Were you lucky enough to spearhead a company that saw an impressive rate of growth in its first few weeks? You could understandably be confused, then, if that growth has recently hit a plateau.
“What’s gone wrong? I thought I had a winning formula?” Indeed, perhaps you did – but also stuck with this formula for a little too long, leading the law of diminishing returns to kick in. It can be difficult to spur growth without spending money, but here are some ways of doing so…
Make sure you are getting the basics right
Just like a house can be prone to falling down if its foundations aren’t solid, a business can too easily collapse if its fundamental sources of revenue are faulty. This might have happened if your company’s previous success has overly distracted you from looking after those sources.
If your most consistently lucrative product has a flaw, StartupNation advises that you rectify this before starting to expand the product range – and acting on any of our other tips below.
Expand your team, but thoughtfully
As your business grows, corporate tasks that you had previously handled yourself with little fuss could start falling precariously down the pecking order as other items muscle in for attention. As a result, you might need to delegate certain tasks to other people.
However, before you recruit anyone, verify that their passion matches yours in both direction and vigor. You might also consider outsourcing to freelancers, but choose only reliable ones. The broker Be Wiser Business Insurance can help provide financial protection for new recruits.
Expand your reach to untapped markets
It’s probably not a coincidence that, after iPhone sales started slowing, Apple introduced the iPhone SE, a cheaper variant of its usually premium-priced flagship product. You could take an apple leaf – ahem – out of the tech giant’s book by stretching your firm’s reach beyond its typical market.
After all, you might have ultimately saturated this market, leaving it hard for you to keep gaining returns from it at the same rate as before. That’s when broadening your horizons can really help.
More extensively leverage the power of social media
By paying more attention to your social media advertising efforts, you can further your promotional reach. This can really pay dividends if you are heeding our advice above about tapping into markets previously unexplored by your company.
While on social networks, you could send marketing messages to friends of your firm’s existing followers. This can help you gently expand the circle within which you promote your offerings.
Reward those customers most driving your firm’s growth
You might have a few customers who seem to stick with you through thick and thin. In that case, you could show them your appreciation – and, of course, encourage them to keep sticking around – by giving them some special gifts that your other customers couldn’t simply pick up off a shelf.
You could have fun applying a fair bit of creative thinking as you devise ideas for these gifts. As for when you should hand them out, you could wait until birthdays or someone refers a new customer.
Start adding regular content to a blog
Maintaining a blog on your company’s site lets you regularly share new information that is genuinely interesting and useful. You could, for example, tell your blog’s visitors about your new products or what is happening elsewhere in the industry.
Furthermore, it will incentivize people to keep returning to your website, says The Next Web. You could also guest post on other blogs for exposure to people outside your standard reach.
I set this blog up a couple of years ago now as a way to share my experience that I’ve gained through my school education and my real life education. It sounds geeky, but the economy is something that I’m really passionate about and it’s something that I am actually pretty talented in, so it’s great for me to share these experiences with those that may be struggling a little bit with finance and figuring out how to navigate the economy.