You devoted many days and nights to start your business. You planned and strategize every step and took that bold step. Now after all this struggle and hard work, you are only making few sales.
If you know that there’s the demand for your product and still your business isn’t growing as much as it should, then we can understand your situation. A lot of entrepreneurs feel stuck in such a stage where the overall market demand is increasing but sales aren’t rising with the same ratio.
Businesses face such a situation in the initial period that can be the first 2 to 3 years of the startup. You need to grow your business.
The question arises but how?
Here I have compiled 5 experts’ advice to help you grow your business.
A lot of startups use one source or channel to reach their customers. If you are also doing the same mistake, change it now. Use multiple channels to reach and connect with your customers. Even if you have an online business, you can use various channels like direct mail, social media posting, Google ad, etc. In this data-driven age even if a customer makes up his/her mind to buy your product after seeing your social media post, he/she can easily forget about it. Using multiple channels can work as reminders. Other than this, you could figure out which channel is working better for your business and can make greater future investments in it.
Other than this, build a strong relationship with your customers. They are the ones who will review your products online and help you to reach your business to the new heights.
Monitoring your sales, revenue and profit might not be enough. It is important to dig deeper into your finances. Use data analytics. Calculate the lifetime value, the churn rate of your customers. Other than this, use different financial tools and see which works for your business.
Be what you are instead of copying others. Stay firm on your values. In this digital age, gaining trust over the screen has become a tough task. But it isn’t impossible. Customers trust businesses that are credible, authentic and take accountability. Some giants have managed the PR crisis very well with their authenticity and by being accountable for their actions. They apologized for their short-sightedness in case of a wrong communication or message posted on a public platform. Maintain consistency and this is only possible if you are honest and authentic. It can win the hearts of your customers and help you get customers of competition as well.
Connecting your customers with credible blog posts is also a method to gain the trust of your customers. Your customers can subscribe to your newsletters, showing that they are interested in knowing your views.
Don’t think your employees are working for you, but think the other way round. Have an approach that you are working for your employees and customers. Build a supportive team. Treat them as a family and then they will vouch for you and your product/service in their circles. Not only, it can result in increased revenue but also a family-like work culture where employees’ turn over would also be low.
Experts cannot force on this enough. A lot of startups give up in the initial rough phase. Remember the story slow and steady wins the race. Follow that rule. Be consistent and deliver the promise of your product. Businesses do not grow and become giants in a year or two. It takes time. Google Company was launched in 1998 and became among the world’s largest media companies in 2004.