Mohammad Khan Yusufzai is Masters in Management, specializing in Economics, Finance and Marketing, with corporate & lectureship exp.
You have a small business and it is doing good. But you want to make it better and you are looking for ideas for your small business to grow. Well, you are not alone. Did you know that even the world's top businesses are always looking into the ways they can improve?
Be it launching the new product lines or getting more efficient systems?
Anyway, here are the 5 ideas to grow your small business and take your game to the next level:
Move Your Business Online.
As per Statistica Digital marketing outlet, "Revenue from e-commerce will amount to $563.4 billion by 2025"
And online purchasing has witnessed around 30% growth in the first quarter in the US. So it is needless to say where you should direct your focus on.
The first idea for your small business growth is also the most basic one:
Move Your Business Online.
Advantages of online business such as feasibility to operate at any time, low operating cost, and better customer support have led to the emergence of small businesses which are purely online. So, It is needless to highlight that you need to digitize, digitalize, move online(whatever you prefer to call it) with your small business.
If your small business has no online presence, consider setting up a web store. Or You can try collaborating with existing online markets such as Amazon to tap into potential markets and capture sales. An online presence will also help you to gather necessary data about your potential customers. So that you can direct your marketing efforts more concisely, such as email campaigns and personalized ads.
And it would be wise not to EVER underestimate the power of social media.
Try Good Automation Software for Your Business.
Automation is the latest game-changer for businesses, big or small alike. And this is more a technical truth rather than an idea for your organization. You cannot be present everywhere and do everything for your business.
Consider the Opportunity Cost:
it being a lot more significant in the case of small businesses. Imagine you are lost in paperwork trying to write checks, deposit slips, and invoices for your vendors, meanwhile, your customer is waiting to get some clarity on how to use your product (priorities anyone?).
That's why you should invest in some good automation software such as Quickbooks and OnlineCheckWriter, that can do your work automatically in the background while you focus your efforts on growing your small business.
Your Business Sells Experience
Another small business idea that you must have heard a thousand times while browsing through the web and from various marketing gurus. But what does this phrase means, and more importantly what does it mean to your small business? Simply put, your customers buy products from you for fulfilling a basic need that they have.
For instance: when you sell a burger, you are eliminating the need for food due to hunger. Your customers will experience eating the burger and slowly fading away of their hunger. This is the experience that you want to target. You must try to improve this experience continuously by making it as pleasant and memorable as possible.
Chances are this experience will forever be registered as a happy memory for your customers. And this experience is what will bring repeated sales as well as new customers to your small business.
Focus on Digital Marketing (and Not Just on Digital Selling)
Another common mistake that is often overlooked by small businesses is how they use digital marketing tools. Marketing and sales are two different things and must be carefully used under different circumstances specific to each of them.
Hard selling or pushing your product over social media is the internet equivalent of that pushy salesman that you don't want to look directly at. Rather than running a mundane ad campaign you can create and document content that provides value to your audience and builds a relationship with them. This could be some welfare work done by your business, industry insights, tutorials, and tips, or even entertaining behind-the-scenes videos.
Your potential customers will look into these things. And when the time comes to buy the product, they will choose the brand they already know:
Think Global, Act Local
Another globally overused and over abused marketing term (pun intended).
Even so, the essence of this term still holds true. Where most businesses make mistakes is they try to implement the globalization part only in operations. And that too is a little overdone.
Your small business doesn't really need a $100,00 expensive makeover on how it should like. Nor does it require some overly complex inventory management systems.
Instead what you need to realize is that the product that you are offering is competing globally against other businesses, in one way or another. To stand out with your small business you need to appeal to the local market that you are serving. Ultimately: it is how good you serve your customers that will dictate the success or failure of your small business.
If you have successfully reached here then you must have got some clarity over what you must do and what you must avoid for helping your small business to grow. But these are mere suggestions and should not be taken as ready-made solutions for your business needs. Ultimately it is you who knows what's best for your business and you must decide what should be done. Still, these five ideas are worth consideration. When applied smartly, they will definitely help your small business shine brighter than your competitors and organically grow over the years.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2021 Mohammad Khan Yusufzai