When it comes to actionable business growth strategies, they are not limited to long term success. They are conducive to motivating teams, aiding as cues to learn from mistakes, prioritizing the use of natural abilities and particular skills, and making better plans. Businesses could suffer from competition and losses when concrete, actionable business growth strategies are not in place.
It applies to start-ups, small businesses, and established companies. They determine how a company would use its resources, enter new markets, move ahead of its competition, and expand its customer base.
There are many ways for growing businesses; however, six actionable business growth strategies mentioned below can make a significant difference in the long term.
1. Identify Your Ideal Customer
To identify ideal customers, you need to know their characteristics. When products or services are offered directly to consumers, also known as business-to-consumer (B2C), the data would include age, gender, occupation, income, ethnicity, marital status, location, interests, values, etc.
However, in the case of business-to-business (B2B), where products or services are offered to other businesses, the data would include the industry, budget, revenues, location, company size, etc.
Ideal customers can be identified by carrying out customer surveys over the phone or via mail, checking reviews and ratings of products or services offered by the business, and monitoring social media activity concerning the company.
A customer persona, also known as a market persona or customer profile, can be created with the help of the information collected. Different customer personas are required for different types of ideal customers.
2. Decide Your Value Proposition
The value that a company provides sets it apart from its competitors, including the services or products it has to offer. A company’s value proposition plays a vital role in its business growth, especially when it takes its offers to the market.
A niche market primarily focuses on the value that a business has to provide. New prospects can be easily generated and converted when the value is appreciated.
The value proposition of a company is among the top actionable business growth strategies which have to be clear and cannot be chosen randomly. It should be decided based on the company’s objective, vision, and synergy. A value proposition alone cannot stimulate growth as it has to be proven with action in the market. Figuring out how a company can benefit its customers is the key to adding value.
3. Optimize Your Web Presence
In this era, most customers look for services or products online through search engines, online marketplaces, e-commerce websites, social media platforms, emails, etc. They have the potential to convert leads digitally with the right optimization practices.
Maintaining a good web presence is one of the most critical actionable business growth strategies. This is because it helps in creating credibility and spreading awareness about the offers a company has to offer to its potential customers.
The company website is the first place customers visit for information. It can be optimized with a good user interface design (UI) and search engine optimization (SEO). Social media platforms such as LinkedIn, Instagram, Facebook, and Twitter can be used for attracting customers.
Blogging is an effective way of conveying a company’s brand persona. The digital reach of the business can be increased through paid ads. Lastly, a web presence can be improved through web analytics tools like Google Analytics.
4. Analyze Your Competition
Keeping tabs on business competitors is one of the most crucial actionable business growth strategies. A business should possess competitive intelligence to stay ahead of other companies in the market.
This is possible with software such as SEMrush, Crayon, and Klue, which can reveal the competitor’s data for different funnel stages like advertising copy and landing pages. The web strategy of the competing business can be determined through these tools.
The financial standing of a company can be known through the identification of its investors and boards. A company’s turnover can be estimated by knowing about the ages, qualifications, and experience levels of its employees.
A competitor’s maturity can be determined based on the geography of its team. The market penetration strategy of the competitor can be studied through its social media activity. Business growth strategy can be improved by analyzing the competition.
5. Build a Sale Funnel
Building a sales funnel is one of the quickest actionable business growth strategies. It’s important to plan a sales funnel before it’s produced as it defines the buying process of the customers. First, analyze the behavior of potential customers and modify customer personas accordingly.
Next, increase organic traffic to the company’s website through content such as articles, infographics, videos, etc. The option of running paid ads would depend upon the target audience and budget.
The next stage of a sales funnel involves a landing page, where the prospects are directed. Focus on getting leads rather than forcing sales through a call to action option. Run an email marketing campaign with the collected leads.
This way, the credibility of the company is established among the leads. A great offer is made towards the end of the campaign for sales conversion. The last step is to retain existing customers through additional offers and social media activities.
6. Create a Loyalty Program
The creation of a loyalty program is one of the innovative, actionable business growth strategies. A business should prioritize the retention of existing customers as it takes a lot of resources and time to get new customers.
A loyalty program would not only retain a customer but also develop a strong, emotional connection with them. The customer would then recommend the product or service to one’s colleagues, friends, and family members.
This way, new customers may be attracted, while existing customers are retained. Moreover, it adds to the brand value of the business through customer ratings and reviews. The best part about a loyalty program is that it is automated and does not cost much. Building a good loyalty program would lead to significant sales over time.