6 Strategies to Boost Your Business Growth in 2022

Even the most determined SMBs to make 2022 the year of recovery and success still face big hurdles. If your business is sluggish, know that you are not alone. Many business leaders are still feeling the effects of the economic situation and are looking for strategies to relaunch their growth and boost their sales.

Let's start by identifying the difficulties that SMEs are currently facing. Much has already been said about the ones that have particularly affected small businesses. From their raw materials to their packaging, many of them are constantly looking for new suppliers to replace those who have given priority to bulk orders from large commercial groups.

For its part, the lack of labor also has a considerable impact on small businesses. In the last quarter of 2021, more than half (51%) of small businesses had not been able to find a candidate for all their open positions and 92% of them said they had only received a small number of applications. or even none. As a new year begins under the sign of the pandemic, it is tempting to be discouraged.

And yet, these are just as many reasons to keep your long-term goals in mind. Discover six ways to for the next 12 months, whether your small business is relatively new or long-established.


1. Penetration strategy: increase market share

A strategy aimed at gaining customers is known as a penetration strategy. This is one of the best growth approaches for small businesses. The goal is either to increase sales of an existing product or to start selling a new product. This can be achieved by several means: for example, you can consider introducing a new service in the form of a free demo or reduced prices; you can also offer decreasing prices on large orders, or even launch a promotion to counter the competition.

It is always worrying to lower your prices, but it is a strategy that can pay off in the long run, especially if your products are relatively similar to those offered by your competitors. A company whose products are relatively generic (household products, for example) will thus be able to promote greater market penetration.

If you are unable to improve your products or expand your range, free offers or discounts on future purchases may be essential.


2. Development strategy: attract new customers and retain existing customers

You may take great care of your regular customers, but what about finding new ones? Without a solid development strategy aimed at communicating with new customers, you miss out on a whole market share. This type of strategy is especially important if you find that your sales are stagnating or if you want to open up new demographic or geographic markets.

Without new customers, service providers such as manufacturers and resellers run the risk of seeing sales and profits collapse. With its protocols and supply disruptions, the health crisis has transformed traditional ways of buying and selling.

Take the example of a gym forced to close its doors at the start of a pandemic. In order to retain their members, many of them quickly launched online sessions, or created a catalog of on-demand classes and video sports, and faced competition from fitness apps. It was also necessary to continue to attract new customers in order to ensure revenue growth: this is why many companies in this sector have offered "special pandemic" offers on their subscriptions or in the form of gift vouchers to be redeemed. in their shop — a double bonus, since it was also a means of attracting buyers there. New members also had access to discounts on distanced, hybrid or small group sessions, which the apps could not offer them.

By taking advantage of its premises, personalized resources and competitive advantages, some gyms have been able to increase their clientele during a period of international crisis.


3. Communication channel diversification strategy: vary the platforms

Leveraging different communication channels is one of the most effective ways to drive business growth. Many business owners already have a presence on social media such as Facebook, Instagram and LinkedIn. There are, however, many other options that can We allow you to target new markets while creating a consistent brand image.

Certain communication channels are essential for a modern company. The three main marketing channels remain prospecting by e-mailing, social networks and websites and blogs. In fact, it's interesting to note that more than a third (34%) of small businesses don't have a website, and those that do often struggle to keep it up to date. Although website templates have greatly simplified getting a site online, today's customers expect more from your web pages than a digital version of your brochures or catalogs. They want to be able to shop online, contact your customer service directly, make reservations without having to go from one page to another.

This is where omnichannel marketing comes in: this approach goes beyond a simple website accompanied by a few posts on social networks. Omnichannel marketing is a way to communicate with your customers across all platforms to give them the experience they want on any channel, device or network. A company may, for example, be contacted by means of a telephone number published on its web pages, but also by Facebook Messenger, by email and by a chat interface. If you offer an Amazon store, link it to your website to allow your customers to shop directly from your team.

This approach aims to stimulate sales by adapting your offer to the habits of omnichannel buyers: this rapidly growing profile is defined as a consumer who prefers to research through multiple sales channels before making a purchase. According to some studies, the – a significant increase and which justifies that we make some additional efforts to better target this demographic profile.

Most business owners understand the importance of communicating regularly across multiple channels, but the task can seem daunting. Good news for small businesses whose staff are already short on time: it is possible to simplify their communication with automated marketing tools. These utilities automatically capture leads, then create highly personalized campaigns and track reactions and results to optimize future campaigns.


4. Range expansion strategy: renew or transform its offer.

If your sales are no longer up to scratch, it's probably time to review the and compare your sales pitches and pricing to those of the competition.

Whether a product has been on the market for weeks or years, it is always useful to assess its progress in its life cycle. Here are some questions to ask yourself to better understand what is holding back product sales and some key changes you can make to boost them:

How long ago was your last market research? What new factors have since emerged, and what impact are they likely to have on demand for products or services like yours?

When was your last communication strategy review? The proposition, the value for money, or the key messages may no longer be in line with the current market.

How is your product positioned compared to equivalent offers from the competition? At the same price, do you offer more features or functionality, or better quality?

Are you attentive to the comments and opinions of your customers? Do you regularly assess complaints with customer service to determine which products or services are the source of the most frequent problems? What are your customers saying about your products on review sites like Yelp or Google?

To stimulate your growth, there is nothing like a detailed review of your product line during which you will carry out an in-depth examination of the advantages and features offered, the quality expected and obtained, market transformations and the competition. This may lead to the abandonment of a product or the launch of a new version, or even the development of a new communication strategy in order to target a more appropriate clientele.


5. Demographic segmentation strategy: precisely target the right customers

Demographic segmentation is another easily accessible strategy for SMBs. Rather than putting all your customers in the same big bag, it consists of segmenting them in order to communicate with each group according to more specific factors, such as their personal preferences, their buying behavior, their centers of interest, their geographical location or many other characteristics. These segments will then be the subject of highly targeted and personalized campaigns, with a much higher chance of success.

Market segmentation is especially important if you operate in a saturated market where competition is fierce. No need to try to attract a large group of customers: detailed market research will help you identify the personas most likely to be interested in your products and services. This study may take the form of a questionnaire sent by email, an analysis of your internet traffic or historical data related to purchasing behavior. The objective is to identify specific and common characteristics in order to use them to personalize your campaigns on social networks and other communication channels.

This process may seem long and complicated, but there are effective customer relationship management (CRM) tools to automate much of the preliminary tasks. With an appropriate CRM platform, it becomes very easy, using visual and easy-to-interpret statistical representations, to develop a robust strategy based on data analysis in order to better segment your customers. It can also track results to help you improve your campaigns, support your diversification strategy and progress towards your goals.


6. Partnership strategy: partner with a complementary company

Let's face it: not all small companies are taken over by large M&A groups. So, what means does an SME have to stimulate growth and income?

The most effective method is often to partner with another company. Depending on the business mode, a partnership can pave the way for welcome additional resources, including manpower, knowledge and skills, but also equipment or access to technology. It is also a way to open up new markets for both companies if their products are not competitors.

For example, plumbers and electricians can form a partnership in order to share their respective market shares while offering their customers complementary services. Clients save time and money, and limit the risk of delays in their construction projects caused by split craftsmen.


Bring your business back to life

By implementing one or more of these six strategies, you can give your business growth a boost that will likely be visible in the months to come. Even in the midst of a pandemic, it is still possible to increase market share and revenue and stay ahead of the competition while ensuring customer satisfaction and offering quality products and services.

An expansion strategy always yields results, regardless of your industry. And if this is combined with a CRM system integrated with an automated marketing platform, the possibilities are limitless.

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