6 ways you can start growing a small business
Growing a small business comes with big challenges. The competition is stiff and standing out from them can be challenging. But fostering growth in a small business isn’t impossible, and if you know what you’re doing, you can meet or even exceed your goals.
Here are six marketing tips for small businesses that will grow your customer base, make you stand out from the competition, and set you up for long-term growth. If you’re running a small business, you don’t want to miss out on these tips.
1. Define your value proposition
Every successful company, big or small, has a clearly defined value proposition. There are four key elements to a value proposition; customer, problem, solution, and differentiators. Defining each one and taking the time to fine-tune your proposition is the key to running a growing and successful business.
Here is what you need to know in order to define your business’s value proposition.
Who is your customer? Try to be as specific as you can and look at any available data to inform your answer. Your customer isn’t simply a person with desire A or problem B, they have an age, location, name, personality, and it’s our job to know it.
The next thing you need to define is the problem. How big is it? Is it urgent, do many people have this problem, or is it something your target customer is aware of? These questions and many others need to be answered convincingly and with evidence.
Now that you’ve defined your problem and target customer, how does your solution solve the problem for them? You should also try to measure the effectiveness of your solution if possible, providing evidence for why your solution works and why people can trust it.
This is the part where you go, “But wait, there’s more!”. You have to clearly define how you’re different from your competition and why these differences make you the better option in terms of value.
2. Set realistic goals
Setting realistic goals that you can reasonably achieve puts things into perspective and forms a clear path for growth that you can follow through with. There’s nothing wrong with having bigger dreams or high expectations, but setting goals you cannot realistically achieve can diminish your team’s morale, derail your efforts for growth, and waste valuable resources.
Having clearly defined goals also helps you measure the success of your efforts. This can boost team morale and motivate your employees to help meet the next set of goals.
Make sure you can measure your goals
One of the purposes of a goal is to focus your efforts toward one achievement. This is why making sure your goal is quantifiable is essential. It helps you measure your progress, lets you know when you’ve succeeded, and gives you essential data on ways you can improve your business and marketing strategy.
3. Create a strong marketing plan
Every small business should have a marketing plan if they plan on growing. Your marketing plan is the road map to focus your efforts, list key tasks, and coordinate a routine that works toward defined goals.
In your marketing plan, you should list the KPIs, or key performance indicators, that you’ll be tracking to measure the effectiveness of your marketing efforts. It should also include competitive research, important data and customer profiles, and a content calendar for your website and social media.
Your marketing plan should also outline your business growth strategy, ways to improve customer retention, and how you can optimize your sales funnel.
4. Use Analytics
Gathering data is one thing, but analytics is a whole different ball game. You might have already guessed this if you’ve combed through the numbers, unsure of what you’re looking at and how you can put it to good use.
Data analytics is the practice of analyzing raw data to draw conclusions, define patterns, and make predictions. It’s the guiding force behind successful marketing efforts and business decisions.
Data analytics solutions for small businesses
If you need help turning data into a strategic advantage, it’s best to rely on the help of experts who have the tools, knowledge, and experience to make it happen. Gather data on your existing customer base, potential customers, and use it to power your growth strategy.
5. Use Automation to Grow
One thing that has always separated small businesses from larger businesses is resources. Large companies have more resources to put toward things like marketing and customer service, plain and simple. But those days are over.
With advanced automation, you can have around-the-clock marketing and customer service for any number of customers. You can personalize ads and promotions without the need for human input and even respond to straightforward customer questions with a chatbot.
One mistake that many businesses make when trying to grow is not having the capacity to take on more customers when their marketing efforts are successful. This can harm your reputation and turn your growth into something harmful rather than helpful. This makes automation a critical part of the growth strategy.
6 . Hire the Right People
Who you decide to make part of your team can mean the difference between a growing business and a shrinking one. Knowing who to hire can be challenging for any small business owner, especially if you’re used to doing most things yourself. So if you’re going to bring someone onto your team, you need to make sure they’re a good fit for your business.
With the right people, establishing a company culture that promotes growth will be natural. But how do you make sure someone is the right fit before you hire them? Here are some tips on finding the right people before you hire.
- Define your company culture and what is needed to make a good fit.
- Decide what expertise your team needs.
- Identify what your time matters most.
- Clarify your expectations as much as possible.
Ready to grow your small business like a pro?
Masterly Business is your team of expert marketers, web developers, and brand strategists that can take your business to the next level. Our tried and tested strategies using cutting-edge AI and automation, so all you have to focus on is what matters most.
Contact us to learn more about what we can do for your business, or ask for a free demo to see what we’re all about.