Every day, new entrepreneurs are seeking opportunities to start a business. However, the epidemic of COVID-19 brought about a surge of e-commerce retailers and food delivery services. As a result, studies reveal that new business applications significantly increased by 20.6% between 2020 and 2021.
If your business didn’t receive successful growth during this time, you’ve still got time to revive. All you need to do is implement the right growth strategy, and success will automatically come on its own. So whether you’re targeting a new market or introducing better products and services, it’ll take your business to the next level. Imagine an business process outsourcing partner who takes care of your operational challenges, like a seamless extension of your own organization. For over 20 years, Invensis Technologies has been just such a partner for businesses around the globe.
Today, this article will take you through the journey of what business growth looks like. Further, you’ll learn some great growth strategies you can adopt for your company’s growth.
Let’s get started.
Business Growth: What is it?
Table of Contents
- 1 Business Growth: What is it?
- 2 Importance of Business Growth
- 3 Top Innovative Ideas to Accelerate Company’s Growth
- 3.1 Put Money in Customer Relationship Management
- 3.2 Introduce Process Automation
- 3.3 Leverage Marketing Automation
- 3.4 Appoint Talented Employees
- 3.5 Emphasize Customer Experience
- 3.6 Conform to Social Networking
- 3.7 Provide Top-Notch Customer Support
- 3.8 Leverage Content Marketing
- 3.9 Offer Top Quality Product Training to Employees
- 3.10 Expand Your Email Listing
- 3.11 Prioritize Customer Satisfaction
- 3.12 Simplify Email List Subscription
- 3.13 Initiate Quality and Positive Work Culture
- 3.14 Offer Top-Notch Onboarding to New Customers
- 3.15 Take Time to Know Your Customers
- 4 How Does Invensis Help in Business Growth?
- 5 To Conclude
- 6 Frequently Asked Questions
- 6.1 1. What is meant by growth opportunity?
- 6.2 2. Can I seek business growth by expanding geographical boundaries?
- 6.3 3. Is it practical to use employees’ ideas for bringing out new products?
- 6.4 4. Will my company grow faster by selling to existing or new customers?
- 6.5 5. Is it possible to capture new markets by developing new skills?
The pursuit of amplifying a company’s visibility, profitability, and future is known as business growth. Moreover, it can bring forth reinvention and scalability. You can choose to convert your single-handed business into a teeming agency. Expanding your product line and introducing new merchandise is also a great option.
You can even introduce specific metrics and measure the growth of your company. Some of them include:
- Inaugurating new branches
- Hiring greater employees
- Amplifying product line and services
- Gaining greater clients
- Welcoming new investors, etc.
Your newly introduced company might take some time to reach these milestones. Thus it is best to start honestly during the process.
Importance of Business Growth
The fastest-growing industries across the globe are healthcare, food and beverage, and real estate. If your business industry is poised for growth, you must capitalize on suitable shifts and trends to remain competitive.
You can also try other ways like rewarding raises to your staff or investing in customer acquisition. Adding value to present customer relations will efficiently help your company achieve more growth. Thus, you can accomplish better for yourself and your team.
Let us now take a quick look at some innovative strategies you can implement in your company.
Top Innovative Ideas to Accelerate Company’s Growth
First of all, congratulations on successfully pitching your small business idea. To grow your business, you will need to be creative and implement new tactics. Make sure you choose strategies that lets you work smart and fast, thereby maintaining customer satisfaction.
Some creative ideas that will help accelerate your company’s growth are:
Put Money in Customer Relationship Management
A customer relationship management system is of utmost importance for all small businesses. In today’s competitive business landscape, it’s quite a challenge to complete without a solid CRM. It dramatically helps in streamlining the contact management of a company.
A CRM will efficiently house all-important customer data, thereby providing you valuable insight into their interest. Thus it will be easier for you to hold their personal information and understand their needs.
Introduce Process Automation
Initially, all small businesses have limited resources. And they need to remain efficient with whatever they have. But introducing the right technology will efficiently help automate processes that would otherwise be done manually.
Automation will save loads of time which you can use to formulate higher-value tasks like forming your growth strategy.
Leverage Marketing Automation
Marketing automation is an excellent strategy for accelerating company growth. It can do everything from building landing pages for generating leads to sending marketing emails. Moreover, it helps in delivering leads while moving towards conversion.
If you choose to use an all-in-one CRM system, it comes with built-in marketing automation.
Appoint Talented Employees
Hiring talented employees for your company is worth every penny. It’s a worthwhile investment for the future of your business. Qualified employees will ensure to provide the best outcomes for your company. Moreover, it will also have a positive impact on your customer experience.
So make sure that you never hire employees without adequate experience to save your expenses. You never know; this inappropriate decision might cost you more in the long run.
Emphasize Customer Experience
Customer experience plays a pivotal role in the buying decision of consumers. As it will overtake the key drivers of purchasing choices, you must deliver a top-notch customer experience.
So by placing yourself in your customer’s position, you can determine your needs. Only then you’ll be able to provide your customers with the things they enjoy.
Conform to Social Networking
Presently, most small businesses are leveraging digital marketing services as it offers positive outcomes. So if you wish to make your company grow, you must introduce your business to numerous social networking platforms. The best social media sites are Twitter, Facebook, LinkedIn, etc.
Sharing new content and posting news daily will amplify the engagement with your target-specific audience. Once you successfully conform to social networking, you’ll know how a strong media presence can efficiently drive traffic to your website.
Provide Top-Notch Customer Support
Customer support is an incredible way to accelerate your company’s growth. Customers might have queries or issues regarding your services and products. So, adequate customer support will allow your customers to reach out to you for help.
You need to ensure that the customer support team is familiar with your products and services. Besides, they must be proficient in resolving all customer issues and queries in the first place itself. Therefore, make customer support a priority, and reach out to respond to them at the earliest.
Leverage Content Marketing
Content marketing is an excellent idea for business growth. You can choose to write about topics that will tickle the interest of your audience and educate them. You can deliberately educate them on industry trends and provide tips and tricks to work smarter.
Posting thoughtful blogs and articles over social media will help you become more competitive.
Offer Top Quality Product Training to Employees
Your employees need to be well acquainted with your products and services. This will make them confident to answer any product-related queries of a prospect or customer. Failing to do so will automatically lose the trust in your ability to offer an excellent customer experience.
Expand Your Email Listing
After leveraging digital marketing, growing your email listing is more than essential. It would be best if you effectively generated new leads within your database.
It is challenging to grow your business without generating new leads in today’s competitive industry.
Prioritize Customer Satisfaction
Satisfying customers is more than essential to leverage a recurring revenue stream to help your business grow stably. Owing to this, customer responses about your brand and products are likely to stay positive. This automatically makes your brand known through word-of-mouth.
Thus you need to improve customer experience by focusing on customer satisfaction.
Simplify Email List Subscription
Ensure an intelligent tool on your web page to allow consumers to subscribe to your email list quickly. You can also include this option on other highly responsive and traffic-loaded pages. Including a link within the sign-up form will also help people find your email listing in numerous locations.
Initiate Quality and Positive Work Culture
Introducing a positive work culture will make your employees more efficient and productive. Moreover, they’ll stick around for longer and work harder to achieve positive results. But, on the other hand, an employee turnover is likely to affect your bottom line horrifically.
You need to make them happy and ask them for suggestions on how to improve your workplace. Then, by implementing their feedback, you can show them that you care about their well-being.
Offer Top-Notch Onboarding to New Customers
You need to train your new customers to use your products and services. Failing to do this, your potential customers will deliberately leave you for a competitor they think is better.
Take Time to Know Your Customers
The CRM system of your company stores loads of professional and personal data about your consumers. You can gain valuable insights into their pain points and interests through this data. You will also learn about their buying behavior from the past.
Make sure that you establish a partnership relationship with your customers. Once you know them successfully, it will be easier to convey your services and products. This will deliberately help improve customer satisfaction, thereby helping your company grow.
How Does Invensis Help in Business Growth?
Invensis is your strategic partner for all end-to-end business services. We efficiently work as an extension of your growing business and ensure that you’re agile. Here, we offer diversified services, including outsourcing IT services, Back office services, Finance and Accounting services, Healthcare BPO services, Customer Care services, Training and Educational services, etc. We also extend our services in digital marketing services and e-Commerce services.
Our mission is to deliver productive and consistent solutions with promising commitment. Associating with Invensis will help you garner an edge within your industry. Call us today to outsource all your business requirements.
If you strategically follow the tips mentioned earlier, you can efficiently grow your small business. Those ideas that allow you to work smarter and faster are the most successful ones. Once you meet those objectives, we’re sure it will significantly drive your company’s growth.
Frequently Asked Questions
1. What is meant by growth opportunity?
Growth opportunity comes for all companies after a significant amount of time. Your company will see a growth opportunity only after passing four tests, including:
- It helps in relieving human pain
- The market is enormous
- You have all the proficient skills
- You have an advantage and are way ahead of your potential rivals
2. Can I seek business growth by expanding geographical boundaries?
Yes, you can. Expanding geographical boundaries is probably the most common way to grow your company. You can expand your business by matching the culture and approach of that particular country.
3. Is it practical to use employees’ ideas for bringing out new products?
Encouraging your employees to think about new and innovative ideas is the best way to make your company grow. It will also give you an idea of how creative your employees are.
4. Will my company grow faster by selling to existing or new customers?
While you’re already selling a product, your business will grow faster by selling to your existing customers. However, sometimes you might also bring in faster growth by selling to a new group of potential consumers. To determine the better path, you can compare both strategies for some time.
5. Is it possible to capture new markets by developing new skills?
Yes, it is possible to capture new markets by developing new skills. This will effectively help your company to grow as well.