The economy is slow, there’s no denying that. At 5%, the Indian economy is currently at its slowest but the competition remains uninfluenced. In fact, it has become more difficult for businesses to thrive. Even well-established companies are struggling to keep up. But, a slow economy doesn’t have to be bad news for your business.
Your business can thrive and grow even in a slow economy if you have the right strategy.
Here are a few things you can easily do to grow your business:
Be the ‘Need’ of the consumers
The most common mistake that companies do is they put all their focus on promoting their own products rather than focusing on what the consumer actually wants.
Just remember, sell benefits not features. Start by asking yourself, “So, what’s in it for them?” and then build all your marketing strategy around it.
If you can position your products and services as a solution to a consumer’s problems, then you become the need of the consumer rather than a brand trying to push sales.
Despite the current economic conditions people will continue to buy items or services that they need or that they feel bly about. Speak to the needs of the consumers and you will be heard.
Step outside your comfort zone
We have an unhealthy tendency to stick to our comfort zone. Be honest, if a strategy works, you will milk it for as long as you can. But this very tendency will create barriers against your growth. Considering how important the growth aspect of a business is, it is time you break out of the comfort zones.
You need to be willing to build relationships and partnerships in areas you are not familiar with. Look to expand business operations into new territories. Get rid of the traditional ways of advertising and start employing new methods to promote yourself.
Just be sure to seek an expert advice or consulting services to make sure you do things right.
Also, by stepping out of your comfort zone, you can gain some new insights or delve into new areas that have the potential for growth.
Outsourcing
This might sound unusual but outsourcing is actually a smart way to conduct your business. Outsourcing has been a long practice for most companies, but the onset of the internet has allowed it to bloom and become bigger as the years go by.
You have to consider outsourcing your PR, marketing and design needs because not only it is cheaper than maintaining an in-house team but also the fact that outsourced providers can often generate outcomes that are superior to the outcomes produced by internal efforts.
Change is always a good thing and for companies like you that are looking to grow, outsourcing is a great option as it allows you to focus on the core business processes.
Prioritize customer service
Regardless of the industry in which you operate, customer service matters and in service-based industries such as restaurants, nursing homes, spas, etc. it becomes a vital part of business success and sustainability.
Well established companies often overlook the importance of customer service. Since they already have an established customer base they shift their focus elsewhere. But they tend to forget the significance of repeat customers.
Customer retention is as important as finding new customers. And once you have mastered the art of customer service, the customers will see you as more than just a brand.
And did you know that existing customers spend 67% more than new customers.
Identify and reward your loyal customers
Now that you have a great customer service, you can start identifying your loyal customers for better customer retention.
Here are some qualities of a loyal customer:
- They put their complete trust in you
- They give feedback and reviews
- They are engaged with your activities
- They act on your new launches and updates
- They advocate your products/services
By identifying your loyal customers you can have a better understanding of their needs and expectations and cater to them accordingly.
Now it is time to reward them for their loyalty. Everyone likes to be recognized for their contributions and your customers are no different. One way to reward loyal customers is to give them something exclusive. It could be giving them access to a new product that hasn’t officially launched to anyone else. Also, inviting customers to a special event is a great way to spread some positive goodwill and get people talking about your business.
Just remember, more the loyal customers, more the revenue.
Engage with your customers
Gone are the days when companies interacted with the end user only through their products and advertisements. It’s the age of information and your customers probably know what’s best for them. So to stand apart and make a long-lasting impression you need customer engagement.
Customer engagement is speaking directly to your customers and if you want to engage with them, you need to speak their language at the place they hang out, social media.
Social media has essentially changed the way a brand interacts with its customers, it is now a 2-way street. Each time an individual interacts with your brand on social media, overall awareness of your brand is increased. And brand awareness leads to brand recall which is essential for a business to grow.
Customer Engagement can be the emotional connection between you and your customer. Tap into your customer’s emotions and see the difference in your revenue.
Improve your online presence
The digital boom has revolutionized the way brands handle their business. And by adopting the right strategy several brands have tasted great success. But even after the undeniable impact of the internet and digital media, many companies are still not bringing their A-game.
Your customers are online, so why aren’t you? And just having a website is not enough, that doesn’t even make you a part of the race; you have to be in the front-line.
Your customers are looking for you online, so be visible. Your customers won’t go past the 1st page of Google, so get to the top of the search result.
Improving your online presence can help you achieve most of the above-mentioned factors to grow your business. There are several methods that you can use to improve your online presence such as SEO, Google ads, E-mail marketing, etc.
You can hire a digital marketing agency that can help put your brand on the digital map, because not only it is cost-effective, but also the revenue generated could be twice the marketing efforts.
While growing a business in an uncertain economic scenario presents additional challenges, by following the above-mentioned strategy, your business can overcome all of the hurdles and flourish.
