Business ownership is a dream that millions of Americans have, and this is supported by the number of small business applications that have grown in recent years. Whether you work at a large corporation or are a solopreneur trying to get your brand off the ground, growth is most likely a top priority.
There are many different ways to achieve growth for your business. You can do so with a focus on marketing to increase the size of the customer base. Investing in product development can lead to fulfilling more needs and generating additional sales. Outsourcing some of your business operations can free up the time and energy of your team so that they can devote attention elsewhere.
As a key decision-maker at your company, (or perhaps the only decision-maker), growing the business can be a tall task. You must be willing to take risks and allocate resources appropriately. Here are a couple of unique strategies that can be implemented to push toward growth for the brand.
Marketing is a tool used by brands to communicate with customers and convince them to take a desired action. Sometimes that action is making a purchase or checking out a website, but it can also be as simple as gaining a more positive attitude toward a brand. One method of marketing that can accomplish a little bit of everything is promotional product advertising. When you invest in promotional merchandise that bears your brand information, you are increasing the visibility of the business in the public sphere. Every time someone uses a giveaway item, others can be exposed to the brand. Additionally, these gifts can be given as rewards to loyal customers or holiday presents for hard-working employees.
Move to the Cloud
Cloud computing is becoming a staple of the business world. Essentially, the cloud allows on-demand IT resources for your team without having to maintain physical servers or computing infrastructure. This valuable resource allows for scaling since your business does not have to upgrade its infrastructure to keep up with growth. Plus, it gives your employees more access to applications and data that make their jobs easier. While migrating to the cloud may seem like a massive undertaking, especially if your company is substantial, partners like GSI can make the transition much smoother while supporting your adoption of cloud computing.
Attend Networking Events
Networking is one of the most powerful tools for business owners. It allows you to meet other players that are in the game, learn from more experienced professionals, and form strategic partnerships. Building a network is especially important in the early years of a brand, but the need for it never truly disappears. Some networking events that you should consider adding to your calendar are trade shows, leadership conferences, community festivals/events, local business meetings, and career fairs. You never know who you might run into that can bring value to your company at these events, or connect you to someone else that could be a key to the future of the business.
Foster Social Media Communities
Businesses in every industry are embracing the benefits of social media presence. Whether you are a B2B or B2C brand, building trust with your audience plays an important role in your ability to generate growth from sales. The key is to understand what platforms to take advantage of and the nature of your relationship with clients. Are you a customer-facing e-commerce brand that can utilize the visual storytelling capabilities of Instagram? Is your audience filled with C-suite personalities that are more likely to engage on LinkedIn? Building a community with your clients on social media requires a back-and-forth relationship where you can each provide value to the other. Sharing relevant posts, facilitating engagement, commenting, liking posts from others, and talking up the brand are all methods that can improve your relationship with customers on social media, generating growth for the business.
Think Outside the Box
Yes, this phrase is a cliche, but it is used often for a reason. Standing out from your competitors requires one of two things; being better than they are at what you do or doing something unique. Sometimes, you may not have the resources to go up against larger, more established companies with the usual growth initiatives. Sometimes, focusing on some of the more unique strategies for growth can yield the best results. Before you implement any changes or marketing campaigns, make sure that they are a fit for your business model and industry. The last thing you want to do is throw money at an idea that will provide no value to your growth plans. Be willing to think outside the box and look for the back roads that can lead to success just as effectively as the most well-known methods.