How to Drive Profitable Business Growth
- Posted by admin
- On April 1, 2021
- 0 Comments
It requires patience, hard work, and a solid strategy to grow a business and make it profitable. There are many ways to drive profitable business growth with improving customer experience. Let’s take a look at them.
1.Create a sales funnel
Let us first understand what a sales funnel is. It is a step-by-step process that allows you to bring your potential customer base one step closer to your offer and a buying decision. In other words, it’s the complete process of finding a prospect and converting them into a customer. With a ready-made sales funnel, it becomes easier to scale your business and achieve business growth. With a well-prepared sales funnel:
- Marketing becomes easier: You know how many leads have entered your funnel. You’ll also know how many more leads need to enter the funnel to reach your goals.
- Sales forecasting becomes more accurate: You can predict how much sales you can make in the future. You can design your sales plan accordingly and make the necessary efforts.
- Conversion rate improves: A clear sales funnel helps the sales team analyze each lead. It helps them to see how a lead has passed through the funnel, how much time it takes to get converted into a customer. This enables them to prepare a personalized sales call.
2. Penetrate your market
Once you have set up your sales funnel and entered the market, you can penetrate it further. There are two main ways to grow your business.
– Attract new customers
– Retain old ones
Attracting new customers and increasing your customer base is always welcome. But finding new customers is a slow process and a difficult task. On the other hand, working on your existing customer base is the best way to increase sales. They play the most important role in growing a small business. It requires less effort to retain them than to acquire new customers. You can acquire new customers through –
1. Paid Advertisements – PPC, Social Media Ads.
2. Organic Traffic – Using SEO and SMM
3. Content Marketing
3.Participate in trade shows
Participating in trade shows also increases the chances of business growth. These trade shows bring together people who are interested in your product or service. This gives you access to the right audience and increases the chances of sales. Make sure you choose a trade show that fits your product or service.
4. Research your competition
If you are entering or planning to enter a market, it is important to research your competition. Try to analyze, understand, and learn the way your competitors operate. This will help you improve, grow, and beat the competition. Find out the marketing strategies your competitors are using. Try to replicate them.
5. Build an email list
Building an email list is one of the best ways to connect with people. This will help you reach people faster. You can create newsletters, ads that talk about your product and services. After that, you can send emails to people and encourage them to subscribe to your newsletters. This will help people to know more about your product and services.
6.Use Ecommerce platforms
Ecommerce platforms are one of the best ways to achieve business growth. You can use different types of platforms depending on the products or services you sell. For example: If you sell physical products, you can use Amazon. If you sell services, you can use Upwork. The possibilities are endless. Through this mode, you can reach a large number of viewers and generate more sales.
7.Reduce your cost
If you are planning to grow your business, you should also focus on increasing your income. Many a time, we do not have enough money to reinvest in the business. This means that the cash outflow is higher than profit.
To solve this problem, it is important to cut costs. This will ensure a sufficient cash supply. You can do this by converting your failing products into cash. This will reduce your costs and improve overall sales. This will also encourage you to reinvest the money into business growth.
8. Try Automation
Automation helps to save both time and resources. With the help of automation, you can take care of your business efficiently. Automation helps with Marketing, Sales, time tracking, ROI calculation, employee productivity, and more. There are many tools available in the market for automation. These tools are Hubspot, Hubstaff, Salesforce, Pipedrive, and others.
9. Increase your Reach
Business growth is highly dependent on the number of potential customers you have access to. It’s fine to make a profit by doing repeat business with a small subset of your audience. However, to make a large profit, you need both repeat customers and a steady stream of new customers. One of the best ways to increase your reach is by offering a free newsletter to your customers and future prospects.
First let us understand what a newsletter is and how it can help you to increase your reach.
It is a tool that is used by businesses and organizations to share suitable and valuable information with the network of customers, prospects, and subscribers. It allows businesses and organizations to share engaging content. This helps them to increase sales.
From small businesses to global corporations, everyone can afford something that is free. When you offer a free newsletter, you let your potential customers know your interest to provide free information from the start. Put your effort to offer good content so that customers can learn more about your business.
10. Form Partnership
Let’s say you have started your business, launched your product, and you are ready to share it with the world. But there’s a problem. You don’t have the time, the budget, or the skills to effectively launch your product.
The solution: Business partnerships.
Partnerships help you connect with existing businesses that have the tools and audience to help you grow. These companies have spent several years building their reputations. Partnering with them will help you learn new techniques and tools you need to succeed in a new market.
To conclude, it requires much dedication if you want to grow your business and make it profitable. By following the above steps, you can grow your business faster and more effectively.