In this era of modernization and technological advancements, do you aspire to grow your business? Then set up your own online business by investing in the right way. The internet business is much more convenient in contrast to the 9-5 job. Firstly, it reduces overhead costs concerning conventional businesses as there is no need to buy or rent a working space. The timings can be molded according to your convenience as an online business is flexible, having no particular time schedule. It also entices more customers as they, instead of traveling to stores and marketplaces, can now order things and perform transactions within the comfort of their homes.
Entrepreneurs need to confront myriad difficulties to scale their businesses. From dealing with retails, marketing, and merchandise to comprehending taxes and corporate acquiescence, they ought to have a particular stance on how to grow their business. A successful business also requires dealing with customers with a strategic approach and taking every necessary step considering the customers. Business owners should also be able to adapt according to the newly growing trends in the market and should not lag. To grow and scale your business online, you have to work on several factors keeping in mind the long-term effects. Anything that you want to accomplish requires time and effort to the best of your capacity.
Here are the 10 ways, which will certainly help grow your business online effectively if considered while establishing online businesses.
Top Ten Strategies to grow your business
1. Exemplary Customer Service
Customer response is imperative to a successful business. The customers should be kept in consideration while initiating new services and products. Happy customers help elevate your credibility and prompt more business. The first thing you can do is provide a system to get customer feedback may it be through phone, mail, or surveys. This will help you gain an insight on what complaints do the customers have and what improvements you can have in your services and will also make the customers realize their importance.
The existing customers should always be the top priority, and one should make sure that they can retain them by making them cognizant of newly launched products and services and also look for opportunities to grow your customer base, keeping a balance between the two. Good customer service comprises communicating and surmounting hopes. It means to show the customer how essential he/she is to both you and the business by communicating in a friendly and positive way. The goal is to make an enduring impression on consumers by cooperating with them and providing the best possible service. I also feel that providing outstanding customer service requires being familiar with the things sold to assist customers in making informed selections. You can entice a large number of return clients by maintaining a pleasant attitude and having an amazing capacity to thoroughly answer customer inquiries, ensuring that you always give the finest advice.
Some examples of good customer service: –
- The store owner who remembers previous customers
- The online store that proactively addresses issues
- The associate who comes up with the perfect greeting
- The employees who go out of their way to cheer up a shopper
- The retailer who finds a way around stock-outs
- The cashier who establishes a local connection with shoppers
- The sales employee who takes the time to find the perfect fit
- The associate who puts her product knowledge to good use
- The retailer offering a sincere apology
- The retailer who makes an effort to upsell and educate customers
2. Promote your business through social media campaigns
Social media marketing involves sharing content in the form of photos, videos, and text, grabbing public attention on various platforms, including Facebook, Twitter, Instagram, etc. Online social media campaigns and advertising can play a key role in growing your business online by creating awareness about the products/services. But be mindful of the fact that before you take the plunge to publically advertise your business, you are sure of your goals and what you desire to achieve. Social media campaigns help attract the audience, create positive brand association and improve communication with the audience. You can also run contests, offering gifts and discounts for driving considerable amounts of audience.
SOME TIPS FOR PROMOTING YOUR BUSINESS THROUGH SOCIAL MEDIA:
- Choose the platforms that are best for you.
- Know your audience
- Expand your audience
- Build relationships
- Pay attention to trends
- Sell your stuff with social commerce
- Mix up your formats
- Focus on quality over quantity
- Use scheduling and automation to free up more time for engagement
- Track and refine your performance
3. Conduct competitive research
Conducting researches concerning your business is also crucial for discerning ongoing trends in the marketplace and gaps in your corporate plan. It helps you get an idea of the policies and strategies implemented by your competitors and what you can do to get to the apex. There are two types of competitors you might encounter, i.e., direct and indirect.
Direct competitors are those who provide the same services as yours and aiming the same customer base, whereas indirect competitors provide services that may be the same as yours, aiming at different audiences or providing slightly different services aiming at the same audience as yours. Analyzing their strengths and weaknesses, you can uncover what threats they pose to your business and what your shortcomings are. In addition to this, you will able to form a more strategic which helps you to grow your business online.
According to Michele Levy, an independent brand strategy consultant, “keeping track of who your competitors are, what people are saying about them, and what they are saying themselves can help you differentiate your firm and stay ahead of trends that could affect your business.”
“Keeping an eye on the competition allows you to make very practical decisions about product development, price, promotions, message, and your place in the brand landscape.”
4. Product licensing contract
It is a process in which one company grants permission to another company to sell its services and products, and the original owner gets royalty in return. This can be an effective way to substantially grow your business online. Secondly, launching your product can be a tedious and time-consuming task, whereas to attain success in the marketplace, you ought to continually bring out new services and products. Licensed services and products also help you gain an insight into how a company develops products, and launching proven services makes the most for your existing products.
Advantages of Licensing:
Licensing’s advantages can be seen from two perspectives: licensor and licensee.
Advantages to the licensor include:
- The licensor’s ability to quickly penetrate new geographical regions and global markets by leveraging the licensee’s distribution network.
- Due to not needing to engage in distribution, the licensor will have cheaper capital requirements and costs.
- The ability of the licensor to generate passive money via royalties
- The ability of the licensor to gain access to the licensee’s experience and skills
Advantages to the licensee include:
- The licensee gains access to well-known intellectual property and can reach the market faster.
- The licensee does not have to pool resources to perform R&D to produce their products or services.
- The licensee’s ability to make cash by utilizing the licensor’s intellectual property
Disadvantages of Licensing:
- The licensor’s intellectual property has been taken away from them.
- To produce revenue, the licensor must rely on the licensee’s talents, competencies, and resources.
- The licensee is in charge of production, marketing, and sales, among other things.
- The licensee may be reliant on the intellectual property of the licensor.
5. Business Networking
Devoting time to networking activities, may it be social or conventional, could be a great difference-maker to grow your business. Networking is the process of establishing relationships of mutual benefit leading to business opportunities. Indulging in this process and establishing ample networks can help to unclutter new surges of revenue. While attending networking events, you must be mindful of the strategies that consequently contribute towards growing your business online. On the other hand, the internet is a great convenience for professional networking, allowing you to interact with industrial people within the comfort of your homes. Also, you can cherry-pick any time of the day or night for networking according to your will though, many platforms provide the preferred times for high engagement. And lastly, the most important thing while growing a business, don’t give up on networking even if the business starts scaling because there will always be opportunities for you to avail yourself.
6. Email marketing
From the first day, start creating email lists that are the most efficacious way to keep in touch with visitors. Several people may visit your site, but most of them are likely to never come back again, and you aren’t going to have any way to communicate with them again. To this problem, email lists are a solution also keeping your customers acquainted with any new products/services. But you should always work on growing and proliferating the email lists as they face dilapidation of 25% annually. In addition, email marketing escalates sales and ameliorates brand loyalty.
7. Corporate Sponsorship
This is a kind of marketing tactic that gets a brand to be publicized by an event or project. The corporate brand or business contributes financially, expecting public association with the program and recognition among the program’s audience. This could be a sports event, a conference or a seminar. However, some things should not be neglected while making sponsorship deals. The business owner should look into the sponsorship deal, correspondences with their products and services. This results in increased brand responsiveness, customer confidence, and social media following. It also elevates your company’s stature and competitiveness.
8. Diversification of your products
Bringing constant diversification to your services and products can be highly beneficial for your business to grow online. According to it, a company dives into new markets providing services dissimilar to the existing ones. But each thing is best done when it’s on time. You should always know the right time to diversify according to your resources and capabilities. Introduce new services that are valuable and more attractive for your customers. The diversification should fall in your realm of expertise so there’s no chance to encounter failure because if all of your products belong to the same niche and even one of them faces rejection, it could exacerbate your business. Also, excessive diversification is more likely to create more risks. If you cannot properly manage the launch of more products, don’t go for the idea.
9. Webinar Marketing
In this era, webinars have crucial for growing business online. They connect you with different leads all over the world and help encourage the audience to ask questions and give their feedback. Webinars are rather a cost-effective way of extending your business because instead of paying for conferences and meetings, you can lure audiences over their computers. While conducting these webinars, ensure maximum audience engagement and participation. You can also invite industry leaders and affiliates as guest speakers to educate your audience on the benefits of your services in a more meticulous way. This will also increase your credibility and validity. Webinars can help you gauge the present repute of your business by having a look at the number of attendees and views and also adds a face and name to your product that advertisements don’t, increasing customer trust many folds. In the end, don’t forget to tell the audience that their presence at the webinar is appeasing, so they are more likely to spread the word.
10. Refine your business strategies
A successful businessman should always have an insight into what the customer desires and what can persuade new customers to avail of your services and products. Adjust your strategies proportional to their needs. You can analyze your customer requirements like what they shop and search utilizing search engine data and Google analytics. Focus on ROI, sales, and your budget. For growing a business always take the plunge to experiment to see what’s working and what’s not. Then keeping this in view, create new plans and strategies that could help your business grow online.