Every small business wants to be big and every big
business started out small. Promoting growth is the goal of every small
business owner.
Here is a list of five keys to growing your business.
All of which are used by Fortune 500’s and should be adopted by every
small business.
Understand your metrics
Knowledge
is power. Knowing who is buying from you, how you are reaching them
and at what cost can mean the difference between your business growth
sputtering along like an old car with a bad engine or blasting off on
the back of a rocket ship.
The digital age means
that more and better quality data is easily available and more
affordable to businesses of all sizes. Some of the most important
metrics are…
- Conversion Rates
- Churn Rates
- Onboarding Success
- Organic Traffic Growth
- Paid Traffic Conversion Rates and Volumes
- Monthly Recurring Revenue
Each
of these are useful for tracking aspects of your business. Tracking
these metrics over time will help you better understand the impact of
past decisions and plan for the future.
However, because of the ease
with which this data is gathered it is possible to become quickly
overwhelmed. After understanding what these are and how they impact
your business select just one to focus on to track the growth of your
business.
Segment your market
Once
you are armed with all the information about your client base as
possible it is important to identify a section of them on which to focus
your marketing efforts. This may sound crazy. Why shouldn’t you go
after all the clients you can?
The truth is that
the largest return on investment comes from targeted marketing. Why
waste your time and money advertising to people who you already know
probably won’t buy what you’re selling? So divide up your market into
various segments and select the one most likely to provide you with
increased sales and growth.
Companies like Pepsi
have done quite well doing this. Everyone knows Coca-Cola. They hold
the largest share of the world’s cola market. Instead of trying to
compete with Coke across the entire market Pepsi focused its efforts on
one segment.
Pepsi almost completely abandoned
the 30 and over segment. Their ad campaigns focus on a younger target
audience. Consequently they have been able to increase their share of
the youth market.
Understanding your market and
where your products and services are most needed is key to rapidly
growing your small business. See a much larger ROI by segmenting your
market and targeting those most likely to buy what you have to sell.
Brand your business
Big
brands rule today’s market space. Branding is fundamental to growing
small businesses. Good branding makes your small business more visible
and memorable to a greater number of people, making your business look
bigger than it actually is.
Come up with a
strong, creative name that is easy to pronounce and remember. Customers
remember names. Have a tagline that conveys your core value
proposition.
A great example of this is the
hotel-alternative tech company Airbnb. Easy name and their tagline,
“welcome home” exactly and succinctly lets you know what they’re all
about. Coupled with their attractive logo they provide an excellent
example of the power of simple branding.
RDM’s
new branding package for small businesses provide an incredible value to
bring your brand to life with a solid logo, messaging and corporate
material designs. For more information on how RDM can brand your
business contact us at rdmsales@ringier.ng.
Use compelling content
Whether
it’s text for an ad or images for your website, creating good content
is hard work. But it is well worth the effort. It’s incredibly easy to
write poor content that is glossed over by potential clients. A little
time and effort is all that it takes to plan and deliver good content
to your target audience.
Using sharp and relevant
images and clear and concise text will help your business stand out from
the crowd. Here are a three tips.
Don’t be afraid to show how you work.
Potential clients want to get to know companies and products before
they buy. You don’t need to give away trade secrets, but let them have a
peak behind the curtain.
Make your content sharable.
With
social media linking today’s world information travels fast.
Delivering solid content that your clients want to share will make them
each a contact point for your brand, making your company more visible to
potential clients.
Make your content actionable. Driver clients to do something, like subscribe to your newsletter or watch a video with innovative and promotional content.
Don’t
feel capable of developing creative and compelling content that not
only reaches, but engages your target market? Let our team of
professional, talented and local content generators do it for you.
RDM
has a stable full of graphic designers, artists, photographers,
videographers and writers to provide your business with the right
content to reach your audience.
Build an email database
Building
a large database of client emails is incredibly difficult. Like
building creative and useful content, coordinating a large and
ever-growing email database takes a lot of time and effort. But it is
also well worth the investment.
Being able to
reach out to many clients at the same time with the same message allows
for a cost-effective way to market to these clients. It also allows you
to track the response and better understand your current client base.
RDM’s
newsletter management service can help your company develop and deliver
emailed newsletters to your client database or ours.
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