10 Ideas To Rapidly Accelerate Your Business Growth

The business world has witnessed the emergence of a new digital era. Everyone nowadays relies on online technology, which has either been rocket science for some or a walk in the park for the rest. 

When it comes to growing your business, the road isn’t always bumpy with a chance of let-downs. 

Learning how to expand your business, maximise your profits, build customer loyalty, etcetera provides a lifelong ground-level knowledge of all the skills you need to be a successful and minted entrepreneur. 

There isn’t a universal sure-fire solution to all the little details you will have to deal with. 

This article will discuss the up-to-date strategies that are ideal and crucial for rapidly accelerating your business growth.

A solid business model

A business model is essentially the entire layout of your business; you will have to map out your business operations to gain ideal profits.

It consists of components such as the target market, the product, the services, the target audience, capital sources, and competition. 

A business has many types of models, including hybrid versions of each. According to Bernard Marr, world-renowned business influencer — the most popular models in the UK are currently servitisation, platform-based, freemium, open-source, consulter, social, data-driven, and tech-savvy. 

If you wish to take your brand to the next level, adopting a franchise model would be ideal. For example, Costa coffee and Oscar Pet Foods are well-known and well-versed franchises based in the UK. 

Another excellent example of an ideal model is Cazoo, an online platform where cars can be sold and bought. Cazoo has managed to alter its business model where customers can order and conduct their transactions until the car is delivered to them directly.

Building brand loyalty

Every successful entrepreneur can agree that one of the significant components of a business is the customers.

How to build brand loyalty?

You can achieve brand loyalty by identifying your customer’s needs — You can conduct surveys or collect their feedback on the product/service they use. 

The next step is to iterate them and debate methods to increase customer satisfaction. There are several strategies to adopt here, such as the product’s design, additional services the customer may avail, pricing, etcetera. 

For example, Lipton’s way of staying popular with the crowds for decades was to build a strong brand image and establish Positive Customer-Based Brand Equity.

Establishing ideal sales funnel

A sales funnel is critical for a business as it helps reach the target audience and guide them through steps to become more familiar with your brand. 

Here are the five popular types of sales funnels.

The lead generation funnel 

Funnel your target audience through distinct stages until they decide to become your customer.

The lead generation sales funnel is ideal for the brands that are just starting and can adopt a strategy such as an email listing, distribution of coupons, or providing subscription packages to convert prospects to a sale.

The free sample funnel 

The free sample funnel is one of the most appealing sales methods to adopt because who does not love free samples? 

Beauty brands in the UK, such as L’Oreal, The Body Shop, and Garnier, give out free samples and receive feedback from the people. 

The free consultation funnel

The departmental store John Lewis & Partners offers a free consultation as an exciting service where customers can book a slot with their stylists for advice on their wardrobe outfits. 

They use this excellent opportunity to advertise their clothing as well.

The cross-sell funnel 

The cross-sell funnel is suitable for your brand if you have more than one product or service to sell. 

Let us suppose that you run an electronic devices company. If a customer would like to purchase a laptop from you, you can offer them additional products such as a laptop case, a mouse, or headphones to go with it. 

Asos uses its platform to recommend more products to buy with selected items.

The product launch funnel 

With the product launch funnel, you can spread the news about your newly launched products to your audience to make them aware of what your business is offering.

If the upcoming product is something they are interested in, they will eagerly await the product launch and buy it instantly.

ASSESS COMPETITORS

Assessing competitors is a smart move as you can observe how your competitors attract customers, which mode of sales and models they adopt, and the quality of products they provide them. 

One strategy is to set up your business near your competition so that existing customers of the competitor are in the vicinity to notice your brand. 

If you are a new business, you can assess your competitor’s conductance weaknesses and improve your strategies and product quality accordingly. 

Acquiring/Collaborating with other businesses

In 2012, Biotherm, L’Oreal and Renault’s product division collaborated to run the ZOE Spa car. 

Skincare and automobiles? 

The concept was unique; Biotherm advised Renault to remodel their car interiors to optimise the car for human skin. It is just one exceptional and innovative example.

Find out the brands to collaborate with by looking for businesses selling more or less the same thing. 

If you are starting your business, you can collaborate with FMCG companies or if you are into kitchen equipment, look for a celebrity chef or well known-bakery where you may advertise your items. 

Brand acquisitions such as Wipro and Capco recently helped increase market power, lower risks, reduce costs, and assist in diversification.

Market penetration

Market penetration is a traditional but still effective method. 

It’s simple; market penetration works by increasing sales of your products and services on marketing platforms. 

How? By acquisition, promotion and distribution of products, market skimming pricing, contests and giveaways and advertising. 

It primarily depends on how innovatively you can establish your brand, and there are no restrictions to the endless creative ways of doing so. 

DIVERSIFICATION STRATEGY

It is an excellent approach your business can implement if you sell various items. The diversification strategy can reduce competition and generate cash flow from several products.

Here are the different types of diversification.

• Conglomerative: Conglomerate diversifying involves adding new products or services to your business that are not technologically or commercially related to the existing products and services. An example of conglomerate diversification is when a computer company decides to manufacture notebook computers.

• Horizontal: It involves providing new and unrelated products to existing customers. For example, Your original product is plant pots, but now you sell seeds for numerous flowers with your actual product.

• Concentric: It is a strategy to add new products to your existing product line to attract and acquire new customers. 

For example, A brand could launch a new smooth orange juice drink alongside its star product, Orange Oat bars.

Optimising digital marketing

One way to have a good reach for your business is to take advantage of the online world. Currently, Google AdWords, Yahoo, Clicksor, Pulse 360 and Burst Media are a few popular advertising networks in the UK.

How does this work?

Your ads are displayed through sponsored links, using search engines based on the desired keywords the audience is searching for. 

If your ad gets clicked on, the search engine charges you accordingly. These are also known as the pay per click advertisements.

Through brand ambassadors on social media

The social media platform hosts several influencers you can appoint as the brand ambassador. It has many advantages as influencers have engaged audiences. 

If the person chosen has a huge following, there is no doubt that several people will be eager to purchase the product. 

It is also a more economical and impactful mode of advertising and has a wider reach than other advertising methods.

For example, Lululemon appoints local ambassadors that spread the company message in their respective communities, thereby tapping into the groups and growing their business. 

Adapt and thrive

The primary cause of dissolved business last year is the constantly evolving times. A business needs to withstand, adapt and keep up with customer trends, product preferences, and online advertising. 

Yellow Pages is one of the most revolutionary companies that have grown to become a household name in the UK. Everyone had a copy of that next to their telephone. 

When the internet age dawned, Yellow Pages switched to being a website domain, still retaining its’ popularity.

Initially investing in your business solely

Not investing back into the business after your sales commence is a common mistake many aspirants make. 

Often, they run out of capital resources when the business is still midway through emerging and flourishing. 

It is essential to keep a regularly updated and thorough record of your enterprise’s finances, however small they may be. With this solid track of data, owners can assess where to cut costs, where the income gets generated from and what to improve on.

Contingency strategies

It is crucial to have a backup plan for every move made and yet to make when conducting a business. You can do it by analysing foolish risks and calculative risks. 

A foolish risk has a chance of delivering a positive return, but you go into the situation blindly without knowing what the results may be.

A calculative risk is where a person exposes themselves to a degree of potential financial and personal risk mitigated by a reasonable prospect of reward.

A comparison between the two helps you clearly understand the pros and cons of every decision. 

There is a chance of having two events of almost equal cons in some cases, so it is essential to improvise on either plan. 

Key Takeaways

You will be able to reduce operational expenses, increase business efficiency, and accelerate growth by gradually optimising these processes.

It is crucial to target the right customer and understand them to achieve high growth. This way, you can increase revenue and profit margin by ensuring customer loyalty and maximising retention.