Are you starting a new business? Or are you in the early stages and need to know how to grow your business?
They say that the first three years of any new business are the hardest, but if you have the right advice, they don’t need to be. Here are our top tips for how to thrive in your early days as a new enterprise.
The best way to make sure you’re headed in the right direction is to set goals. You should use the SMART goal system for this.
Make sure that your goals are Specific, Measurable, Achievable, Relevant, and Time-focused (SMART). You can set different weekly, monthly, 3-month and 6-month goals to help your company figure out what everyone should be aiming for at any particular time.
Have Branded Merchandise On Hand
As a new business, you need to work on building name recognition. This can be hard, especially when you’re competing against many more established companies. However, you can help make sure people remember your name by always having some kind of branded merch ready to hand out. The ideal item is something useful and small that people will keep using in their day-to-day life, such as IGO promo lighters.
Use Social Media Marketing
Social media marketing is a vital part of the current business world, with over 80% of consumers saying they actively use social media and can be influenced by adverts there. Harnessing social media can help make sure that people know your company’s name, want to buy your products or services, and it can even help make sure that people have a positive view of your brand, as long as you post the right things. Be sure to find new and interesting ways to interact with your customers or clients on social media platforms.
Focus on Retaining Good Customers
While you’re new, it might be tempting to try to get as many new customers as possible. However, the real key to success is to make sure that you keep hold of good customers. Focusing on customer retention will help you ensure that you have a good cash flow through regular buyers. You might even get the benefits of these customers telling others about your products or services, helping spread the word without you having to spend more for marketing.
Never Stop Seeking New Opportunities
While keeping regular customers is good, don’t get complacent and think that this is enough. You should also focus on seeking new opportunities, whether this is new target audiences, new product lines, new ways to advertise, or new partnerships with other companies. You need a steady base from your existing customers, but growth is all about seeking what’s new. Of course, your growth might be limited while you are a new business, but keep at it, and you’ll see plenty of returns in time.
Whether it’s marketing, products, or even just the way you interact with customers, you need to stay ahead of the pack, and this means innovating. The best way to do this is to have regular feedback from customers and focus groups.
Building a business can be hard work, and there are lots of things to consider. You have to make sure that you stand out to get customers or clients, which means reaching out in a lot of ways, through social media, traditional marketing, and promo items. You also need to know what you are aiming for and keep innovating until you are able to reach your goals.