Your business may be humming along and maybe you’re even starting to see a profit. However, is it reaching its full potential, or are you just cruising?
There are a few things you can do to bring your business to the next level and they don’t need to cost a lot of money to implement, says Shawn Rana of Winnipeg, Manitoba, who is experienced as a senior executive and consultant and has led successful companies in the fertilizer and oil and gas industries among others.
Build Brand Advocates
Your brand image is how the outside world sees your business. The brand associated with a company is powerful and can make the difference between someone who buys from you once and someone who becomes a cheerleader for your products or services.
Having a strong brand means you will get more referrals from loyal customers and will help sustain your revenue as you move past the initial phases of operation, notes Shawn Rana. You can build brand advocates in a number of ways, but some successful approaches include creating a clever ad campaign, as well as identifying who engages with your business the most and is rewarded for it.
Leverage Data Analytics
In this digital age, there’s more information than ever available about your ideal customer. From learning about what people click on the most on your website to where they’re clicking from, you can narrow down your audience to help with campaigns and creating products that really resonate.
Having access to data will help you better understand your customers, which will give you a better chance of building a long-term business relationship through personalized offers. Data analytics can even help drive internal staffing decisions and reduce operational costs.
Track Your Competition, says Shawn Rana
While you shouldn’t copy exactly what your competitors are doing, you should be aware of any tactics they’re using to gain an edge, explains Shawn Rana.
While you can adopt some of the approaches that seem to be resonating with customers of your competition, you should also identify any gaps that you can fill with your own products. In other words, you should still have a strong value proposition that dictates what makes your offerings more attractive than others in your field.
If you want your business to grow successfully, these are a few of the strategies to consider.