How to grow your business? – A Step by Step Guide
Growing your business
Whether you’re looking to set new business priorities, outline plans for growth, determine a product road-map or plan your investment decisions, you’ll need a strategy
Here are simple steps to help you deliver an effective business growth strategy.
First of all, you need to target your audience and identify where you can find your leads. Research your field to get genuine leads. Visit the places or sites where your customer is searching for product or services that you are providing for your business. Capture data as much as you can for marketing purpose.
Below are different ways to Generate lead for your business. B2C and B2B
1. Referral System
2. Broadcasting your product through google ads, Facebook and others
3. Email Marketing
4. Sharing and buying Leads with other business (Not competitors).
5. Through Banner and ads for deals and Discount offer.
6. Build Contact us, request a quote webform in your website and convert them to lead
7. Take Search Engine Optimization in your website
8. Content Marketing Based Lead Generation
9. Begin business newsletter
10. Create events like competition or survey to let other know about your business.
11. Encourage your existing client for online reviews.
12. Add a live chat feature in your website and convert them to lead.
13. Answer question you know in famous portal and attract other
To qualify a lead, you can practice the following:
• Create your ideal customer profile
• Track past conversations, browsing behaviors, and their area of interest
• Understand their concerns which are stopping them to buy your service and product
• Offer Negotiations or discounts.
• Understand the touch-points (communication channel) they ideally use to interact with your brand
• Consolidate the data and conversations that took place across touch-points into one unified platform which help you engage your audience better.
Once you know how to qualify a lead, you can then set strategies to generate leads.
Filter qualification Diagram
Let them know more about your services and products.
In the process of converting your lead into potential clients, you will need to run marketing strategies for your products and services so that you lead can reach and attract them. There are lots of way to do so below are the list that I find very useful tools.
a. Social Media Marketing https://www.wordstream.com/social-media-marketing
b. Email Marketing https://neilpatel.com/blog/beginners-guide-email-marketing/
c. Advertising https://smallbiztrends.com/2018/03/small-business-advertising-ideas.html
d. Web Forms https://www.squarespace.com/small-business-website
Potential contact to Happy Clients
a. Gather or research client’s info by asking open ended question
– Collect data (name, contact info)
– Categories (Type)
– Gather Needs
– Find out past purchasing history
– Why are they interested
– Purchase timeframe
– Find out budget
b. Calendar or Reminders to follow up and interact with clients
c. Complete task process wisely and assign task to reliable person(Workflow management).
d. Let the client know about product status by providing reports, plan insights and stats.
e. Get feedback from them and make a note
f. Set a objectives, milestone and timesheet
g. Deliver them quality product or services
h. Give them Loyalty or add them in your testimonial
Keep track of your Income expenses insights for Forecasting.
Keeping your all statement of income and expense will not only balance your business also it will balance your life. Tracking your spending can help you identify unwanted spending issues. You can also see if your spending matched your priorities. It is easier to make changes when you realize that you are not reaching your financial goals.
There are a wide variety of options you can use to manage your finances, and it is important to find the right budgeting software for you. Ideally, you want to find something that will work across platforms and sync with your bank.
Sales Forecasting is the process of estimating what your business’s sales are going to be in the future. It is based on historical sales data, analysis of market surveys and trends, and salespersons’ estimates.
It forms the basis of a business plan that one can use to make intelligent business decisions. Below are the factors that affect the sales forecasting.
1. Change in external market conditions impacting the business segment you are in.
2. Competitions’ new strategy / product / price.
3. Change in economy cash flow has impact.
4. If your product is related to climate, then it can impact (marginal drop in temperature slows down business of air-conditioners) and main more.