How to Grow Your Business: A Guide for a Great Business Growth Plan
What are the best ways to grow your business? Check out our guide to find out what you should be doing to optimize your business growth plan.
The internet reaches over 4.5 billion people across the globe.
That’s 56% of the global population.
Access to the internet has paved the way for explosive small business growth. 15 years ago it was nearly impossible to talk to someone on the other side of the planet. Today, all it takes is one click.
And, it’s easier than ever to start a business. The market is jam-packed full of entrepreneurs like you hoping to pave the road for their future.
However, you have something they don’t.
By the end of this article, you’ll know what to do to develop a crystal clear business growth plan that’ll situate your business above the rest.
Let’s start at the beginning.
Identify Your Target Customer
One out of three consumers who stopped buying from a company did so because they didn’t have a personalized experience.
If your target audience is everyone, you’re effectively targeting no one. The more in-depth you are when identifying your target customer, the easier it’ll be to perfect your business’s message.
After you’ve learned everything there is to know, in your business growth plan you can develop products or services that are going to answer all their questions. You’ll find that it’s easier to market to a specific group of people.
If you do it right, they’ll wonder how you’re able to read their minds. They’ll know right away that your business is going to help them. Why?
Because they know your business understands them.
Spy on Your Competition
2 out of 5 businesses fail because there’s no market for their services.
Researching your competitors is a great way to determine if you’ve chosen a profitable market. If you don’t find anyone offering similar products or services, it’s probably a bad sign.
But, if you do find competition in your niche, you can reverse-engineer their marketing strategies. And then build upon them for your own business growth plan.
Things to look at:
Types of content they create: Do they regularly post new blog articles? Do they create videos? You can even sign up for their mailing list to see how they interact with potential customers.
Social media profiles: What outlets do they use? How do they use them? Does it seem to be beneficial? Are people engaging with them on social media?
Sales pages: Do they seem professional? Do they point out product benefits or only product features? What products or services do they offer?
Customer reviews: Are there any recurring trends? What about disappointed customers? How does the company respond to negative reviews?
If you notice areas that need improvement, you’ve found a pot of gold . You understand where the competition is lacking. You can then focus on creating a better customer experience as part of your business growth plan.
Define Your Unique Selling Proposition
After you evaluate your competition, it’s easy to decide how your business is going to stand out. But, your USP digs deeper than how your products differ from your competition.
You’re selling an experience, not just a product or service. If you understand your audience, you know what will motivate them to click “buy now.” How you position the experience you’re selling is what makes your business unique.
Here are some inspirational examples to model your business growth plan after:
- Nerd Fitness: Fitness is a crowded market. But, Nerd Fitness is unique by framing it around an overlooked group of people.
- Dominos: Anyone can make good pizza but can anyone guarantee it’s delivered in 30 minutes or less?
- Southwest Airlines: There are a ton of airlines to choose from, but Southwest is the most budget-friendly.
Develop Your Brand as a Foundation to your Business Growth Plan
There’s more to your brand than your logo and color scheme. They’re a part of your brand but they don’t encompass the entire package.
The first question your branding needs to answer is why you do what you do. Your “why” is a part of every decision, every interaction, and every piece of content you create.
Your why is the basis for your messaging. It’s the reason you chose the target audience that you did. It’s the heart of your business.
Once you know why, then, and only then, should you focus on your traditional branding. Your business’s appearance should resonate with your target audience and build upon your unique selling proposition.
Tips for Developing Your Brand’s Appearance
- Choose a color scheme that matches the mood
- Use images your target audience wants to see
- Avoid fonts that are hard to read
- Design a simple, yet memorable logo
- Don’t overthink it
If you don’t have a website, now’s the time to create one. Go back and read the first sentence again. You can’t afford to miss out on that kind of potential, a website is instrumental to your business growth plans.
With your branding in place, you have a solid foundation for building your online presence.
Need help getting your website up and running? We can help with that.
Create a Strategic Digital Marketing Plan
Digital marketing is more than social media. In fact, it dives into the psychology of how people behave online. With so many options out there, it’s understandable to believe your marketing plan should include as much as possible.
But, that’s a great way to end up a jack of all trades, and master of none.
Since you understand your audience, you know where they hang out online. Are they into retweeting things or do they prefer looking at pretty pictures?
Decide which digital marketing strategies you want to use. Then, learn how to leverage them to your advantage.
These are the most common strategies in a business growth plan:
- Email marketing
- Social media (Facebook, Instagram, Twitter, and Pinterest)
- Search engine optimization
- Paid advertisements
- Content marketing
The Good, Bad, and Ugly: Analyze Your Results
The key to growing a small business is learning what works and what doesn’t. Certain forms of digital marketing don’t work well for specific industries. Once you know, you can stop wasting resources.
But, you won’t know until you look at your analytics.
Determine which digital marketing strategies are worth future investment. And which ones you should toss out the door. Understanding the impact each marketing avenue makes is an important part of learning how to grow your business.
Are You Ready to Develop a Personalized Business Growth Plan?
As a small business owner, you wear a lot of hats. In fact, you’ve probably worn all of them at one point or another. Spreading yourself thin could end up hurting your business.
But don’t worry, we’re here to help.
Our dedicated team of experts understands the importance of developing a solution as unique as your business. We can help turn your ideas into a flourishing business growth by providing guidance and support that makes your work (and life) easier.
Contact us to get started today.