Many people think a big company comes out of nowhere and seize the market. But it is not the case. There is a hard-working business owner who tries everything to grow his business. He doesn’t get it for free!
In reality, big success doesn’t come overnight. It is only possible with the help of a great idea and hard work. Many products go unnoticed, while many grow and flourish. Well, this does not merely happen because of a bad product. But, several reasons are connected to it. Marketing strategy is one such reason.
Many business owners approach their customers in a wrong way during the initial stage of their business. This leads to the customers never considering the product good enough for them to buy. One of the best ways here is to collect consumer feedback and data.
Let’s now look at some ways of growing a small business.
Consider Customer Feedback
Customer feedback is not a trivial thing. To keep your business running and expanding, it is imperative to keep them happy. Therefore, you need to avoid mistakes, which can only happen if you know that your customers are interested in and what not.
Customers’ feedback is a valuable thing and should be considered to add new features to your product. For this to happen, you need to have reliable communication channels, such as forums, social networks, and review platforms. These platforms will also not require any investment from you and help you get reliable data. But, you need to have excellent brand communication. Notably, it is also possible that the personnel you hire may replace some vital information. Thus, you should also conduct some research yourself.
You can take feedback from a group of customers about what they like about your product and what needs to be improved. Besides, you can also take in-depth interviews on phone or in-person to get rich and descriptive data.
Use the Social Media Power
Customer interaction is significant to get loyal customers and grow your product and business. So, what is better than engaging your customers in social media activities? Just like a good computer game, people can entertain themselves through your social media posts. You can also make your social media rely on users logging in to get:
- Chat with them
- Arrange online & offline events
It may cost you a bit but is absolutely worthy! Having said that, social media is affordable as well to create a healthy community for your customers. Here, people don’t view your product as a commodity but a service platform.
You can also think of allowing guest blogs to increase your website awareness. Along with reading your blogs, people would like to talk, comment, and express their view on the topics. As a result, your website will get good traffic as well as rank on the searching platforms.
Look for the Niche Market
Every company gets a chance to go big; it is just about identifying the opportunities and grabbing them. You should always look for opportunities to increase and multiply your strengths. You can still grow within your niche market boundaries as there’s always a room to expand.
For instance, red bull showed its product as an energy drink rather than a luxury drink. It advertised itself the same way and increased its market share. In other words, it is better to behave like a solid-player in a small area than being a small fish in a big pond.
Getting more customers or buyers means giving them more attention. You need to delegate your duties to your loyal customers by introducing them to the referral system. You can ask them to refer your business, and in return, you can give them some reward.
For instance, a popular NBFC, ZipLoan offers its customers a referral bonus of up to Rs. 10,000 if they refer the NBFC to fellow business owners for a business loan.
It is a proven way to attract a new set of customers that will provide you with more customers and give plenty of data as well. Besides, you can also make your referral program as – refer a friend and get the product free. Getting something in return of referral has always worked! Well, referral programs don’t offer you instant growth but are very valuable to build a customer base.
Partner with other Brands
This is the easiest way to grow a business. Simply partner with other companies, possibly, bigger players, and expand your audience base wider. But, it is a beneficial step only during the initial stage of your business’ life. You also need to ensure that both the user bases don’t overlap and you get to reach a wider audience. It may be hard to measure the partnership value and revenue share. But, it is undoubtedly a good step.
In the end, you are reminded that a constant touch with your audience is a must. You need to ask them about the flaws or negative points of your products. And make the changes accordingly. Besides, adding social interaction is also a positive point that will bond you with your customers. You can think or interactive social media posts, blog sections, or a simple chat option on your website.
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