There are 30.2 million small businesses in the United States alone. Learning about small business growth will help you do more business than ever.
Only about 40% of small businesses are profitable. Meanwhile, only 30% of small businesses break even. If you’re not actively growing your business, it could flop faster than you think.
You’ve worked hard on your brand. You deserve to expand your business and bank account. A little bit of effort goes a long way in the business world!
Here are 5 tips for growing your small business
1. Know Your Customers
Businesses provide products and services that customers need in exchange for money. That’s how businesses work. In order to maximize your business potential, you must know your audience better than the competition.
Knowing your audience means identifying their needs and listening to their feedback. Feedback is gold, even when it’s negative because it helps you learn more about your customers. It’ll also help you provide better products and services in the future.
Give your customers an incentive to leave reviews. For instance, you could offer them a discount in exchange for a review.
2. Provide Great Customer Service
Customer service can make or break a business, including online businesses. Knowing how to grow a business online or offline involves improving customer service.
There’s always room for improvement with customer service. That’s why you must take advantage of opportunities to better your customer service.
Take time to listen to customers’ concerns and answer their questions. Most importantly, always be polite!
3. Establish a Loyalty Program
Selling to existing customers is easier than selling to new customers. Establishing a loyalty program helps you do even more business with existing customers.
The best loyalty programs have sweet rewards to encourage more spending. Your loyalty program could reward customers with a free product or coupon once they spend a certain amount of money. It’ll result in more business growth.
4. Social Media and Digital Marketing
If you want to know how to grow your business online, get on social media. You should still do this if you run a brick-and-mortar operation. Social media helps you connect with your audience and inform them about promotions.
Social media is a valuable tool for small business digital marketing, but you shouldn’t stop there. The aforementioned link will give you more digital marketing ideas to work with.
Make the effort to interact with people on social media, especially when they’re talking to/about your branded account. It’ll humanize your brand in consumers’ eyes, which improves your brand relationships, brand image, and sales.
5. Support a Cause
Growing businesses often align their brands with causes. People actively support brands that further a cause they care about.
You could focus on making green-friendly packaging or donations. Promising to donate a portion of your profits to charity encourages people to spend more. It improves your brand image as well.
Achieve the Small Business Growth You Desire
In the United States, small businesses employ 47.3% of the private workforce. This proves that small business growth creates more prosperity for everyone involved.
Growing your business also helps you attract better employees. This enriches your brand image and efficiency.
Bolster your brand—read more of our marketing articles. Your business will thank you for it. For small-town business ideas check this