There could soon be exciting times around the corner for an ambitious entrepreneur. 2022 will end with around 17 million new businesses launched, which means plenty of opportunities (and lots of competition!).
With everyone’s eyes fixed on growing their business, what can you do to help your company flourish?
We’ve put together the top five business growth strategies you should adopt this year.
1. Referrals
Let your happy customers become your best salesperson by recommending you to their friends. A referral scheme is an excellent growth strategy as you’ll get more significant results as your business grows.
Start by creating a reward system that will capture your customers’ interests.
Money off future purchases is always a popular one. You could also provide a sliding-scale reward chart, so the more people a customer refers to you, the higher the rewards.
2. Scale Geographically
Perhaps you’ve had stunning success launching your product or service to a local or domestic market. If that’s the case, then your business shows signs that it could have the potential to do well internationally.
Start by focusing on one location overseas to keep things simple. Ideally, pick a region with the same language so you can keep offering the same high levels of customer service.
You may also prefer to speak to a local consultant who can give you some tips about tailoring your product or marketing to fit local customs.
3. Invest in SEO
You can get long-term traffic to your website by investing in SEO services. And that’s not just any old traffic.
SEO traffic, when done right, is highly targeted. Potential customers will search for a solution, and then your business will pop up with the answer and a buy button!
If you haven’t done SEO before, it takes time to read about the subject and get familiar with what you need to do. You might prefer to hire an SEO strategist to give you the advice you need.
4. Partnerships
Why not partner up with a similar (but non-competing) business and use your collaborative platforms to amplify your voice? You can promote each other’s businesses to your audience or customers.
Alternatively, you can create a joint marketing strategy giving your customers an offer they can’t refuse.
That works best when you have complementary products that serve the same type of customer. For example, if you run a web design agency, you could partner with a business offering copywriting services.
5. PPC Advertising
PPC advertising can be your shortcut to growth because you can scale any ad campaign quickly to reach a bigger audience.
That’s perfect if you are new and don’t yet have a well-known brand, or if you have an upcoming product launch and you want to generate some buzz about how great it is.
Proven Business Growth Strategies
There is nothing gimmicky about any of these business growth strategies. These are tried-and-tested ideas. Why not add these to your business goals this year and see how they can help your company?
And for more tips on how to accelerate your business growth, check out our digital marketing section.
