Like any small business owner, you want to grow your business. Of course, that can be easier said than done. There’s no limit to the ways to go about doing that. From massive online marketing campaigns to offline advertising to video marketing and more. In fact, it can get a little overwhelming at times.
If you find yourself in this position, relax. We know how trying it can be. Running a small business is tough. Figuring out how to grow your business can be just as tough. Thankfully, there are several ways to go about doing just that.
1. Sponsor Local Events & Teams
One of the first steps you should take to grow your business is to elevate your business’ profile. This means getting your name and face out there and working within the community. Every high school, little league, and local charity is always looking for sponsors.
Sponsoring a sports team costs a little, usually equipment and uniforms, but it’s a great way to start getting your name out there. It also sends a message that your business cares about the local community enough to get involved.
Likewise, local events such as festivals, local sports teams, street fairs, and more are also looking for contributions. Why sponsor a local event? Because 72% of consumers have a positive view of brands that get involved and create a positive event experience.
You’ll increase your brand awareness, expose yourself to new customers, and earn good will in the community all at the same time.
2. Use Video Marketing
Video marketing can be extremely beneficial, especially for a small business looking to grow. For one thing, it has one of the highest ROI’s of any online marketing method. For another, creating beautiful and professional quality video content isn’t as expensive as you might think.
Use video marketing in online ads such as Facebook. Target a local audience and promote your small business directly to the customers you want to reach. With the targeting power of Facebook, you can pinpoint the type of customer, their location, interests, and more.
What’s more, you can repurpose your video content in amazing ways to maximize their benefit. If you’re looking to grow your business online, video marketing is one of the best ways to do it.
3. Attend Conventions And Network, Network, Network
When it comes to growing your business, sometimes it isn’t just about being busier. Sometimes you may need to know the right people. It doesn’t matter what type of small business you run, every industry in the world has a council, a union, or an advocacy/trade group. What’s more, they all have meetings, conventions, trade shows, and more.
Sometimes these events are open to the public. Other times they’re more for industry insiders to talk shop. In either case, attending these events is a great way to network. These events are crawling with industry bigwigs, distributors and suppliers, financiers, business coaches, and more.
If you truly want to grow your business, it may ultimately come down to putting yourself in a position to do so. Sometimes that means knowing the right people. Attend every convention and trade show in your industry that you are able to. Come back with a suitcase full of business cards and contacts.
4. Host Your Own Event
If conventions near you are few and far between, consider hosting your own. Gather a group of local business owners or people within your industry. Use this opportunity to talk shop, trade tips, and find out what works (and what doesn’t) for others.
Furthermore, explore possible alliances with other small business owners. Are there opportunities for cross-promotion to be had? Perhaps a partnership? You’ll never know if you don’t ask!
5. Start a Customer Loyalty Program
Few businesses are immune from the 80/20 rule. That is, 80% of your business will come from 20% of your customers. The question then becomes how do you get your frequent customers to spend more?
Customer loyalty programs add tremendous value to any small business. If you are looking to grow your business, sometimes it does come down to getting more customers. Loyalty programs are a great way to do that.
- 70% of consumers are more likely to recommend a brand with a good loyalty program
- 77% of consumers say loyalty programs make them more likely to stay with that brands
- Over 70% of consumers who are members of a loyalty program say it’s a meaningful part of their connection to the business.
6. Cut Overhead Through Automation Where Possible
Sometimes growing your business means putting yourself in a position where expansion is easier or more likely. Every small business has to worry about overhead. If you can cut expenses through automating certain business processes, you may be in a better position.
CRM platforms can handle customer loyalty programs or customer outreach. Marketing emails can be automated. Phone services can likewise be automated. Speaking of phones, you can hire a call center/answering service and save on administrative costs. Accounting programs can handle day to day expenses with ease while services like LegalZoom can save money on attorney fees, etc.
The possibilities are truly limitless in today’s online, cloud-based, automated world. This doesn’t mean you have to cut staff, just expenses. This will increase productivity and free up you and your team to focus on the business of growing your business!
7. Hire Well
Great businesses are staffed with great employees. Ideally, if you want to grow your business, you’ll want the right people in place to grow with you. This can be tricky, depending on how rapidly you plan to grow and what type of talent you’ll need to do so.
However, if you can get the right people in place then you’ll be in a better position when the time comes. Find candidates who are looking for a career rather than a job. Incentivize and reward top performers.
Grow Your Business Today
Any of the above tips are great places to get started. What’s more, many of them won’t cost an arm and a leg and can be easily started TODAY. If you’re looking to grow your business, don’t neglect the power of exceptional video marketing, a top-notch customer loyalty program, or networking within your industry.
Growing a business isn’t easy, but if you’re willing to do the work, there are ways to make it more manageable.