Growth is an important aspect of everyone’s life and every project. And as entrepreneurs and business leaders, we are always looking out for ways and strategies that can help us improve and grow our businesses.
But as you spend more time working on your business or project, you can easily get buried in the day to day work, spend less time reviewing goals and not referring to initial plans.
Unknowingly, you can easily slide off the track and jump into unnecessary tasks that do not necessarily align with your initial plans and needs.
As a business owner/manager, having a clear understanding of your business, and understand where you want to be is very important and will absolutely help you to visualize what kind of opportunities are exciting and what may not really be exciting.
I’m not saying that we can then shutdown other opportunities that come along, but understanding your key goals will help you prioritize what is important to your business and what is not.
Let us take a quick look at an example of a fast-food business, their unique selling point is friendly customer service and timely delivery, as their clientele grows, recruiting and training another employee might be a good decision, as that can improve on the quality of service and ensuring that deliveries are made in time.
On the other hand, painting their shop may not be a good decision as in this scenario, their customers are more influenced by their timely and quality service. So, as well as painting the shop might be good for branding; in this case, it may not necessarily impact the growth of their business.
Business growth is not customer acquisition
Another perspective of growth that we can look at is acquisition. Most of the times young entrepreneurs and business owners look at business growth in terms of rapid customer acquisition.
But as we know small business and startups; customer acquisition is not always as easy as it may seem in the business plans.
Even though you can clearly define your key customers that you want to focus on, that doesn’t mean that they will literally buy right away.
In the initial stages of your business, it is important to focus on customer satisfaction rather than acquisition.
According to the CMO Council, 72% of consumers say they will choose one brand over another if they are made to feel special.
Meaning quality, efficiency, and customer care can hugely impact the loyalty of your customers and can influence them to buy more from you, and also refer more people to your business.
48% of digital marketers believe that a top strategic objective for digital marketing success is to increase lead generation.
This also means that even though you might be looking at some marketing strategies to fuel your customer acquisition, most of the times marketing campaigns are successful in brand awareness and lead generation.
Meaning leads might not buy instantly, and most times they buy after interacting with your business. Still, your quality of service will either kill or keep the leads.
62% of digital marketing leaders rated “improving customer service” and “customer satisfaction” as a top priority.
What can small businesses do differently?
As small business owners, we can look at business growth in terms of revenue growth not only from new customers but also in repeat customers.
If we can induce customers to buy more of our products and services, our revenue will definitely increase. And if they are satisfied with what they are receiving, referrals will definitely come along, always.
For a small business, or a startup, customer acquisition can be expensive, and you may not realize that you are spending “your would-be profits” into acquiring leads that may not translate into sales right away.
Marketing is tricky currently, customers are well informed, they do their research, they ask for referrals, and they just have too many alternatives in their faces.