One of the most difficult challenges that businesses face is sustained growth. Why? Because it’s difficult to identify the right strategies and tactics to ensure that your company can continue attracting new customers while keeping current customers engaged and spending more money with you over time.
Here are tested and proven strategies on how to drive Persistent Growth for a company, providing your business with a solid foundation for future success.
Create a Sales Funnel
To ensure you’re driving consistent revenue and continued customer engagement, it’s essential to set up a well-oiled Sales Funnel from top to bottom. It’s possible that your sales funnel isn’t as effective as it could be, and one of the best ways to identify leaks is through analysis.
The first step is gathering information: Check your analytics data and determine where customers drop off in their conversion processes. What kinds of messages are people clicking on? Where do they abandon their shopping carts? Which pages take too long to load? By identifying these issues, you can start brainstorming solutions—and test them.
For example, if users aren’t converting at a certain point in your funnel because they don’t trust your product or service, think about how you can address that issue with an email campaign or free trial period. You may also want to tweak your messaging; try different calls to action and see what resonates most with visitors.
Over time, you should see more conversions across all stages of your sales funnel. And once you have a process down pat, make sure you document it so that everyone else who works for your business understands how to use it effectively. If you need help creating your sales funnel, check out HubSpot’s Sales Funnel Toolkit.
Penetrate Your Market
One, of the way on how to drive persistent Growth for a company, is to penetrate your Market.
Once you’ve identified your target audience, you need to get your product in front of them, so they know it exists. It’s okay if your initial marketing efforts are awkward or clumsy. You can continually improve and refine as you test which approaches work best (and worst). The key is sticking with it until something works.
If that means offering free samples, going door-to-door, mailing fliers—whatever it takes—do what it takes! Persistence pays off over time. As an entrepreneur, you will encounter many obstacles along your journey; the industry is what helps you power through these challenges. So don’t give up when your first attempts fail.
Please note why they failed, learn from them, and try again. This may sound like common sense advice, but sometimes we all need a reminder that perseverance is essential to success. After all, even Thomas Edison famously said: I have not failed. I’ve just found 10,000 ways that won’t work.
Use a Customer Relationship Management System
A CRM system can help you keep track of your customers in an organized way and help you drive consistent growth for a company.
It’s critical that you have an easy-to-use tool that helps you stay on top of your customer data.
By doing so, you will be able to measure and better manage how each customer spends money with your company. You’ll also have access to information about what they like and don’t like—and what they might want next.
The best CRMs allow you to do things like capture notes about each customer (including likes/dislikes), organize contacts into groups, segment lists based on behavior or other criteria, automate follow-up emails or phone calls based on specific triggers (like if a prospect hasn’t responded within 24 hours), export reports and more.
Several free CRM tools are available online; however, if you plan to scale up your business over time, it may make sense to invest in a paid solution.
For example, Salesforce is one of the most popular CRM solutions for small businesses today. Another popular option is ZohoCRM.
Whichever option you choose, I recommend spending some time evaluating your needs before committing to a solution—you’ll likely need a tool that allows you to manage multiple users, as well as multiple clients.
It should also offer robust reporting capabilities and integrate with existing tools such as email marketing platforms.
If you plan to sell products, there are even more features you may need, including inventory management and e-commerce functionality. If all of these features sound overwhelming, consider hiring a consultant who can help walk you through your options.
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Use Referrals
In business, referrals are one of your best forms of marketing that lets you drive persistent Growth for a company.
Simply put, people buy from people they know and trust. You’re much more likely to get that trust if you already have some of it built up first. And there’s no better way to do that than by getting those customers you already have talking about how great your products or services are.
It’s called word-of-mouth marketing, and it can be an extremely powerful tool in growing your business. For example, if you have ten customers who each refer two new customers to you over time, then after only three years, your customer base will grow exponentially (22 + 44 + 66 = 132). This is why referral programs are so effective.
They make it easy for your existing customers to spread awareness about your brand with their friends and family—and all you have to do is provide them with something valuable in return.
The most common types of referral programs involve giving away a free product or service when someone refers another person to you, but other variations also exist. Some companies even offer discounts on future purchases when someone refers a friend, while others give out points that can be redeemed later on down the road.
Regardless of what type of program you choose, though, remember that your goal isn’t just to gain new customers; it’s also to build relationships with these potential clients.
If they feel like they got a good deal through your referral program, then chances are they’ll become loyal fans who continue coming back for more.
Use Apps For Project Management
How to drive persistent Growth for a company? Use apps for project management.
There are many project management apps, but you can use anything from Github or Asana to Basecamp.
The important thing is that you need an application that makes it easy to organize your team’s tasks and stay in touch with what everyone is working on at all times. Whether you choose something free like Wrike or go with a more feature-rich tool like Insightly, make sure everyone knows about it and uses it.
If possible, schedule regular meetings where team members check in with each other and discuss what they’re working on. This will help keep everyone informed while also giving them a chance to collaborate if they’re stuck on a task.
It’ll also give you an opportunity to offer feedback on how things are going and identify any issues before they get out of hand.
It’s critical that every member of your team is committed to achieving results – even when things get tough. So whether you’re looking for customer service representatives who can think outside the box, engineers who thrive under pressure, or managers who know how to motivate their teams effectively, be sure to look beyond just traditional qualifications when making hiring decisions.
Research Your Competition
Market research can give you unique insights into what your customers want and how they use your products. Not only does market research help you refine your idea, but it also lets you know if there’s demand for it and whether or not it’s viable as a business venture.
Conducting market research helps you better understand what problems people are facing—and how they might solve them through your product or service.
It’s also important to remember that while some competitors may be strong, others may have weaknesses that you can exploit. You never know when someone else will come along with an even better solution than yours!
But first, do your homework: Spend time learning about other companies in your industry, and make sure you’re offering something different from everyone else. For example, if another company offers a similar product at half of your price point, you need to figure out why—or risk getting stuck in a price war that could end up hurting both of you.
Even worse, if you don’t offer any real differentiation from competitors, no one will care enough to choose your product over theirs. There are many ways to conduct market research; one method is called intercept surveys, which involve stopping consumers on their way into stores and asking them questions related to your category.
These surveys are great because they allow you to get feedback directly from potential customers, but they aren’t always feasible due to budget constraints.
If budget isn’t an issue, consider hiring a third-party firm to survey potential buyers via phone or online channels. This approach gives you more data points and allows you to collect responses from people who aren’t shopping right then and there. In addition to surveying your target audience, pay attention to trends in your industry.
For instance, if you sell shoes, look at how sneaker culture has evolved over time and think about ways you can incorporate those changes into your brand. Asking these types of questions will help you generate new ideas for products or services that align with changing consumer preferences. And don’t forget to keep tabs on your competition.
Create Innovative Uses For Your Products
One of your products is likely capable of doing something most customers don’t yet know about. Why not create an instructional video or tutorial showing them how?
The possibilities are endless, but here are some examples: Create user-generated content for your site. Encourage users to submit photos and videos that demonstrate how they use your product in creative ways.
This will help you build brand loyalty and may also lead you to discover new ways of using your product that you hadn’t thought of before. For example, if you sell camping gear, ask people to send pictures of themselves camping with your gear.
You might find that people have started attaching LED lights to their tents—something you could then market as a new feature on future models.
Create a Customer Loyalty Program
One of the key factors to driving persistent Growth for a company is to create a customer loyalty program.
A loyal customer base can be among your most valuable assets. In some industries, returning customers account for 80% of sales.
But customer loyalty is tricky. Understanding why people continue to do business with you—and identifying what it will take to keep them coming back—are crucial parts of long-term success.
The more you know about your customers, their needs, and what drives their behavior, the better equipped you’ll be to craft strategies that attract new clients and keep existing ones happy.
Define Your Big Goal
One of the major steps to driving persistent growth for a company is to define exactly what you want it to look like. Figure out what metrics and goals you need to reach in order for you to consider your company a success. Don’t stop there—break those big goals down into actionable steps and write them all down.
This is an important exercise, since having a concrete plan will help keep you on track as you navigate tough terrain with your company. You can always adjust your plan if necessary, but don’t skip it altogether.
There are few things more frustrating than failing to meet your own expectations because you didn’t have them clearly outlined from day one. If you know where you’re going, it makes getting there that much easier.
And remember: It’s okay to change your goal or make adjustments along the way—just make sure they align with your original vision of what success looks like. After all, if you’re not growing towards something, then you’re just stagnating.
Identify Small Wins
Another major step in driving persistent growth for a company is getting your people focused on small wins, which lead to bigger gains.
Each of your team members should have objectives and KPIs (key performance indicators) that are measurable and achievable.
By consistently hitting those goals, they’ll prove their value to you, which in turn will get them promoted.
When working toward these goals, encourage them to identify any pain points they might be experiencing at work—and find ways to alleviate them.
That way, not only will they feel like a valued member of your team, but you’ll also be able to see what kinds of improvements need to happen across all levels.
And if there’s something that isn’t being done right, it can give you insight into where you need to shift resources. Finally, be sure to provide constant feedback throughout the process so everyone knows how they’re doing. If you don’t know how they’re doing, ask!
Create A Vision Board
The first step to creating sustainable growth for your company is developing a clear vision. A vision board is an essential tool in helping you do just that.
A vision board allows you to imagine yourself and your business at their absolute best—to conjure up an idealized, visual representation of how you’d like things to be down the road. Creating a vision board can help you stay focused on what’s most important as you work toward achieving your goals.
It can also give you confidence when facing challenges or obstacles along the way. By using pictures, words, colors, textures and other materials that represent your dreams, a vision board gives you something concrete to hold onto during times of uncertainty.
It can even serve as inspiration when you need it most. After all, seeing something great makes it more likely that we’ll achieve greatness ourselves!
Break Down The Goals Into Steps
The ultimate goal of your business is to grow revenue, but you can’t get there without having a comprehensive strategy for doing so.
The most effective way to identify growth opportunities is to break down your goals into smaller, more manageable steps.
Take some time to think about your company’s mission and key goals. What problems or opportunities do you see? How can you solve them in a way that aligns with your vision? These are all questions you should be asking yourself when developing your strategy.
Once you have a solid understanding of what needs to be done, it will be easier to determine how best to execute on those strategies.
It may also help to ask for feedback from others who work at your company or who know your industry well. Their input can help refine your plan and ensure that it addresses current market conditions.
Create A Timeline And Milestones
You can’t get where you want to go without a roadmap, so start planning early. Set clear milestones and create an achievable timeline so you know when you should be achieving what.
With key benchmarks, you can tell whether or not your business is in line with its goals and if changes need to be made.
Another great benefit of creating a timeline is that it helps define how long certain tasks will take to complete—and how much effort will be required in reaching your company’s goals. This exercise is also helpful for future-proofing your company.
By setting specific targets, you have something to work towards as time goes on; plus, it gives employees something to strive for overtime.
It’s easy to lose motivation after months or years of working at a job, but having clear milestones will keep everyone motivated and excited about their role within your company. The more targeted and actionable your milestones are, the better.
Avoid Self-Sabotage.
It’s easy to lose yourself in your work; it’s hard not to lose motivation. In order to drive persistent growth for your company, be sure you know how to avoid self-sabotage and keep at it when times are tough.
Keep up with your exercise routine. Remember that little things add up to big things over time. Don’t try to do everything on your own—you need rest! Take time out of each day for relaxation and reflection. Strive to improve one area of your life every day, whether it’s personal health, career success, or financial independence. And never stop learning!
Increase Your Reach
People want things that other people have, and that includes businesses. The easiest way to increase your reach is by selling your product to as many people as possible.
Use marketing techniques like social media, print advertising, and online advertisements to get your name out there and make it well known.
Create An Email List
One of the most effective ways to market your product is via email marketing. But how do you build an email list? Ask your customers for their contact information for every product or service you offer.
Then, when you have something new or exciting to share, send out a quick newsletter with special deals and exclusive discounts.
You can also set up an autoresponder that will automatically respond to anyone who signs up for your mailing list.
This will help you stay in touch and show that you care about your customers’ needs.
Just remember not to overload the Company, customers are three times more likely to buy again from companies that offer multiple complementary products and services. So don’t be afraid to diversify! Just make sure your efforts are focused on strengthening your brand and delivering value to customers—not spreading yourself too thin.
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Start Exporting
Opening up your business’s products and services to a new market is one of the surest ways of driving persistent Growth for a company.
Take clothing retailer Urban Outfitters, for example: For years, it relied on tourists and locals alike in Philadelphia; after all, who needs clothes when heading back home? But as it continued to expand its store base, Urban Outfitters realized they were missing out on potential customers who lived in Philadelphia but worked across state lines.
So what did they do? They started selling their wares at local malls in New Jersey—and saw a 30 percent increase in sales. While expanding into a new region or country may not be an option for your small business, exporting within your industry can help you grow without breaking the bank.
Reduce Your Cost
When you’re growing a company, there are a few tactics you can use on How to drive persistent Growth for a company.
The most basic is reducing your cost—especially when it comes to growth channels like digital marketing.
A slight drop in price will mean an increase in conversion, but if you change your copy and ad design at that same time, your return on investment (ROI) will be even higher.
Reducing prices and increasing ROI are great ways for startups to drive sustainable and persistent Growth for a company.
Summary
A company’s growth potential is often determined by its ability to innovate and adapt to changing markets. While many factors contribute to a company’s success, three key strategies can help drive persistent growth: investing in research and development, expanding into new markets, and acquiring complementary businesses.
Investing in research and development is critical for companies that want to maintain a competitive edge. By constantly innovating and introducing new products and services, companies can stay ahead of the curve and keep their customers coming back for more. Additionally, investing in research and development can help companies attract and retain the best talent.
Expanding into new markets is another effective growth strategy. By tapping into new markets, companies can reach new customers and open up new revenue streams. When expanding into new markets, it is important to carefully research the market and develop a sound business strategy.
Acquiring complementary businesses is another way to drive growth. By acquiring businesses that complement their existing products and services, companies can expand their reach and increase their market share. Additionally, acquisitions can help companies enter new markets and gain access to new technology and talent.
Driving persistent growth for a company requires a focus on innovation, expansion, and acquisition. By investing in research and development, expanding into new markets, and acquiring complementary businesses, companies can keep their growth momentum going strong.
