As technology consolidates its footprint, more and more business-minded people are setting up their own companies. The modern-day entrepreneurs don’t need a bank-breaking amount to kick-start their venture. For example, unlike the past, nowadays, you don’t have to rent an office and pay for the utility bills every month. You can pretty much hire a remote workforce and conduct business operations from a messy room of your home.
However, strangely enough, an overwhelming number of start-ups don’t do well despite being facilitated by the latest tools. The failure rate of small businesses is mainly on the higher side. Stats reveal that half of the small businesses vanish from the scene within the five years of their inception.
These numbers could potentially rip apart enthusiasm out of you. But, as they say, there is always a silver lining at the end of the tunnel. We are listing down tried and tested ways that can help to blossom your business, regardless of its size.
Here, take a look at these points:
- GATHER LEADS
Lead generation refers to the process where businesses get access to potential customers. Once marketers have your email address or phone number, they try to stimulate your interest in their products or services and subsequently expand the customer base. During all this process, lead generation plays a critical role because they entice a visitor to share his contact details. An appealing lead magnet could offer a variety of CTAs such as read more, download, buy now, subscribe, and so on.
You may be astonished to hear that some of the brands heavily rely on lead generation. So much so, they sanction nearly half of their marketing budget to attract quality leads. The reason behind this is not difficult to crack. As time goes by, businesses are mushrooming quite rampantly. And marketers have realized that it is about the time to find customers instead of waiting for customers to reach out to the companies.
At the same time, it is highly advisable to consider company objectives, size, industry, and other factors while singling out a suitable budget for lead generation.
- PROVIDE QUALITY CUSTOMER SERVICE
Indeed, people evaluate the quality of products and services before siding with a brand. But that is no longer the only criterion to determine the standing of a company. Today, customers crave for attention. Hence, they give high weight to customer service as well. In America, a large number of consumers dumped old businesses and switched to the new one’s last year, primarily based on better customer service.
Ensuring quality customer service is easier said than done because it requires you to be active 24/7. Installing chatbots on your social media accounts and websites can be a good alternative. What’s more, bots have become smarter, and they can even personalize the conversation. In other words, people are less likely to feel that they are interacting with machines.
- INVEST IN PERSONALIZED MARKETING
When visitors are reading blogs, and they encounter irrelevant proposals, it will eventually make them skip your website. The reason being, mass marketing has pretty much outlived its utility; every individual has different needs, desires, and financial position. You have to treat them accordingly. That is what personalized marketing is all about.
As mistakenly assumed, calling someone by his/her name does not make your offer sound personal. There is more to it. Here is how you can successfully execute personalized marketing:
i. Stay on top of data collection: Personalized marketing greatly hinges upon the quantity of information. From link clicks to purchasing history, you must track each and everything of all customers. Having more data by your side means you have a high probability of predicting what a consumer would want to buy in the future.
ii. Empower yourself with the right equipment: Data gathering is a walk in the park, but only if you have the appropriate technology. If not, all your hard work may go down the drain. Since personalization software is available in different price ranges, you may easily find the one that aligns with your budget.
iii. Track progress: Personalization campaigns may not always hit the bullseye. At times, they could be subject to some chop and change. It is necessary to monitor progress and keep an eye on the accomplishment of the objectives.
- MAKE THE MOST OF SEO
Google receives as many as nearly 5.6 billion search queries in a single day. Considering such staggering traffic, marketers regard Search Engine Optimization (SEO) as one of the best ways to boost any business. The standout feature of SEO is that it serves you well in the long run. Once you get enough number of backlinks or the keywords earn popularity in the eyes of algorithms, your website will make it to the good books of Google. That said, you have to post small business blog or keep your website active one way or the other.
Remember, there is no shortage of SEO black hat strategies. It is strongly recommended not to exploit them no matter how tempting they might sound. Google penalizes whoever indulges in this malpractice. Since SEO is cost-effective, affordability is never going to be an issue.
- CAPITALIZE ON LOYALTY PROGRAMS
It is a well-established fact that businesses spend more money to attract new customers than to win the loyalty of existing ones. Loyal customers create emotional bonding with you over some time. They don’t only help to skyrocket your sales, but also support you when the chips are down. Stuff like promotions and discounts will do a world of good to establish life-long loyalty.
THE FINAL VERDICT
Nobody in his sane mind can reject the prevailing cutthroat competition in the business world. The market is so volatile that ups and downs can occur overnight. Yet, your business could pull off steady growth by religiously sticking to the methods as mentioned earlier. In all likelihood, the success may take a bit more time than what you might anticipate. So perseverance is going to be the key.