Five Ways to Grow Your Business
There are lots of ways to grow a business, even in the current circumstances.
As a new company ourselves, mmob have put these ideas to the test and want to let you in on our favourite tips. Let us know what you’re going to try in the comments!
Use strategic partnerships
Partnerships are a very useful way to introduce your brand to a new audience and acquire new customers.
Finding other companies that complement your own is particularly important and establish what both parties will gain from the partnership. The terms can be determined by you — is the partnership short-term for a marketing campaign or giveaway, or a long-term alliance that will see collaboration on products and events?
As long as the nature of the partnership is mutually beneficial, they can successfully leverage new customers and boost your standing within the industry.
Possibly the most successful financial strategic partnership is between Apple and Mastercard that has brought about Apple Pay and the Apple Card and demonstrated innovation and cutting edge tech from both sides.
Look at who your competitors are and what they’re doing.
Whatever your form of business, you’ll be offering something new for customers, a solution that isn’t currently available. Make sure your website and social media posts portray the aspects that make you stand out from the crowd.
For example, Monzo has attracted new customers by adopting ‘radical transparency’ in contrast to traditional banks and making this difference clear.
It is helpful to sign up to competitors’ email lists to stay up to date and see what they’re sharing. Research also helps to establish your target audience and customer base, so you can evaluate what campaigns or ideas best capture their attention.
Marketing your business is paramount, especially in the early days.
Set up your website and social media sites that reflect your company’s values and branding. Post frequently — we recommend daily on Twitter and two or three times a week on LinkedIn.
Blogs are hugely popular now to show product knowledge, industry updates and customer success stories, and customers are more likely to share relevant content themselves and spread the word about your business.
Use keywords that will enhance your SEO and ensure people can find your business. There are paid marketing methods such as pay-by-click advertisements, partnerships, and other forms of advertisements, but there are plenty of free options available to boost your business awareness.
Create a Sales Funnel
While marketing the brand is important, it also needs to gain sales.
Having a sales funnel helps ensure the content your business shares is relevant for different audiences and transform engagement into profits.
Of course, your business’ sales funnel may vary depending on your service and content, but the principal is the same — customers with varying levels of engagement and understanding will need different actions to prompt them to buy.
There is software available to help you manage prospects and their journey through the tunnel so to not lose anyone and helps you keep track of turnover.
Nurture existing customer relationships
While new customers are important, it is at least three times more expensive to generate new leads.
Existing customers have already bought a product or service and know the brand, so do not forsake them for new clients. Forms of customer loyalty schemes or referral programmes help promote customer longevity and can incentivise new customers too (check out Shopify’s top examples for inspiration).
Plus, customers are more likely to reach the ‘Advocacy’ stage of the sales funnel with such schemes and complete some of marketing on your behalf. Fintech m-wise has even utilised the popularity of loyalty schemes with their Loyalty Cloud service for other businesses to use.
These are our top five tips for growing your business. They are all actions whereby you can start simple to make a real difference to your brand awareness, customer experience and standing within your industry.
Let us know what has worked well for you or the areas you know you can improve on in the comments!