I appreciate the fact that you started your own business and differentiated yourself from the crowd but you should understand that out of 100 businesses, 79% fail and the reasons are many but every reason states that founders fail to understand how to grow a business.
This complete universe is changing every second, nothing is stagnant or same here and same rules apply to your business. You can be a new business owner, established business owner or a struggling business owner, no matter what, you cannot remain stagnant. Either you will start going down or you will start raising and I personally feel that no one is interested in going down.
So, I am sharing a few actionable plans and procedures which can be applied in 2018 to any business and I promise your business will start growing within a month if you apply everything properly.
Pick Frontline Employees
Every industry has frontline employees who directly face customers, then have managers, then vice presidents, then directors and then CEO. Majority of times we take reporting from just predecessors or max to 2nd predecessor. Due to this, the quality of message conveyed from top authority degrades before reaching the bottom. And it is no one’s fault, it’s just human behavior, and I know it is not possible to contact each frontline team member each time.
So what’s the solution?
The best way is you conduct a periodic meeting directly to frontline members, involving only a few mediocre managers and convey your dream, your visions and the ‘WHYs’ of your company. By doing so you will observe that few of the frontline employees will start working really hard and will show the sudden rise in quality and quantity of their work. In every periodic meeting observe these employees and pick them for direct reporting.
Now contact these frontline employees directly every week, motivate them, take them to a dinner or lunch and keep sharing your dreams. And you will see 5-6 leaders which you have chosen will bring 10 to 20 times greater results from their existing results. Not only this, once the other employees observe the culture, they also will be motivated and will start giving you the better results. And the best part is you can see results within months without investing lots of money.
Pro Tip- In some cases, few negative people get into workplace politics and might spread rumors about wrong relations. So being a senior it’s your responsibility to convey the message in a very strict and clear way.
Re-design Landing Page
If you really want to grow your online business fast, then you should never consider landing pages as normal web pages. Either it is for data collection or for selling a product, it should be attention seeking and powerful enough that can force clients to take actions. Though creating a perfect landing page is a very big topic but let me share a few important points which you can consider while redesigning your landing pages.
When your landing page is for data collection, try not to use more than 2 lines. Convey your motive behind the lead collection within those 2 lines. It is great if you can convey the message in just one line. Look at the following data collection pop of Business Alligators. It is very simple, attractive and enough powerful to give me hundreds of leads every month.
But when it is about landing pages for any product to sell, it should be long, descriptive but not overly written. You can use testimonials, videos, few extremely important FAQs, but do remember one thing, try not to provide too many links to other pages on the landing page. The more links you will provide, the more will there be a downfall in the sales.
Pro Tip- Never promote more than one product on the same page.
Invest in Data Analytics
According to report of International Data Corporation big data market will increase with a compound rate of CAGR ratio of 11.7% till 2020. And as per Statista by 20126 total revenue of big data analytics will be US $92 billion.
According to a report of EMC Corporation by 2020, every second 1.7 megabytes of information will be created. According to the same report out of all information, we are gathering right now, 23% information is usable but the hard fact is we are only analyzing 0.5% information out of it.
You need to understand the flow of your data so that you can bring out best results out of it. So track each process carefully; like time spent by any customer, lead conversion ratio, lead conversion time etc. Trace every bit of information and use it for the growth of your business. The following process can be applied for collecting and analyzing data.
You can start your basic steps of data analytics by using Google Analytics which has both free and paid versions. You can invest as per your requirements else you can go with the free access option also.
Train Your Employees
I know, it sounds like some old school lecture but it is extremely crucial for growing any business, especially if you want to grow your business really fast. According to a poll conducted by Gallup, 63% of all employees are not engaged at work and above that 24% are actively disengaged at work. Now imagine how you can grow your business with just 13% employees which is the only percentage of highly engaged employees.
Which means, out of 100 employees whom you are paying, 87 are demotivated and not willing to work. Now how can you expect someone to help you in growing your business if he is not even motivated by his work? Though this data varies from country to country but not so much.
Not the only poll says this, even employees feel the same. As per the research of the Middlesex University of London, 74% of UK workers believe that they are not achieving their potential and need job training for the same.
Though it is a different thing that managers don’t feel so and employees won’t say it on your face but you should keep training your employees periodically no matter how experienced they are. And always give both types of training i.e. motivational and product information training as some need pure motivation while some need detailed product knowledge to perform better. By doing so you can easily make your business grow by many folds within few months.
Sell Your ‘Why’
I personally feel that selling your WHY is one of best strategies to grow any business. Just look at Apple Inc., the biggest company in the world, they always sell their WHY before selling their product. Their famous tagline “Think Different” doesn’t say that they are good or bad, it just says that they are different and that’s why you should buy them. It might sound stupid to you but according to Forbes with this small line their stock price got tripled within 12 months and that too without any special product launch in that period.
Just look at their recent iPhone X advertisement poster.
What does it say?
If you want to say hello to future, buy iPhone X.
So prepare your sales pitch in such a manner that it will always start with “Why to buy your product” instead of what your product has in it or how you buy your product. You can even read my last post on sales techniques for knowing some more interesting sales techniques.
Improving Pricing Strategies
What’s the main reason behind growing your business? Perhaps the biggest reason is to generate more profit and ultimately to generate more money from the business. Now let’s take an example of generating a revenue of US $100000 in one month. This can be done in some of the following ways:
|S. No.||No. of Items Sold||Price of Product in US $||Revenue in US $|
Now in each case, we are generating the same amount of revenue but in each case, efforts and profits will be different. Though the 1st and 6th cases seems a bit hard to achieve but what if we talk about the 3rd and 4th case! Both seem achievable as compared to other cases. You need to understand the same thing. The more the number of products you will sell the larger resources will be required to manage customers and when you go to sell very high ticket products, marketing will consume a lot of money and efforts.
So you always have to find out some mediocre ways where you can sell to fewer clients to save your efforts but can sell products that are little high priced. You need to understand that selling more is not always beneficial. So, one must think carefully before setting the price of the products, don’t just reduce the price because your competitor is doing so. You never know what’s their strategy, so instead of countering their strategy focus on your strategies.
Apply KISS Formula
Please come out of the dream of your last mesmerizing kiss with your lover. Here KISS stands for “Keep It Simple, Stupid”. Most of the time budding entrepreneurs overload their products just in a hope that it will grow their business and in this process they make the product highly complex.
Humans are born lazy; they always try to make tools to make their work easy so that their laziness can survive easily. Look at the automation, everything is just reducing our efforts and increasing laziness. And to such humans, if you will ask to do some extra work, they will throw your products out. The more complex you make your product the more it will hit the ego of laziness and it will completely deny your product no matter what benefit you are providing. Everyone knows know yoga, gym and exercise is good for us, but how many of us are doing it on daily basis? Why don’t we do it? To save our laziness.
So if you are really in a mood to grow your business, instead of thinking for changing the behavior of your customers change your product and make it super simple to use unless you are into health-related business. Make your advertisements, UX and UI super easy, and sales pitch customer friendly. Each and every aspect of your business should be as simple as possible so that your customer can understand your product within a few seconds.
Increase the Referral Business
This is the most known fact which people don’t use to grow their business in spite of knowing the benefits of referral business. According to a study by Nielsen Company, 92% people are more likely to buy a product when referred by their known ones. Even referred clients provide 16% more lifetime value when compared with non-referred clients.
Though according to research conducted by Harvard. age plays an important role in the profitability of referral clients over the non-referral client. So you need to plan your marketing accordingly.
And you would be surprised to know that according to a report of Texas Tech University 83% of satisfied clients are ready to refer the product but only 29% actually refer any product and the main reason is that the salespersons don’t ask for references.
You should make it a part of the training process to tell and teach your salespersons the benefit of asking for the reference and more importantly, how to ask for them.
Strategic Email Marketing
Either you are a small business or a big business, email marketing can grow any type of business really fast. According to a report by Mckinsey, emails are 40 times more effective in acquiring customers and not only that, an average order value is 17% more than that of Twitter and Facebook combined. Even as per the report of DMA, 66% of online purchases happen because of emails and have the highest ROI out of all advertising forms. For every $1 spent on email, you can make $44 and hence it gives you an ROI of 4400%.
In spite of such amazing ROI, only 23% companies are reviewing emails’ open rate and click rate as per the report of Getresponse.
My suggestion is that you should invest some more money in email marketing that can really boost your business with a very fast speed.
Pro Tip- Use personalized emails instead of normal ‘hello’ emails, it will boost your revenue much faster.
Everyone can grow his/ her business but the growth of any business will depend on how effectively you adopt growth hacking strategies. It is not about whether you entered late or early in the market, it is about how systematically you approach profitability. The sooner you learn these techniques, the faster you can grow your business.
If you have any doubt regarding any of the ways which I have mentioned here, you can ask me in the comment section.