7 Tips to Take Your Business to the Next Level
After you launch a startup, the primary priority is to begin growing your business. Although there is no special secret on how to gain instant success, and the growth doesn't happen overnight, you can use these 7 practical tips to boost your company's growth and transform your small business.
6 min read
Oct 13, 2021
1. Build a sales funnel
The first step to scale your business and increasing sales should be building a sales funnel. Sales funnels show the paths your prospects take from the first interaction with your brand to becoming paying customers. An effective sales funnel converts browsers into buyers and contributes to automating and structuring the sales process. It’s very difficult to effectively scale your company without automation.
Secondly, a sales funnel helps with strategic decision-making due to the analytical opportunities it offers. Using data from your funnel, you can identify gaps in customers’ journeys and track the efficacy of new processes and policies as they are implemented. Done correctly, sales funnel analysis allows you to increase the quantity and quality of leads, increasing your odds of closing deals.
2. Analyze competitors
Competitor analysis is a process of understanding your company’s position in the market in comparison to your competitors, and it is an important part of business growth strategy. Detailed competitor analysis can give you an advantage as you discover weak points in your main competitors and identify business gaps and opportunities.
Moreover, it’s vital to understand what other companies are doing better than you. Your competitors may have interesting tricks that you can use to grow your own business.
To run a competitor analysis, you can follow the next steps:
- Identify your competitors;
- Gather as much information about them as you can (company metrics, pricing, products, branding, customers and customer service, reputation, etc.);
- Identify their core strengths and weak points.
The competitor analysis can be a part of a wider strategic SWOT analysis (analyzing your company’s strengths, weaknesses, opportunities, and threats) which outcomes can influence your business strategy.
3. Utilize the right CRM system
Customer relationships have a significant impact on your business growth, and the more customers you have the more challenging it becomes to track satisfaction. To combat this issue, scale personalized interactions and manage customer relationships in the most effective way utilizing CRM software.
Here are some tips to understand how the right CRM system can help you grow your business:
- Better understand your ideal customers and create a complete overview of your target audience;
- Get a clear view of the entire clients’ lifecycle, optimize it by prioritizing leads;
- Run targeted engagements to quickly reach key customers;
- Deliver better customer service and build trust by providing personalized solutions;
- Increase customer retention rate (nurture existing customers by staying in contact via newsletters or information on promotional events);
- Allow quick communication with your prospects (create email templates, set up task reminders for the sales team, etc.);
- Reduce time spent by your team on non-profitable activities in favor of strategic tasks.
If you are looking for the right CRM solution for your business, it’s important to know what features can help your company to grow. Examine your business’s goals, and pick the CRM that has the best tools to help you achieve them.
4. Improve or diversify your products and services
To scale your business, you can focus on improving and updating your products or services. This will lead to more loyal customers and boost your brand image. To do this, you should focus on your existing customers’ needs:
➢ What are they buying from you?
➢ What product provides them the most value?
➢ What will make the product more useful for your customers and what can you do for this?
➢ What can you do to encourage customers to buy more?
By answering these questions, you can analyze the feedback and make strategic changes to your product or service.
You can also diversify your products or services by focusing on new products related to ones you sell or even by entering a new market segment. No matter what you choose, diversification has always been one of the main business growth strategies as it often provides a significant boost to a company’s profitability. With diversifying products & services, you can protect your business from competing companies and reach more customers.
5. Use social media
Nowadays there is a common phrase: “If your business doesn’t use social media, you have no business.” And even if it is not entirely true, social media provides a vast number of benefits for small businesses and is a powerful tool for business scaling.
Social media is used by more than 2 billion users, so you can be sure that potential customers are already on popular platforms. Strategically utilizing social media to expand your business can help you:
- Advertise and promote your company;
- Increase the total number of leads;
- Use targeting to generate highly qualified leads;
- Gain valuable information on your competitors and learn from them;
- Gain insights on customer behavior;
- identify trends in your market;
- Improve customer service.
The main challenge will be creating unique content that will be compatible with your customers’ needs and interests. But if you start to create such content, social media will help you to build your company’s profile, create and expand brand awareness and attract new clients.
6. Develop networking
Powerful networks provide better business opportunities and help to create brand awareness. If you want your business to succeed, you’ll need a number of relevant connections. The right network can give you contact with highly professional and influential people that will help to grow your business faster.
To build and develop your network we recommend you attend networking events (virtual or in-person) or even host events for the best ROI. Networking events are the richest sources of new and relevant business connections. You can also consider sponsorship events and ask for referrals to improve your business profile and encourage people to refer potential clients to you through word of mouth.
After you find the right people for your business network, try to stay in contact with them to maintain the connection and build relationships. Remember - a strong professional network can have a huge impact on your business growth opportunities.
7. Analyze what works better and stay focused
Finally, to achieve the best results when driving growth, you should analyze and measure which activities are successful and which are not. Choose 2-3 tactics that are good for your company, create a business plan built around them, set benchmarks for growth and monitor progress regularly. If something does not work, remain nimble and flexible. For example, if offline events don’t provide you with a satisfactory number of new leads or business network contacts, try to experiment with online ones. If social media hasn’t been as effective as expected, try to change or improve your content and run targeting ads.
Growth is challenging. You may not see immediate success, but if you continue to implement these strategies, you will definitely experience business growth. Don’t be afraid to run experiments, and try something new. But remember, it’s vital to remain motivated and be prepared to step back and approach growth from another angle.