The views expressed by the business participants are their own.
When you grow a plant from seed, you can’t afford to miss a step. You have to plant it at the right depth, in the right soil, and give it the right amount of water and sun. Do everything right, and it will grow and prosper. It has failed, and it will.
Your business is no different. It takes time, attention, and experience to help it grow in whatever way you think is important. That could be the number of employees, annual sales, profit margins, customer satisfaction, page rank in search engines, media coverage and more. Whatever measure you choose, you will need to manage it well.
If growing your business is your goal, decide what will get you there and pursue it. Taking shortcuts may be fine for a moment, but not for sustained growth in the long term. Here are three steps you should not skip.
Related: How To Increase Your Profits With This 8-Step Annual Checklist
1. Find out who you are up against
Analyzing your competition is one step no business can skip. The truth is, who your competition is and how they are doing is the most important objective. Brands need to constantly engage in upping their game if they want to grow.
Currently, content is a tool that many companies use to climb the search results, which is associated with success. But putting out content and hoping for something solid didn’t work. You need to determine where your content strategies fall short and decide how to fill those gaps. You can start by manually analyzing your competitors’ content and comparing it to yours. Please check their blog, social media accounts, internal linking strategy, etc. to help identify any gaps.
However, not everyone has the time to scroll through all of our competitor’s websites to find out why they are achieving high SERPs. Using tools like MarketMuse’s content analysis feature saves time and money. Plus, it provides granular insights into where your competition is doing well and where your product can outperform.
This technology can scan all the content of a competitor’s website in a minute and measure the strength of a site, page, or topic. It takes seconds to see where you can use the gaps in your competitor’s content to make your strategy work. That is time well spent.
Related: Gen Z Don’t Care About Your Billboards – They Care About Authenticity
2. Create the right type of commitment
Businesses thrive when they sell quality products and services. These qualities can attract new customers and help them retain old ones. But customers – and employees – now want a lot more when making decisions. In order to grow, your brand needs to address those challenges.
Your company needs to embrace core values such as transparency, authenticity, and social responsibility. You have to show people before profit and put a world view on your equipment, even if you are small. Lip service is not enough. Your brand must demonstrate its commitment to these values openly, day in and day out.
In a world where technology plays an increasing role in everyday life, customers expect companies to use it to create more personal relationships with them. The appeals of the mass market are passing, and the generation gap has become a big divide. You will need to address all demographics with content, messages, and values that are specific to each of them.
Growing your business means building a bigger tent and inviting more people inside. There, you have to show them why you’re worth their time and money instead of your competition. Keeping customers loyal while attracting others is why you will need bigger and bigger tents. But that’s the goal.
Related: Want to Grow Your Business? Here’s Why You Need Strategic Partnerships to Succeed.
3. Use partnerships to your advantage.
It can feel like your business is struggling to succeed on its own. And that will be the case if you don’t initiate partnerships that can help you get ahead of your competition. Entering into this mutually beneficial relationship is a step you cannot afford to miss. And to avoid a wrong move, work with those who share your core values.
Energy drinks and video cameras may not seem the same. But Red Bull and GoPro’s strategy of combining brands has been successful for two companies that see themselves as selling lifestyles as much as products. The partnership opens doors to new customers for both.
Explore your supply chain for collaborative opportunities that can make it more reliable and efficient and save you money. That’s the logic behind the long-term union between McDonald’s and Coca-Cola. You may only use one shipping agent or packaging supplier specifically for your product.
Take a look at your accounts payable and evaluate the ability to form legitimate relationships with those you do business with. Marketing, packaging and shipping, best-selling products, raw materials, and technology are just a few areas that are good for collaboration. Once you find them, don’t let them wither on the vine. You may need to make some adjustments from time to time to ensure that you both get the rewards. If you are not available, find another delivery partner.
Related: Many Business Partnerships Fail – 5 Hacks to Make Sure Yours Lasts
Increase
It is not uncommon for a business to reach a certain size and stop growing on purpose. Standing is an example of wrinkling. If growth is what you want for your product, take the ladder. Just make sure you don’t miss one on your way up.
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