Do you want to accelerate your business growth? If yes, here's a write-up that discusses six prominent tips to achieve this endeavor.
Legendary Indian businessman & Visionary Late Dhirubhai Ambani once said, “You do not require an invitation to make profits.”
Unfortunately, many entrepreneurs & start-ups lose steam in the middle after a couple of months or when encountering a threatening situation.
While in 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 quarterly/ yearly growth targets in tandem with the industry when they can go far beyond these targets.
The changing time needs fresh thinking and will make you the market leader.
Business is not Newton’s law that cannot be changed.
Any business can witness a turnaround with the 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 a 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, and providing them with 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 to make 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, the 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 an amazing and distinguishing marketing campaign. This will ensure that you deliver the right message to the target segment.
3. Go for customer success rather than customer satisfaction
Customer satisfaction is a vestige of the twentieth century.
In 2011, 7 in 10 Americans said they would spend more with companies they believe provide excellent customer service.
With technological advancement, customers have grown smarter & seek solutions that benefit their own success.
Organizations that are still in the mode of concentrating ONLY on products will perish soon.
The only surviving, thrive and achieve business growth is to become a successful 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. Personalized offerings, accessibility, clear communication, delivery and quick problem resolution are some 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 in a lot of areas like delivery style, packaging, policies, overall customer experience, marketing strategy, customer service, branding etc.
With products becoming obsolete faster than 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 production technology.
Online presence, strong PR, and leveraging technologies like CRM, ERP, and other required platforms are not costs.
When aligned with organizational goals, technology helps you reach out to your customers and prospects and keeps the business coherent with their ever-changing needs.
In this era of cut-throat competition, businesses must be alert and responsive to deal with issues within the sights of the customers before the competitors.
Applying the above-mentioned strategies can help businesses achieve growth and unrivaled customer loyalty.
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