You don’t have to be stuck in a rut to have your eye on business growth. In fact, it’s best to develop strategies before you’re caught spinning your wheels. If you’re doing well enough now, start brainstorming how you can do even better. It’s simple when you consider these five growth hacks for future business success.
1.Taking a bigger piece of your market.
Once you’ve identified and successfully gotten your hooks into a piece of the market, it feels like victory. But do you have the attention of as much of this market as you can? When it’s time to experience a growth boost, many businesses aim for a bigger piece of the pie. The way to do this is to edge out your competition a little bit more, such as by lowering the price on a product or offering a deal on multiple products.
Nothing says “growth” like getting more done in a day. From scheduling emails and posts to automating invoices and even getting invoice financing here, you can save a lot of time and money when you simplify processes. That can definitely qualify as growth, when that spare time and money can be directly invested in new ventures. Today, every business is looking to streamline the way they handle daily operations, and you don’t want to be left behind.
A lucrative partnership can come in various shapes and sizes. For example, maybe a competitor overlapping a different piece of the market can be teamed up with to help you both make gains. Perhaps there’s a business whose goods or services are adjacent to yours, and by forming a partnership, you can both expand. It could also be as simple as getting a well-placed shoutout in an article or blog.
4.Expanding your line.
If you have investment capital to put toward growth, look no further than customer or client requests. Is there a product or service they wish you offered? Listen to your audience, and meet their demands by increasing your line. This is a common strategy employed by businesses large and small. A cake baker, for example, can branch out into pies. Meanwhile, a juggernaut like Amazon expands and enters new markets all of the time, such as with fresh grocery delivery. It can be risky, but if you’re listening to those who already buy from you, it’s a solid option.
Worried about taking a financial risk by expanding your marketing efforts? The truth is, we don’t have to spend piles of cash on marketing any longer. If you are consistent and diligent on social media, for example, this is some of the very best marketing you can do. Speaking of an online presence, get your website on track, and leverage the powers of SEO to get higher search rankings. Even if you don’t sell online, local listings can still give you a boost in foot traffic.
What are you waiting for? Increase your visibility, team up with someone else, hold that sale, expand your line, or simply leave the heavy lifting to automation software. With so many growth strategies available, you can employ a few at a time to take your business to new and greater heights.