Business growth does not happen overnight. That is a long-term process that requires lots of patience and planning.
Here are four proven ways to catapult your company to success.
1. Analyze Website Data
In a 2017 report, The Economist concluded that the world’s most valuable resource is no longer oil but data. In 2021, this statement is more important than ever.
Big eCommerce players, such as Amazon, understand the importance of utilizing data. They use it to understand customer buyer journeys and personalize their shopping experiences at every touchpoint.
The good thing is that data analytics is available to every business, irrespective of its size. For example, Google Analytics helps you understand what works for your customers. You can analyze your bounce rates, page visits, average time on site, etc. That way, you can understand where to focus your marketing efforts and budgets.
To understand use behaviors on your website, you can also use heatmaps and session recordings. Such behavior analytics tools add a qualitative dimension to your data. They can provide explanations to the questions traditional website analytics tools cannot answer.
2. Invest More in your Staff and Company Culture
To set yourself apart from competitors, you need to build a solid company culture.
For starters, mind who you hire. Apart from candidates’ industry knowledge and experience, make sure they share your company’s values. Their soft skills, such as communication, teamwork, and dedication, are as important as hard skills.
You should also provide employees with the opportunity to grow. Offer career advancement opportunities within your organization. Most importantly, provide regular employee training to help them gain new skills and level up their industry knowledge.
Communicate the company culture transparently to all team members. Most importantly, create policies for them to follow to minimize conflict in the workplace.
3. Automate Business Operations
A decade ago, automation and artificial intelligence were associated with sci-fi concepts, such as robots or flying cars. Today, these technologies play a central role in our everyday lives.
Today, automation is not a privilege for big-budget companies. It is available to all businesses, irrespective of their size.
You can automate a wide range of tasks.
For example, most accounting tasks can be automated via cloud bookkeeping tools. You can also digitize your check issuing process. Sending checks online allows payees to deposit checks instantly without having to go to the bank.
Digital marketing is another easy-to-automate area. Let’s take the example of social media marketing. You can use social media monitoring tools to automate social media listening. You can set the keywords to track, such as your brand name. When someone mentions them online, you will receive real-time notifications. With social media management tools, you can automate social media publishing.
The majority of inventory management and warehousing operations can also be streamlined. By having insights into your warehousing and manufacturing processes, you will secure demand and prevent underproduction.
4. Improve Customer Experiences
Customer perceptions can make or break your business. Unfortunately, negative customer experiences spread like wildfire.
Now, there are many ways to improve customer experiences.
First, online retailers can take advantage of personalization. As mentioned above, collect customer data to deliver individualized customer experiences. Amazon, for example, tracks customer website behaviors, customer location, past purchases, and product views. Based on this data, they tailor the website appearance to each customer and customize product recommendations.
Email list segmentation is another opportunity for personalization. For example, you can break your newsletter list down by customer gender, age, location, past purchases, content preferences, and so forth. That way, you will deliver relevant email newsletters to every lead rather than sending out one-size-fits-all content.
Finally, polish up your customer service. Deliver omnichannel customer support via email, call centers, or live chat. Many savvy customers prefer self-service channels. That is why you should also have a detailed knowledge base on your website, a FAQ page, and chatbot functionalities. That is how you will help customers answer their questions and finalize purchases faster.
To improve the overall customer service, consider investing in a CRM solution. The software brings your customer support tools together under a single platform. It collects customer data across multiple sources and keeps it in a central location.
Over to You
Data analytics, employee engagement, automation, and customer relationship management are pillars of any successful company. They help you grow your company faster and more strategically. But, most importantly, you will position your brand as an industry leader and encourage customer loyalty.
Which business growth tactics do you use?