20% of small and medium businesses don’t make it past their first year and 50% of startups won’t survive past year five. Got your attention? Starting a business takes thought but the key to growing it takes action.
There’s loads of literature that details the thinking behind growing your business, but very little talks about how to actually do it. Business growth hacking puts theory into practice with tried and tested ways to grow your business. To follow, find our foolproof guide to growing your small to medium business with tips from a business growth hacker.
Increase Your Prices
Glaringly obvious but often overlooked, a price increase can bring about just the result you are looking for when trying to grow your business. Just a small increase that’s hardly noticeable to your customer (not more than two to three percent) can result in a significant increase in business growth.
Offer Customer Loyalty Rewards
It costs three times more to get new customers than it costs to keep an existing one. Give your customers a reason to come back with loyalty rewards. Encourage repeat purchases with vouchers, loyalty points, or discount codes. All of these help to build strong customer relationships. A loyal customer is also less likely to turn to competitors for price comparisons or make deal-driven purchases. Offering a favorable reward in return for loyalty is a foolproof way to increase company revenue and repeat purchases.
Show Social Proof To Stay Top Of Mind
Customer success stories, testimonials, or product reviews show social proof that your business adds value by solving a problem. The best way to attract new customers, social proof demonstrates how customers are benefiting from using your product or receiving superior service.
Talk To Customers On Their Channels
No one knows your customer better than you. Don’t be tempted to try to reach customers on channels you know they’re not on. Talk to your customers where they are already talking to you. Focus on your message, build customer connections and have a clear call to action. The right message in the right place goes a lot further than costly media on a channel where your message might be missed.
Ask Customers To Refer Their Friends
Double your revenue in half the time and with very little effort by simply asking happy customers to talk about your brand. Customer referrals are the best way to build quality leads and instant customer trust. Make it easy for your customers to tell their friends about your business when they are their happiest during a purchase. Throw in a reward for customers that refer to their friends and an incentive to get those friends converted to accelerate business growth.
To launch your own referral program, and get your customers to refer their friends – start a free trial of Referral Factory.
Success is built off experimentation and failure. Don’t be afraid to make bold moves and take big risks, that’s often where the fastest business growth happens. Test a theory, take a gamble and empower courage. Sometimes things will work, and other times they won’t but by failing, learning from it and moving forward gets you closer to your ideal formula one lesson at a time.