Every company desires to see huge growth within a short time. Many entrepreneurs dream of capturing the attention of their target audience to drive sales and possibly expand into new markets.
Although each company has its metrics for measuring success, it is clear that every startup wants to see “growth” in terms of total sales, profit margins, and other metrics.
Although there are no guarantees in business success, it is possible to follow proven strategies that have helped other brands achieve significant growth.
Top 5 Proven Tips to Experience Unreal Business Growth
1. Quality first
Quality must be the priority if you are to grow quickly, however cliché it may seem. Your marketing efforts are certainly worthwhile, but word-of-mouth is a powerful source of social proof that will help you grow your brand.
SEMRush reports for example that more than half of UK craft beer drinkers would try a new beverage if recommended by a friend. BrightLocal reports in 2020 that 87% of consumers looked online for reviews about local businesses.
Verbal, a free platform for audio content distribution, has seen incredible business growth due to the popularity of podcasting.
Creators have the option to “cut” audio media clips, such as podcasts, and then embed them on their web pages, social networks, or playlists they’ve created on Verbal. Creators and podcasters now have an alternative distribution channel that allows them to share their audio content, grow their audience, and even make a profit.
Audra Gold, CEO at Vurbl, explained in an email conversation what has helped them grow their user base by a large number of users in just one year. “We focus our efforts on audio content that’s highly sought-after but difficult to find and consume.
We remove all barriers that prevent you from listening to the audio on 100’s of different topics. Many of our features are designed to enhance the listening experience by allowing for sharing, portability, and curated playlists.
We provide audio content creators with better tools to engage and grow their audiences so that, when they’re ready, we can help them monetize it through the programmatic audio advertising.
It is obvious that the first customer experiences matter. No matter what your other efforts are, creating a memorable and positive experience is the best way to generate meaningful word-of-mouth referrals from people who trust social proof more than anything else.
2. Identify strategic partners
Although you would not partner with a competitor directly, many other brands offer complementary products and services to yours. Both companies can benefit from a strategic partnership by introducing their brands to new customers and adding value to existing customers.
Starbucks partnered with Barnes & Noble, a bookstore chain, to open their coffee shops at all Barnes & Noble locations. After browsing the shelves, or reading their latest book, many bookstore customers enjoy a cup o’ coffee.
This combination of these customer bases was a success and was part of Starbucks’ rapid growth in the 1990s. Barnes & Noble, unlike other bookstore chains such as Waldenbooks and Borders, has maintained a retail presence. The bookseller continues to struggle due to changing markets, but the partnership with Starbucks is helping it avoid the same fate as its former competitors.
3. Continue to introduce new products
Crumble Cookies, a gourmet cookie company, is a great example of how a constantly evolving product line can lead to rapid brand growth. The brand has already opened more than 250 stores and introduced over 170 flavors. social media is fueling much of this brand’s hype.
Social media is used by the brand to announce its rotating menu of cookies. Some flavors will be only available for a week. Customers are more likely to return to the store every week due to this sense of exclusivity.
Influencers also review new flavors using the hashtag #CrumblReview, driving huge social media engagement. The brand’s constant product changes have helped TikTok gain over 2.5million followers.
Similar strategies can also be found in many other industries, such as video gaming and sneakers. A constantly changing product line, including limited-time items, can significantly increase the customer’s lifetime value.
4. Initiate a loyalty program
Customer retention and acquisition can be greatly impacted by loyalty programs.
69% of customers say that customer loyalty and rewards programs influence their decision to shop with a retailer. 58% of loyalty members will shop at the business at least once per month.
The right incentives for your business can vary depending on the business. Kroger grocery stores offer “fuel points”, which give customers a discount at selected gas stations. When referring a new patient, dental offices often offer discounts or other perks to existing patients.
Consider the motivations and behaviors of your target audience when you are choosing loyalty program perks. You can keep your existing customers happy and encourage them to buy more from you in the future by offering the right incentives.
5. Never dismiss content creation
SEO is not a secret but it is often overlooked. A HubSpot case study shows that ROGETECH, an IT distribution company, used keyword-focused content to increase its web traffic by 4,000% in one year. 84 percent of the traffic came from organic search results related to the content.
An on-site blog is not the only content that can drive rapid growth. Crumb’s growth has been largely due to its active social media presence, which takes advantage of the visual nature of its products.
Quality content is a great way to establish your brand as an authority in your niche. It also allows you to share your best customers’ words of mouth material.
Discover your way to rapid business growth
Any startup can experience exciting and difficult growth. You will be better placed to scale if you take strategic steps to appeal to your target audience and keep them coming back.
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