Being a business owner is no easy task by any means. You are responsible for the present company and your employees, but you also need to keep yourself prepared for trends that may affect small businesses in the upcoming years. Every business owner has a dream to watch their own company grow and soar to the top level!
All business owners want their company to grow significantly and soar to newer and greater heights through each passing year. You have to celebrate every milestone, including the number of years your business has been active and running since its inception.
Why do Small Businesses require a Plan of Action?
Small businesses usually require a fool-proof plan before they begin operating as a business. It is majorly due to the high competition that small companies typically face when trying to establish their brand in an already saturated market.
There is a lot more competition these days amongst small business owners, as 20% of all small businesses usually fail within the first year of its conception. All companies generally require a concrete plan that will eventually form the building blocks of your growth strategy for your marketing and advertising plan.
Before we begin explaining the various growth strategies and their impact on your business, we need to understand what a growth strategy exactly is.
How do you define a Growth Strategy?
Grow strategies can be described as the ingenious techniques businesses invent, implement, and ultimately expand their scope. It also definitely translates to a direct increase in overall revenue as the growth strategy is great for adapting to the future vision, which also means getting past hurdles.
Growth strategies are usually dependent on four crucial factors which are:
- Market Rate Penetration
- Market Development
- Product Development Process
- Greater Degree of Diversification
Six Ultimate Growth Strategies for Small Businesses in 2020
There is no constant strategy for your small business that will forever remain as times are rapidly changing!
#1 Powerful Customer Reviews
Positive customer reviews are the most potent affirmation to your loyal customers’ potential leads about your business, product, or service. Unhappy customers of your service will not hesitate for a moment before leaving a nasty review online.
To ensure that your online reputation is positive, you always need to be one step ahead with your online presence. To get positive reviews from your happy customers, you may have to run behind your customers to get the best reviews.
#2 Increased Implementations of Augmented Reality
Businesses have already started implementing augmented reality into their day to day activities, to provide a one-of-a-kind, unique experience. There have already been successful implementations of augmented reality in engineering, e-commerce, gaming, and much more!
Your customer base is the most valuable data in your professional life, which can easily make or break your business. The latest applications of augmented reality technology also give your customers more exceptional and enhanced shopping experience.
#3 Enhanced Growth Strategies
Growth strategies help to acquire and retain new customers for a more extended period. Did you know that the costs involved to learn new customers are more than five times the cost of maintaining existing customers? There has been a critical research paper done by Bain & Company, with a 5% increase in overall customer retention, along with a 25% increase in profit.
#4 24/7 Customer Service
It’s important to have 24/7 customer service for your business so that you are always available for your customers regardless of any issue that they face. Even though it is impossible to offer customer service for twenty-four hours a day, you need to show that you are available and ensure that you appear as the more caring, visible, and accessible business for your customer’s needs. It is where Chatbots come in, to help you take a load off of your shoulders.
#5 Greater Chatbot Assistance Service
Chatbots are capable of providing assistance and 24-hour service to any issues, concerns, or problems that your customers may face! It would help if you got a chatbot installed on your website, as this is the leading platform where your chatbot will be interacting with potential leads. The most significant benefit of a chatbot is to increase the overall engagement rate with website visitors and can help you collect information on your points.
If you ever feel overwhelmed and overworked with a massive volume of content, Chatbots can help you cover for a particular worker’s shift, especially if you’re understaffed. The statistics and the facts speak for themselves, as chatbot magazines can reduce the overall customer service costs by up to 30%!
#6 Better Utilization of Messaging Apps
Emails have been an old way of communicating with one another, as they have lost their – relevance, that they had a few decades ago! These days more companies and businesses are utilizing messaging apps to reach out to leads. The most prominent messaging apps are WhatsApp, Twitter, and YouTube, and a few others! It is quite an old way of communicating.
Therefore, these are the six most important growth strategies for small businesses in 2020 to lay the initial groundwork for your small business. By following these strategies for your small business, you are well on your way to achieving your small business’s entire goals.