3 Ways To Grow Your Small Business
Small businesses are undoubtedly the most substantial contributors to the economic growth of small towns and neighborhoods. However, it’s not unusual for small businesses to hit a plateau or decline in growth. When this happens, the following 3 ways can help take your small business beyond the bare sustenance level and turn it into the income-generating powerhouse you envision. And with only 6 months remaining in 2022, there’s no better time than now to set yourself apart from the competition.
Find Your Niche and Use It
A small business’s greatest asset is individuality. When a small business’s identity isn’t entangled with corporate schemes, customers perceive them not just as another for-profit enterprise but as an extension of their community, and this, in turn, makes it easy for small businesses to not only find their ideal niche market but also stand out among other competing businesses.
To capitalize on your business’s uniqueness, you must first ask yourself what your business offers to your community that no one else can. Once you’ve established the unique services or products you bring to the market, you can proceed to marketing and advertising.
The easiest and most effective way to attract customers is by advertising. However, the trick is to find a unique way to do it — a way that will not only speak to your ability to provide great products or services but also evoke a connection with your local customers and community. This will not only boost your visibility but also boost your likeability and trustworthiness, which are some of the top deciding factors in whether a purchase happens or not.
Now, with what seems like hundreds of advertisement options, the best way to decide which advertising method best suits you is to understand your target audience and figure out how to communicate with them better. For example, if your target audience is teens and younger people, flashy social media videos may be an excellent choice, while customized emails such as Flo Desk, which I love, might be a better choice for a more mature or corporate audience.
Connect! (And Embrace Tech)
Having a Digital marketing strategy is one of the most powerful growth tactics in today’s world. Social media presents a unique opportunity to connect with potential customers, showcase your services, and expand your reach. This is especially effective if a multichannel marketing approach is employed in addition to traditional marketing strategies because the combined approach helps account for your audience’s varying preferences.
While keeping your Instagram, Facebook, TikTok, and Google pages updated, remember that keeping in touch in person is just as important in building positive consumer-brand relationships. Holding events and meetups for your customers, or participating in volunteer and non-profit community work are great ways to not only interact with your clients and customers but also illuminate your business’s positive influence on the community.
Keep An Eye on the Trends
Today’s constantly-changing business trends can feel overwhelming to keep pace with. The best way to stay on top of relevant trends in your industry is to keep an eye on your peers and competitors. This way, you’ll learn about new products and services in the industry, discover new markets, and get to see how your competition is doing locally based on their reviews.
This is especially important for retailers. Malls have been rapidly dying out, while large department or box stores have been slowly fading out. This can be attributed to multiple things, but the rise of online shopping is at the top of the list.
To combat this, be sure to provide your unique wares online, but also offer special in-store deals or events like sampling. Another way to promote the in-store experience is to encourage and publish customer reviews emphasizing how they feel and how valuable it is to shop in person. Ultimately, you may not be able to combat the popularity of retail giants like Amazon but offering one-of-a-kind products or services is a surefire way to separate yourself from the pack.
