Every business owner seeks to take meaningful steps to grow their business. A start-up business will want to navigate the first few years of trading safely and gain regular income streams before looking to incorporate strategies for sustained growth.
Well-established firms will also seek to build their customer base and attempt to ensure repeat custom whilst attracting new clients. Every business needs to look for ways to grow in the competitive and crowded marketplace that represents commerce in 2022.
Getting your business to successfully trade past the five-year market is no small feat. It is estimated that in America nearly half of all businesses will have ceased trading at this point.
Put simply, continued and meaningful growth is of paramount importance to ensure the longevity of any business. This article explains four key strategies that can be developed to achieve sustainable growth.
1. Focus on Customer Retention
Whilst it is important for businesses to reach out to new customers to grow, it is also vital that they seek to cultivate their existing customer base and gain loyalty and repeat business from these consumers.
There are wide range of ideas that can be used to retain customers. One such idea is to look to develop customer loyalty programs that reward repeat business.
For example, a customer can earn points with every purchase that can eventually be used to buy a future product from the company or be used to buy the product at a discounted price. Another method to retain customers effectively is by offering first-class customer service at all touch points across the business.
Purchases should be easy to make, and existing customers should be able to sign into their accounts to make checking out fast and error-free.
In addition, when problems or issues do arise there should be a dedicated customer care team available to quickly resolve such issues to the satisfaction of the customer.
This will help ensure that any negative experiences are quickly dealt with, and the customer will be more likely to keep purchasing from the business.
2. Develop the Skills of Your Staff
Another key factor in the ongoing success of any business is to develop the skills of its staff. The concept of lifelong learning should be embedded across the organization. Put simply, having a highly trained staff base who continue to develop industry-specific knowledge helps to ensure the longevity of a business.
Talented staff who continue to receive training and development can eventually become a team that is constantly looking for ways to improve the running of the organization.
Their increasing skills may give them the insight to offer valuable ideas that can shape the future direction of the company. This may include customer service staff who use their knowledge to offer improved ways to resolve issues more effectively for the customer, thus ensuring repeat business.
Sales staff may be able to produce new promotional activities that target their customer base more effectively or reach out to new clients in a way that leads to increasing custom and improved revenue streams.
3. Use Data in Decision Making
Many businesses that seek sustained growth are now starting to understand the power of data-driven decision-making in their corporate plans.
By using business intelligence (BI) platforms, a company can draw together complex data from a range of sources, combine and analyse it, and then use the insights gained from the information to make informed decisions that can shape the future direction of the organization.
Data-driven decision-making can form an integral part of a corporate growth strategy. There is a wide range of BI platforms on the market today that are suitable for use by a range of businesses and industries. Click here for a round-up of some of the best BI software that is currently available.
4. Ensure Your Website Is Optimized
As a final point, it is of paramount importance to recognize that a company’s website is often one of the key touchpoints for its customer base. The perception of the company can be shaped by how effective, professional, and well-designed the website is.
All business websites in 2022 should be optimized for a variety of devices (not just laptops) to ensure that they can be navigated quickly and without issue. In addition, the website should obey SEO best practices to help ensure that the website places highly on organic web searches.
A well-designed website that consistently ranks on the first page of Google will attract far higher numbers of visitors than a site that is on subsequent pages.
In an increasingly online world, having a visible presence in search results can often be a key strategy to attract new customers and thus grow the business.