Legendary Indian businessman & Visionary Late Dhirubhai Ambani once quoted, “You do not require an invitation to make profits.”
Unfortunately, many entrepreneurs & start-ups lose the steam in the middle after a couple of months or when stumbled upon a threatening situation.
While into their business, they miss the “thinking” part. In many cases, a strong idea is not backed by long-term strategies, adequate resourcefulness, and intended execution. Most organizations set the quarterly/ yearly growth targets in tandem with the industry, when they can go far beyond these targets.
The changing time needs a fresh thinking and fresh thinking will make you the market leader.
Business is not Newton’s law that cannot be changed.
Any business can witness a turnaround with correct ingredients. And, in case you are down with your business, you are reading the right content.
Compiled below are 5 tips to accelerate business growth. Read and leverage them to achieve the truest potential of your business.
1. Build high-performance team
“Human Resources isn’t a thing we do. It’s the thing that runs our business.”– Steve Wynn
Any resource whether IT, Infrastructure, supply chain and likes can be replicated, but not Human resources.
Your business team can be the greatest source of competitive advantage. Attracting and retaining the best employees has been the biggest challenge in the competitive environment.
Re-inventing the organizational culture, motivating the employees to realize their potential, providing them an adequate degree of freedom & sense of ownership of the business are sure shot ways to ensure your organization is on the right growth track.
2. Hire a creative agency for making marketing collateral
A business that does not advertise in order to save money is moving towards a slow death.
As the adage goes, focus on your strengths and outsource the rest- your marketing content creation must be outsourced.
Communication strategy with customers, stakeholders, public, media etc must be managed carefully.
Hire a competent communication partner (a trade printer) to design your marketing materials- brochures, innovative visiting cards, catalogs, & other offline marketing materials. Your printing partner should provide exclusive and advanced printing solutions and create amazing and distinguishing marketing campaign. This will ensure that you put across the right message to the target segment.
3. Go for customer success, rather customer satisfaction
Customer satisfaction is a vestige of the twentieth century.
In 2011, 7 in 10 Americans said they were willing to spend more with companies they believe provide excellent customer service.
With the technological advancement, customers have grown smarter & seek solutions which are beneficial to their own success.
Organizations which are still in the mode of concentrating ONLY on products will perish soon.
The only surviving, thriving and achieving business growth is to become a success partner for your customers.
A survey says that on average, loyal customers are worth up to 10 times as much as their first purchase AND News of bad customer service reaches more than twice as many ears as praise for a good service experience.
The bottom line is that solutions must be customized for customers’ success. Personalised offerings, accessibility, clear communication, delivery and quick problem resolving are some of the traits that can take care of customers.
A successful customer is the best advertisement
4. Innovate & Improvise
It is a myth that innovation is a function of money.
Innovation is not just about 'ONLY PRODUCTS'.
Today’s customer is not buying your product. The modern day customer spends for buying style, comfort, aspiration, design, & overall experience.
So, apart from the product, there’s a scope to innovate a lot of areas like delivery style, packaging, policies, overall customer experience, marketing strategy, customer service, branding etc.
With products becoming obsolete faster than the ever, innovating organizations will achieve business growth and others are bound to perish.
5. Invest in technology
Technology is a key success driver with a majority of brick and mortar businesses feeling the heat from e-commerce & m-commerce.
Businesses must allocate a budget for investing in productive technology.
Online presence, strong PR, leveraging technologies like CRM, ERP, and other required platforms are not costs.
Technology, when aligned with the organizational goals, technology helps you reach out to your customers and prospects and keeps the business in coherence with their ever changing needs.
In this era of cut-throat competition, businesses must be alert and responsive to deal with issues be within the sights of the customers before the competitors.
Applying the above-mentioned strategies can help businesses achieve growth and unrivalled customer loyalty.
Sawaram Suthar is head of marketing at Acquire, and also a founder of Jagat Media, a digital marketing agency. A digital marketing consultant, he has experience in things including branding, promotions and page optimization, along with research and strategy. He has an MBA from the University of Pune. Anyone can find him on @sawarams.