7 Unique Ways to Grow Your Business

A small business is defined by its annual revenue, which averages between $1 million and $40 million. It’s difficult to grow a business beyond this range without the right strategies. Small business owners often try the same methods repeatedly without success.

In this article, we discuss how to grow your business on Instagram, in-person, or on other platforms. Learning how to make your business grow starts with the determination to make it happen. Continue reading to find out what you’re missing.

1. Emphasize Engagement

If you want to know how to grow your business on Instagram or any other platform, you need to start by engaging with your clients/audience. Consistently engaging with your audience helps build relationships.

Building these relationships is one of the most effective ways to grow your business, especially where social media is concerned. The goal is to keep your clients and followers interacting with your content to get it seen.

To do this, you want to create ads or social media content that either require your viewers to interact with or piques their interest. Ask a (mildly) polarizing question to get comments or offer a link to a great promotion.

2. Hire the Right Team

One of the keys to, ‘how to grow your business,’ is having the right support with you. This includes management and staff. You want to work with people that are as invested as you are in your company.

These kinds of people are what drives sales and help build the necessary relationships with your clients. They also help maintain these relationships in the long term. Having dedicated long-term employees can drive your brand forward.

The key to finding the right team is developing an effective hiring strategy and job description. Then, you need to ask the right questions during interviews. Their passions and values should align with those of your company to accurately represent the brand.

3. Utilize Analytics

Be attentive to your company’s analytics whether you’re learning how to grow your business online or offline. Social media pages such as Instagram allow you to track who’s interacting with your content and how they found it.

Pay attention to what gets the most interaction from your clients to learn what they appreciate most about your company. You may be surprised to find your audience is a different demographic than intended.

Using the best tips on how to grow your business isn’t as effective if you don’t know how your efforts are received. Learning about your audience can give you insights into how to adjust your marketing programs. 

4. Reduce Costs

Another effective method in how to grow your business on Instagram, Facebook, or in-person is to reduce your costs as much as possible. You can do this by reducing your cost of sales and your overhead costs.

Reduce your cost of sales by either becoming more efficient or finding cheaper methods of creating your product. However, be sure to maintain quality as much as possible to avoid negatively affecting your company’s reputation.

You can reduce overhead costs, or fixed costs, by moving more of your business online. With minimal costs of an online business, you have a greater opportunity to invest in other areas of your business such as marketing.

5. Increase Transaction Frequency and Value

Making more money sounds like an obvious method when it comes to how to grow a business, but the key is understanding how to increase revenue. Two possible methods to achieve this are by increasing transaction frequency and value, or both.

Transaction value refers to how much your clients spend in each transaction with your business. The goal is to get your clients to spend more money every time they shop with you. Consider adding more products or services to achieve this.

Transaction frequency is the rate at which your clients shop with your business. Increasing this frequency means that you are selling to them more often, which brings you more revenue. Engagement is key to gaining returning customers.

6. Focus on Retention Rate

Retaining customers not only helps grow your business but also prevents losing customers to your competition. If you want to do this effectively, you need to focus on improving your customers’ experiences with your business.

Start by paying attention to what your customers value. Their perception of your business is what matters most. Successfully modeling your business after their expectations and values can help build more trust.

You can also make an effort to show your appreciation for clients. This can involve special ‘established-client’ or ‘followers-only’ promotions. Promotions like these make your clients feel special and the exclusivity attracts new clients.

7. Be Adaptable

Whether you’re growing the ultimate moving business or becoming the next top-tier influencer, the key to success is learning and adapting. You can use all of the tips we suggest, but unless you’re willing to be flexible, your potential is limited.

There really is no way to accurately account for taste, so you have to pay attention to what your audience wants. Keep in mind that this is something that’s always evolving. What worked well one day may not be successful in the future.

When you’re finding yourself struggling to bring in new business or maximize revenue, you may need to consider a major business overhaul. This can be daunting, but adapting to the needs of your clients can have a big payout. 

Grow Your Business with These Tools

If you want to grow your business, start using the above methods. Being adaptable, engaging with your clients, and reducing costs go a long way in becoming more successful. Commit to the process and be open to making changes.

For more helpful tips and guides, visit this blog.