The 3 Best Ways to Keep Growing Your Business
While every for-profit business is unique, all have one thing in common. The goal of making profits of course! A survey of 1,000 small business owners who earn at least $250,000 or more per year showed that 72% of them consider growth a priority.ย They want to continue to grow and increase their bottom line. If you fall into the 72%, this article is for you.
Read on to learn 3 of the best ways to keep your business growing.
#1 Understand Your Key Performance Indicators
If you donโt know what your KPIs (Key Performance Indicators) are, then it will be hard for you to grow.ย You need to be able to measure your performance in key areas in order to see whatโs working and whatโs not.ย Then, youโll be able to adjust your marketing efforts based on that information.
You should think about what your businessโ goals are.ย Do you want to grow your monthly sales by 20%? Or, increase your siteโs traffic by 30% over the next year? Figure out what yours are and prioritize them.
The KPIs you track should be directly related to the most crucial parts of your businessโ growth.ย For example, if your goal is to grow your websiteโs traffic, then important KPIโs are click through rates, bounce rates, traffic sources, overall site traffic, and social shares among others.
If your goal is to grow your revenue, then important KPIโs are daily revenue numbers, conversion rates, and website traffic.
So while there are lots of different KPIโs you can track, itโs in your best interest to only track the KPIโs that directly correlate to your focused goals.
In doing so, youโre able to effectively measure the most important information instead of filtering through dozens of metrics. Get clear on what you want and track it with laser like precision. ย It is much easier to work toward improving one goal at a time, rather than improving everything.
Now onto the next tactic to grow your business.
#2 Identify Your Differentiating Factor
All businesses have competition. That is normal. However, in order to succeed, you need to separate yourself from your competitors.ย Itโs essential that you figure out what you have to offer that the others donโt otherwise, why will any customer choose you?
To figure out how your business is unique, you should simply ask yourself, โWhat am I doing, or what can I do, that is unique from my competition?โ โWho is my prime target audience and what do they want?โ Below you will find some examples of industry leaders who have differentiated themselves successfully.
Starbucks:
They have good coffee, but thatโs not necessarily what they pride themselves on. Iโve had better coffee from their competitors but I still go there. Why? The experience, the atmosphere, the personalization. They pride themselves on creating a fantastic unique customer experience for every customer who walks in.ย What other company caters to customers with custom coffee orders which take a full minute to explain? Non-fat soy caramel macchiato with 1 pump of vanilla, an extra shot of espresso, and light whip. Oh and can you drizzle some caramel on the inside of the cup? Thatโs Starbucks for you and people around the world drink it up.
T-Mobile:
They have a brand message of connecting with people who matter most which is targeted to a customer base thatโs typically young and urban.ย To do this, theyโre creating advertising content that directly relates to the young and urban demographics, they offer service pricing accordingly, and their campaigns are based around these demographics. They show a young, hip, carefree lifestyle and even their stores have a fun upbeat vibe. This sets them apart from their more traditional, uptight competitors.
Subway:
Most fast food places arenโt healthy and they definitely donโt make people think that they are.ย The point of fast food is for people to be able to get foodโฆfast and to be able to save money as itโs typically inexpensive.ย Subway decided to differentiate themselves from their competition.ย Yes, Subway is inherently healthier than most fast food restaurants since they serve sandwiches versus primarily fried and greasy food.ย However, in all honesty, they arenโt that healthy. That is beside the point though, Subway makes a point of branding themselves as fast food restaurant where you can โeat freshโ and has gained success worldwide as a result.
By figuring out what separates you from your competitors and focusing your marketing around it, you can grow your business to a new level. Some businesses may hesitate, worrying that by focusing on a particular niche or position they may alienate some customers. But consider for a moment if Subway didnโt want to go for eat fresh because they might lose those looking for an indulgent fast food treat, or if T-Mobile wanted to appeal to everyone. By trying to get everyone, T-Mobile wouldnโt be able to compete with its larger competitors who can offer better services and devices. Subwayโs food isnโt as indulgent as some of its competition so it canโt compete there either.
All in all, these companies came out ahead by playing to their strengths and doing so full force. Your business can do the same. Be honest with yourself. Who is your largest target audience? What is it about YOUR service that appeals to them? Once you identify it, use it!
Now last, but certainly not least, #3.
#3 Invest in People
Youโve heard the saying, โinvest in peopleโ.ย But have you really thought about how important it is and if you are doing so?ย Dedicated people are the backbone of every great business. Why do people invest themselves into other peopleโs companies? They do so when there is something in it for them.
What this means is that businesses need to view their employees as the valuable assets that they are, investing in them through training, development and rewards. They are not simply replaceable. While you can continuously replace an employee, in the long run, that turn over will hurt you. The employees will have shallow loyalty and wonโt be true advocates for your company. So how do you build a high quality team?
It is difficult to bring on top of the line talent and you can still face loyalty issues, so it is more sustainable to bring on employees who show an ability to be coached and who have a good work ethic. Then they can grow with your company and eventually acquire the skills set you need for your higher level staff. It is worth the time, effort, and funds to invest in your people as this will build a true infrastructure for your business which will last. You will be able to lean on them to some degree and trust them. Much more so than a constantly revolving staff that will flee at the first good offer they receive elsewhere.
People donโt just need to be paid fairly, they need to be valued and heard. The more they are included in the process of the business, the more invested they will be. This results in brand advocates who truly believe in your business and thus drive better results. Thereโs no shortcuts in this area, youโve got to invest in your people.
To Sum It Up
Growing your business is easier said than done, no doubt about that. However, it is very possible with the right knowledge and the proper implementation. These 3 tactics can be instrumental in the process.
- Identify your main goal and focus on the relevant Key Performance Indicators.
- Know your niche by identifying how your business is different from your competitors and who your main target audience is.
- And lastly, know the value of your people because you canโt grow your business alone. By investing in them and building a good infrastructure, you are investing in your business, protecting it and enabling growth.
With these elements in place, you will be on the right path to achieve ongoing business growth.