding new opportunities.
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