What is that one thing small and mid-size businesses (SMBs/ SMEs) can do as part of their business growth strategy this year? Well there are so many but eight important ones that are easy to adopt are listed below. It is definitely easy if done smartly. They are mentioned below:
8 Simple business growth strategies for SMBs
1. Allocate a % to marketing from your Gross Profit- In this ever changing fast business world, businesses cannot reply purely on word of mouth promotion. Businesses cannot expect to grow through organic marketing only. They have to spend on advertising as well in order to expand their reach and create more market share.
2. Networking- Join in events and seminars to learn and also connect with like minded people, networking does help to get customers to your business. When you meet others and talk passionately about your business, you do create a loyal image in their minds, in future if someone needs products or services matching to your business, your business name would be the first to popup in their minds.
3. Adopt best applied practices-In order to succeed in 2022, SMEs must learn to adopt large scale companies’ systems and processes. There are tons of free automation software for email marketing, tele messages, systems automation. Automation brings efficiency which in turn increases profitability.
4. Collaborations- Collaborations with other small businesses can create fantastic growth opportunities for your business. This does not mean you have to create legal mergers or partnerships with them. Simply offering loyal discounts and special rates to their customers and asking them to do the same for your customers can create excellent addition to your customer base and brand advocacy. Look for small businesses around in your space offering services and products that can be complimentary to your business.
5. Address queries with great content -One thing small business can do is answer the audience questions with quality content. Use platforms like quora or reddit to learn what questions your audience ask and then use those keywords search in your content, repurpose it and promote it on all your social media pages.
6. Make customers your brand ambassadors- Ask for feedback from your customers. Also, encourage your customers to post reviews and photos of your products on their platforms and promote the same on your pages. This would create more of brand awareness and customer advocacy for your brand.
7. Influencers are the future- Content is the future! Influencers can create a great deal of whole new customer database through creating brand awareness for your products or services in their own unique way. Learning to work with social media influencers, personalities, and representatives can be a great way to improve your chances for success in 2022.
8. Work on brand value- Businesses that are socially responsible create an emotional connection to their customers. It is significant factor in making decision in order to give continuous business. It helps to create a community around your business, you support and nurture it and in return it brings success for your business and growth. Be active in taking part in events and causes and charity, make it a genuine part of your brand value, show you care! Social responsibility is a must to work on in 2022
Which out of those mentioned above you think is easier to adopt?
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Thankyou for reading.