Many business owners are contemplating ways to grow. If you want to focus on business growth this year, consider the following five ideas.
Offer Something for Free
Customers love getting something for nothing, so try to come up with some unique ways to promote your business. If you enjoy writing, start a blog where you can offer free tips and advice pertinent to your industry. If you own software, make a free trial version available. Or, if you provide a service, offer a free consultation. Done correctly, giving away something for free can build great relationships with your customers and market your business.
Grow Your Social Media Presence
Image via Flickr by trekkyandy
Social media continues to grow, and if your business doesn’t have an online presence it’s missing out on a lot of opportunities. If you decide to use a social media platform like Twitter, you need to make sure your interactions are not one-sided. This means instead of just sending out tweets you also need to interact with and respond to followers. Also, follow accounts that interest you or your business and retweet any content you find noteworthy or helpful.
Think About Expansion
If you feel your current business location is under control and growing properly, you might want to consider expanding your business reach. The first way that many business owners choose to do this is by opening a new location. Another option some business owners look into is acquiring or merging with other businesses. In this case, you can look into businesses that are similar to your own and see what it would take to combine forces.
Focus on Your Current Customers
Trying to acquire new customers is expensive and it takes your attention away from one guaranteed source of sales: customers you already have. Instead of trying to bring in new customers, consider a customer loyalty program to increase sales from your current customers. The most popular type of loyalty program is a discount or rewards card. With loyalty programs customers earn coupons or free items every time they shop. Menchie’s, a frozen yogurt franchise, started a rewards program in 2010 and now has over 4.7 million card holders. This has helped the company experience a large amount of return customers.
Build Better Relationships
Even when you own your own business, networking and relationships are important factors. Spend some time this year growing your business relationships. If you’re working toward your MBA degree, check with your university to see if they are hosting any networking events, panel discussions, or meet ups. Another good place to check is your local chamber of commerce. The meetings and events are often free to attend and can offer an excellent opportunity to meet with local business owners who can help you grow your business.
If you want 2015 to be the year of growth for your business, then remember these tips and try implementing a few of them throughout the year.