Starting a business is easy. Getting it off the ground and letting it flourish is a different story though. Top entrepreneurs will tell you that the toughest part of owning a business is the months and years following the launch. Once you get that momentum going, however, it’s a lot easier to let your venture thrive.
There are countless ways you can let a business grow. The three most important methods revolve around these things: your customer base, their transaction value, and their loyalty.
By focusing on these key aspects of your business, you can go from startup to major industry player at the right time. Let’s talk about these valuable factors one by one.
3 Ways To Grow Any Business in 2024
1. Get More Customers
New customers are the lifeblood of any business and without them, you can quickly go out of business. So what are some of the best ways to attract new customers consistently and profitably?
Google Ads Grows Businesses FAST!
We know that when 94% of Aussies are actively searching for your products or services they turn to Google. So when it comes to driving more quality leads into your business FAST nothing else beats Google Ads. Why? Because this traffic is highly motivated which makes it super-targeted and the highest-converting traffic available today. Think about it. Where else can you advertise at the precise time your ideal customer is interested in your product or service? AND… you only pay when they click through to your website. It’s no wonder Google Ads murdered the yellow pages.
But, Google Ads doesn’t come without its challenges. Any marketing channel that brings you targeted leads on a platter is of course going to become highly competitive and more expensive.
As demand increases so do the cost.
That’s why putting your Google Ads in the hand of a certified Google Ads specialist is the only way to maximise your return on investment.
Generate Organic Leads Through SEO
Your efforts to stay relevant online shouldn’t end there. Keep in mind that there are countless competitors online as well. One way to stay ahead of the game is by improving your search engine optimisation (SEO). Doing so will allow you to rank higher on search engines, thus, giving you more attention from visitors.
You need to understand that people don’t easily put trust in websites that go beyond the first couple of links on a search engine results page (SERP.) What more for links that are on the second page and above?
By ranking higher on search engines, not only are you getting more exposure online, but you’re also increasing your authority in your field. This combination is a guaranteed way to increase your customer base gradually.
2. Increasing the Transaction Value of Customer
This is a rather complex part of growing your business. This means increasing the amount of money that a customer spends on your business. To put it simply, if they’re spending around $10 regularly on each transaction, your next step is to find ways how you can increase their spending.
Offer Irresistible Deals
There are many ways you can increase your customer’s transaction value. The most common is by bundling your products or offering your customers special deals.
Let’s say you have shirts on sale for $10. You could give your customers a special offer of getting two shirts for $15 which totals to a 50% sales increase.
Another good example can be seen in some bakeries. Instead of allowing unbought bread to go stale overnight, some bakeries offer to buy one, take one deal or even give up to 50% discounts on their bread and pastries an hour before closing time. This practice creates urgency on behalf of the consumers and it also ensures that your products aren’t wasted.
The goal is to encourage your customers to spend more of their money by giving them irresistible offers.
The hard part of this step is making sure that you aren’t losing more than what you are making once you factor in the production and operational costs. With careful planning, however, you can create bargain deals that don’t affect your sales negatively.
3. Get Your Customers Coming Back!
Many businesses make the mistake of chasing new customers while forgetting about their existing customers. It cost 5-10 times more to acquire a new customer than to keep an existing one.
Establishing trust and loyalty between your customers and your business can be challenging, especially if you’re just a newcomer. How can you encourage your customers to come back and transact with you again (and again) if there are other options laid out for them?
Consistent Quality Service
The immediate answer to this is by offering a consistently good service. Let your customers know that your business will always treat them the same no matter how many times they come back. You can achieve this by providing your employees with the right training.
Another way to increase loyalty is by offering your customers some incentives for their loyalty. Loyalty programs are very common nowadays. These give your customers access to freebies, special promos, and other great deals simply by going back to your business.
Put it in the context of a cafe. You can hand out stamp cards to your regular customers which entitles them to one free drink if they can buy a set or a number of orders from your cafe.
Growing a business takes time and a whole lot of effort. If you push for it though, you are looking at a successful business in your hands. The tasks seem daunting at first but if you focus on these three key aspects, then growing your business should come naturally.