How To Successfully Navigate Growing Pains As A Company?
Every business strives to experience continuous growth…after all, that’s what generates success. What people may or may not realize are the struggles that come with growth, otherwise known as growing pains. As you add new products or new lines of business, it becomes more complex. How you handle this growth will determine the success of your business. So whether you are expecting growth in the future or experiencing growing pains as a company right now, we have some helpful tips of how you can stay on track.
Staying Connected with Customers
As companies grow, it becomes easy to develop a disconnect with your customers. This is because as more and more is added to your business, the content that needs to be developed gets off track. Your products and services need to be searchable, organized and relevant. So how do you achieve this? You have to create high-quality content that is placed strategically for your customers (and potential customers) to see.
This is why bots have become extremely helpful for businesses today. If a customer has a question about a product or service they are struggling to find on your website, the bot is there to provide information that might not immediately stick out. When it comes to content on your website, its important to be extremely organized. The more specific the better. Creating sections, sub-sections and categories is extremely necessary.
The programs out there today that enable you to analyze data is incredible. If you know you are experiencing growth and have gained a tremendous number of customers, use the data available to you to do your research on these new customers. Forbes mentions a story of how a company assumed most of their customers would be in big cities like New York and San Francisco when it turned out almost all the customers were in India, so the company relocated. Analyzing data during growth periods is extremely important because it determines how you communicate with your audience. When analyzing data it's important to consider the demographics of your audience. What is their gender? Where are they located? By determining this information, you will create a message that better communicates with your customers.
Determining how to communicate isn’t the only important step when it comes to adapting to new customers. You have to know how to communicate with them. You could have the best content out there but if you aren’t reaching your audience with this great content, what good will it do? Figure out where your new customers are (Facebook, LinkedIn, Instagram, etc.,) and develop a communication strategy to reach them.
Set A Strategy
If you missed our recent blog post, we wrote an article on enterprise strategy. Those companies that consistently generate millions of dollars in annual revenue compared to businesses that can barely make ends meet are different because the successful businesses have an enterprise strategy (and stick to it.) Strategic planning is essential for every business of every size. Businesses need a sense of direction and a way to outline goals- which is exactly what a strategy does. A strategy is a way to determine the goals and plans of how you are going to achieve these goals. When you first start a business you follow a strategy on how you are going to bring that business to life. Without a strategy, you are working towards something with no sense of direction. Not only is a strategy a way to achieve goals but it is a way to stay on track and keep things organized.
Doesn’t it feel good when you are on a good streak? Growth is a great feeling for any business owner because it's an achievement of success. Know that growth won’t maintain itself if you don’t work at it. An important part of growth and a way of maintaining customers is outperforming your competitors. What do you have that your competitors don’t? What are your competitors doing that you can do better? As long as you have something unique and interesting, customers will naturally come to you. Once you determine what it is that sets you apart from other business you must have a way to promote yourself. There are marketing strategies out there that can help your business focus on your strengths. You can use social media to develop recognition, SEO to increase your web visibility or email marketing to connect with new and current customers. Find what makes you different and use that as a way to grow.
Prospecting the Right Customers
As a business owner, every customer is appreciated. Any business that contributes to your revenue is important for success. But what is going to keep you successful in the long run? It's your long-term, valuable customers. Having a marketing strategy in place will help you to build the valuable relationships your business needs for long term success. The goal should be to target customers where you can have a mutually beneficial relationship. Email Marketing and content marketing like blogging is a great opportunity to build a community for your customers and a way to stay in touch and develop a relationship with customers.
Growing pains can be difficult, but with the help of a team of experts, you can get through it and continue to grow your business so the successful business you envisioned comes to life. To learn more about growing pains and how Joseph Studios can help you navigate through them, contact an expert today.