Are you ready to take your business to the next level? Growth and expansion is what distinguishes successful businesses from their less-successful counterparts. If your business remains stagnant, your competitors will take advantage of this weakness by encroaching into your territory. There are ways to prevent this from happening, though, while establishing your business’s market presence in the process.
#1) Marketing You Can Monitor
If you aren’t able to monitor and measure your business’s marketing strategy, you’ll struggle to optimize it for a higher return on investment (ROI). Offline marketing channels like direct mail, billboards and TV commercials are particularly problematic in this regard. Since there’s no viable way to measure the effectiveness of these marketing channels, you won’t know what works and what doesn’t.
Digital marketing channels, on the other hand, are easy to measure. Using a marketing analytics dashboard, you can track key performance indicators (KPIs) like click-through rate, impressions and conversion rate. If a particular channel has a high conversion rate, you can increase spending to generate more sale and improve your ROI. If a channel has a low conversion rate, you can reduce spending on that channel.
#2) Offer Exceptional Customer Service
Whenever your business interacts with prospects or customers, treat them with the highest level of respect. Exceptional customer service is a defining characteristic of highly successful businesses. According to a study conducted by Zendesk, more than half of all online shoppers will recommend a business because of its superior customer service and 85 percent will pay more for the business’s products.
#3) Launch a Loyalty Rewards Program
From Zappos and Sephora to Kroger and Wayfair, countless businesses use a loyalty rewards program to boost their customer retention rate. While there are countless ways to create and structure a loyalty rewards program, they all serve the basic purpose of rewarding customers for purchases. For example, you can reward customers with one point for every dollar they spend. Once a customer has accumulated enough points, he or she can redeem them for free goods, services or discounts. When given the option of purchasing a product from a business with a loyalty rewards program or a business without a rewards program, customers will probably choose the former. This is important because selling to an existing customer is 700 percent cheaper than acquiring a new customer.
#4) Reach Mobile Users
With more than three-quarters of U.S. adults owning a smartphone, you shouldn’t overlook mobile marketing in your business strategy. Even if your business doesn’t operate in the Information Technology (IT) industry, it can still benefit from mobile marketing. Creating a mobile-friendly website, for instance, allows smartphone and tablet users to interact with your business online. You can also use paid advertising like Google AdWords and Facebook Ads to reach these users. Alternatively, you can develop a companion app for your business, including helpful tools and educational resources for your target audience.
#5) Use Technology
Finally, you can use technology to take your business to the next level. According to a survey conducted by Bank of America, 64 percent of small business owners aren’t taking full advantage of modern technology. Whether it’s accounting software, cloud computing services, customer relationship management (CRM) solutions or new point-of-sale (POS) systems, the right technology can streamline your business’s processes while differentiating your business from its competitors in the process.
These are just a few ways to take your business to the next level. Growing any business requires time, resources and hard work. If you’re willing to make the investment, though, it will pay off in the long run.
by: Mikkie Mills