Many businesses have been affected by the pandemic. But now that customers are adjusting to the new normal, businesses have been hit by a crucial concern: can they continue to scale their businesses and recoup the loss? For businesses that are starting over – or ones that are just starting – here are a few pieces of advice to scale your business quickly.
Segment and Target Right Customers
Many businesses with great potential fail in their early stages because of one critical reason – targeting. The process of targeting must begin in the early stages of the business. If your product does not have a defined target market, it has a greater chance of failing.
Before targeting, divide the available market into smaller sections (called segments) and then choose the most profitable one to serve. Proper segmentation is just as important as targeting. So, if you are unsure of how to segment your desired market, don’t hesitate to take help from a professional or an agency.
Furthermore, you need to be able to seamlessly sync data in and out of your marketing tools and leverage customer data to make better-informed business decisions. Without an efficient customer data infrastructure, you could end up with unorganized information, data integrity issues, and broken pipelines.
One customer data platform for developers, RudderStack.com, makes it easy to combine all your customer data pipelines in one platform. Always research different tools and weigh the pros and cons to see which meets your scalability needs best.
Create Strong Online Presence
As more and more people join the virtual world, the need for an online presence has become crucial for most businesses. Many social media platforms can drive huge sales for your business. However, focusing on a few at a time is the key to success.
Create a Facebook and Instagram account, and open a Tiktok (depending on where your target audience is). Never forget to build a website that summarizes the products or services you provide and prompts customers to purchase from you.
Bring Customer Analytics into Play
As a business, you will have access to plenty of information about customer behavior and buying patterns. More and more businesses are creating data-driven marketing plans to crack into the minds of their customers and scale the business.
A business will likely generate more revenue if your products and services are more customer-driven. Customer analytics data can help you achieve just that and much more.
The data can easily give you an insight into why your latest campaign did not perform well, or what segment of your customer is returning for repurchases. The benefit of customer analytics data is that they are completely reliable as they are collected from the customers themselves.
Provide Discounts and Promotional Offers
Having a business and providing quality products or services indeed ensure high sales. However, sometimes customers want a little more than the basics to keep purchasing from the same brand.
Depending on the product or service you sell, plan occasional discounts and promotions to your customers. A small discount will encourage your old customers to buy from you again. It will also draw the attention of many new leads. Similarly, other promotional plans such as product bundling, cross-branding promotions, and special coupons can also generate sales.
However, overdoing discounts can reduce the value of your brand or business. So, pay attention to the frequency of the offers.
Maintain Proper Customer Relationship
So, a customer has bought your product or service. What comes next?
If they are satisfied with the product, they will come back to repurchase. But, if they are dissatisfied or neutral about the product, a little push can turn them into regular customers. This is where customer relationship management comes into play.
Retaining a customer saves a lot of cost than gaining a new customer. With customer relationships management, you can retain your customers for a lifetime and continue to make profits from them.
The best way to ensure great customer relationships is to learn as much as possible about them and provide good quality products or services to turn them into loyal customers. Creating the best customer experience and providing value always ensures that they will return to your brand more often.
Whether you have a new business or an old one hit by the pandemic, you will need solid strategies to scale your online business. With hundreds of new businesses sprouting every year, gaining a sustainable market share can be quite challenging. But by ensuring a proper growth strategy and some data-driven decisions, you can scale your business in no time.
