Small businesses make up 90% of all global companies. So if you’re a business owner, the chances are that you have a small business & thinking about Business Strategy. And everyone who owns a small business has dreams of growing the company, being more profitable, and establishing the company in the business world.
However, driving growth is not an easy task. A lot of entrepreneurs and company owners have trouble coming up with great strategies for achieving their goals and they can sometimes feel stuck and without ideas.
That is why we made this list of tips that will help you improve your business strategy and drive growth.
Business Strategy 1 – Consider market penetration
Market penetration, sometimes also known as market development, is a strategy in which companies try to sell their products to a previously untapped market. To have a successful market penetration strategy, you need to find new markets in which your products might sell well.
This is a very common strategy for companies that are trying to grow. With it, you will be able to move beyond the customers you already have while still catering to them. And as a result, your share of the market will be much larger.
You can target a new geographical location, which is what most businesses do during market penetration, but that’s not all you can do. You can also go for a new demographic, a new industry, or a new corporate department.
If you want your market penetration to be a success, you also need to have a solid localization strategy. Localization will help you expand to other markets and increase your customer base. But most importantly of all, it helps you enter new markets much more rapidly.
This is because selling localized products will make it easier to overcome cultural barriers. Customers from this new market will develop trust in you much more quickly than if you didn’t use a localization strategy.
Business Strategy 2 – Build a strong social media presence
Today’s brands know that the best way to grow their business is to be present on social media. But it’s not enough just to be present. You also need to constantly look for ways to increase social media engagement.
If you already have a business, the chances are that you have social media profiles as well. However, there are always ways to improve that presence.
Here are a few things you can do:
- Be consistent with your posting. Social media is filled with content, so if you want to get in front of your customers’ eyes, you need to post regularly and have a consistent schedule.
- Participate in trends. Every social media platform has its own trends, and new ones are popping up all of the time. If you want your followers to relate to your brand, you should participate in these trends as much as possible.
- Talk to your followers. Social media users who follow brands want to have authentic interactions with the businesses they follow. Make sure to engage with your audience as much as you can, reply to comments, and post user-generated content.
Additionally, when we talk about social media, most people think about platforms such as Facebook and Instagram. And while it’s important to have a presence there, you shouldn’t forget about LinkedIn.
This platform will help you make professional connections and find new opportunities to help grow your business. And if you use the best LinkedIn automation software, you will make those connections more easily, be able to send automatic invites, grow your network, and much more.
Business Strategy 3 – Start a customer loyalty program
The key to growth is having loyal customers who are willing to come back to your business many times and even be brand representatives. And while there are many things to improve customer loyalty such as offering great customer service and selling amazing products, there is one step you shouldn’t miss.
That step is creating a customer loyalty program. Customers love these programs because they provide them with rewards when they meet certain criteria. And seeing as how 75% of consumers say they favor companies that offer rewards, it’s not hard to see why these programs are so popular.
They’re not only popular among customers but also among businesses because they encourage repeat purchases.
Business Strategy 4 – Know your goals
Growth can be a term that describes a lot of different things, so it’s not enough just to say you want your business to grow. Rather, you also need to know what kind of growth you’re after, whether it’s a growth in profit, market expansion, adding new products to your line, or anything in between.
Every type of growth needs to be measurable, and if you have any quantities goals, you need to impose deadlines for when you want to achieve those goals. When you have a concrete plan that describes everything you want to achieve, you can measure your success over time and optimize parts of your strategy when necessary.
Every business owner, no matter how big or small their company is, has a wish to grow their company. And while that’s easier said than done, growth isn’t as hard to achieve as some people think it is.
As long as you apply the right strategies and give yourself time to see actionable results, you will undoubtedly accomplish all of your goals.