How To Grow Your Business In Competition Using These 19 Strategies/Tips?
Business today is different from what it was 20 or even 5-10 years ago. In the same way, online media or digital media or internet media and social media has changed its landscape for how we interact with customers, prospects and clients. Not only has this caused a rapid shift in how businesses go about interacting with their prospects or customers especially in a post-pandemic environment, but it has also brought an added level of competition to the market and thus making it too hard to compete.
Don’t worry, this blog post will help you or your business with various 19 ways or strategies or tips to grow your business or brand in the face of the competition by leveraging different forms of online marketing and of course, these are already been tried and tested by successful businesses across the world to compete with one other based on the changing landscape and widely suggested by pro-marketers and business owners.
These strategies/tips could be used based on your business model or niche, as well as the size of your operations, to the extent that they provide the best opportunities for your company to develop to your expectations while staying ahead of the competition.
To grow your business in the competition space, here are 19 strategies/tips to get you started:
Unique Selling Proposition: With a Unique Selling Proposition (USP), your business can be at the forefront of competition or stay ahead in this ever-changing market. To do so, your business must first focus on a unique selling point and then strategically compare it with other similar businesses.
Use Social Media: Make your business active on social media platforms like Facebook. Keep posted with updates such as when the company launches, deals, offers and alike. This helps to position your business in the audience mindset. At least 2 social media platforms are suggested. If E-Commerce, Instagram is a must. The digital revolution is happening in many different ways.
Extend E-Commerce: Using social media for e-commerce offers a competitive way to get your product or service seen and shared among potential customers.
SEO: By optimizing your website with SEO strategies, you will drive free or organic traffic which eventually leads to more views, increased leads and sales. In the long term, this helps in reducing ad costs. An experienced SEO freelancer or expert may be hired for this purpose.
Lead Generation: Focus on lead generation or e-mail list building which is one of the oldest, most common and effective marketing strategies. It's an evergreen strategy that builds relationships with audiences/customers/prospects/clients.
Blogging: The blog is a valuable resource to connect with audiences and build your relationship. Make use of weekly newsletters that are value-driven, for example by telling readers about the latest posts on the site.
Affiliate Program: Adopt an affiliate marketing model in your business marketing plan. When you adopt an affiliate marketing model in your business, approved affiliates will be doing the job for you when it comes to driving traffic, leads and sales. The commission is given per lead or sale that is generated by these affiliates' efforts and strategies.
Retaining Customers: One of the best growth tips is to focus on retaining customers and taking into account customer feedback from time to time. This might help you update or modify your business, product/service, and it may even lead to a new service/product- all as an add-on. This is an underutilized strategy by many businesses as stated by pro experts across the world.
Follow The Trend: Give your customers the chance to try out your product for free before they commit and also extend the free trial period than the conventional standard period.
Customer Loyalty Program: Introduce a customer loyalty program to incentivize bringing in new customers. The purpose of this is to help keep your costs down by having less need for expensive marketing campaigns. Let the customers work for your business and this also helps in the better word of mouth marketing.
Schedule Contests: Create contests on certain occasions with giveaways, prizes, or special offers for your customers in order to get their attention again. The goal of these contests should be to foster customer engagement with your brand while generating excitement for what you have to offer them next.
Build Success Stories: Encourage customers to share their success stories on social media sites and provide them with low-cost incentives or awards, which will increase their confidence and promote brand awareness gradually.
Extending Marketing: You can use upsells or downsells with bonuses to persuade prospects into doing more business things related to your brand, product, or service.
Collecting Feedback: Sending out online surveys and soliciting feedback is a great way to get some input and a way forward for any corrective or preventive action.
Event Sponsorship: Raise money for a small community event. This increases the likelihood of producing leads and sales. Your personal/business branding improves as well.
Marketing Through Greetings: SMS/WhatsApp messaging can be used for greetings on special occasions to help create and strengthen customer relationships. It also promotes word-of-mouth during discussions among their friends and family circle.
Automation: Automate your business processes to save time, improve efficiency and increase productivity.
AR/VR Systems: Connect Augmented Reality (AR)/Virtual Reality (VR) to your business products in order to strengthen customer engagement and conversion rate. Highly useful in the case of E-Commerce sites.
Study Data Insights: In order to generate sales and leads, it is important for you to use digital marketing campaigns consistently. Data insights from time to time will help your business plan further and have a prospective view of opportunities coming ahead.
I hope these strategies will benefit your business to stay ahead of the competition and also grow your business!
All the best....
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