Growing your business fast
Successfully scaling a business is all about doing the fundamentals and having the stamina to see it through.
Let us face it. Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more. At the end of the day, it takes its toll on you.
If you are struggling to grow your business, there is light at the end of the tunnel. Sure, it’s hard. But, what is the alternative? A life-sucking 9-to-5 job? Surely not. Okay, maybe you are longing for the security of a guaranteed paycheck. But, at what mental or emotional price will that come?
The truth? If you buckle down, clear your mind, and just look at things in perspective, you can easily identify ways you can grow your business and make more money quickly. While hundreds of business growth strategies likely exists, the following 15 will take your business to the next level quickly and efficiently.
Roland Frasier, a business growth strategist, has a unique approach to scaling businesses. As a principal of Digital Marketer and Native Commerce Media, and CEO of War Room Mastermind, he knows a thing or two about the online marketing world.
Frasier, who builds and scales seven, eight and nine-figure businesses tells me that there are loads of ways to grow a business quickly. But, only 15 core strategies that will truly make a real impact on your bottom line. Some are time intensive at the outset. That much should be expected. But, the benefits and profits will ultimately make them well worthwhile.
Like anything else in life or in business, you have to put in the time if you are looking to reap the benefits. Don’t focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it’s simply a matter of taking action and putting in the work to scale.
Build a sales funnel
The first way to quickly grow your business is by building a sales funnel. If you don’t have a sales funnel, you’re making a monumental mistake. Sales funnels can help to automate your business. It helps you to scale and grow quickly and easily. Sure, there is some front-end work involved. Obviously. But, once those processes are in place, it is smooth sailing from there.
Frasier says that every sales funnel needs to be carefully conceptualized before it is created. Consider the different funnels first and foremost. Whether it is a free-plus-shipping offer or a high-ticket coaching funnel, it is important to build your automated selling machine to quickly scale and grow your business.
Utilise a customer management system
Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as the business grows. If you want to scale quickly, use a customer management system. There are plenty to choose from. But, it really depends on your line of work. Of course, cloud-based software like SalesForce is always a viable option.
Quickbooks can help you with the accounting. InfusionSoft can also assist with sales and marketing. There are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilise it.
Research the competition
When going to market, and you are really looking to get your offer to the masses, you need to research the competition. Frasier says he uses two platforms to conduct his research. The first is Similar Web. The other, AdBeat. Both provide competitive intelligence. It’s your chance for x-ray lenses into all landing pages, ad copy, and other stages of the funnel.
This allows you to uncover any advertiser’s online strategy. Find the ads that have been running for the longest and emulate those. That’s the quickest way you scale any business. If it is proven and it’s working for your competitors, it’s likely it’ll work for you.
Create a customer loyalty programme
Loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Other resources pin this number anywhere from four to 10 times more. However, any way that you slice it, acquiring new customers is expensive.
Frasier says that building a customer loyalty programme will help you retain customers. It might also help you attract new ones as well. If there’s a clear incentive to spend more money with you, it’ll pay off in the long run. Build an attractive loyalty programme and make it accessible to your existing customers and watch sales skyrocket over time.
Identify new opportunities
Analyse new opportunities in your business by understanding your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.
Build an email list
One of the most best and most effective ways to grow a business quickly is to build an email list. Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet, comes the necessity for a sales funnel. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse and others for building and managing your list.
Form strategic partnerships
Strategic partnerships with the right companies can truly make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
Leverage global platforms
In the ecommerce business selling products? Why not use Amazon’s FBA service? In the business of selling services? Why not use Upwork? In the business of renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Find a platform that’s reached saturation and use it to grow your business quickly.
Doing licensing deals is a great way to grow your business without too much added effort. If you have a product that you can license to others and share a revenue of, that’s an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large footprint can help you achieve market saturation quicker.
Consider a franchise model
If you have a successful business, and you’re really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if you’re truly looking for quick growth.