Although local businesses can be different from other businesses, they still need to grow. When you look at companies that are already big and analyze them, you will find multiple similarities in their strategy. For example, techniques they have used to increase conversion rate, the way they reach out to their customers, or what kind of analytics tools they are using. Small companies can use and implement all these to speed up their growth process.
The future is bright. We experienced a worldwide pandemic and came out of it strongly. Now is the time to start moving toward your goals and make everything even better than before.
Here in this article, we will discuss some of these strategies that smaller companies can implement. So, please stick with us until the end.
- 5 Stages of Business Growth
- The Best Tips to Grow a Local Business at Scale
- Final Words
5 Stages of Business Growth
According to a Harvard business review, there are five stages of growth for every small business. Here we will give a brief explanation of these stages:
In this stage, the company has built its customer base and made some profit to keep going for a while. This is when the company requires more leads and a smooth path toward success.
Here is the stage where owners must make an important decision. There are two options to choose from. The first is to keep growing the company and invest more resources to make the company a big success. The other option is to keep everything the same and spend the profits on things like starting a new business or other investments.
Companies in this stage are usually decentralized. Therefore, they must have a managing team that can handle this situation. This is called delegation. Are there people good enough for this task in your company or not? Another important aspect is the cash flow. Is there enough cash to support a company at this scale?
These two are the most important questions that must be answered before getting to this stage. Otherwise, it will be a downfall from here.
5. Resource Maturity
At this point, the only thing owners must worry about is controlling the expenses and keeping the advantages of a small company. This seems crazy, but small companies have advantages such as team relations and exact numbers. It is a common strategy for big companies to maintain these benefits at this stage.
The Best Tips to Grow a Local Business at Scale
Now that we know a company’s growth cycle, let’s get started. Just remember, these tips are general and will be beneficial for any growing company.
1. Use Psychographic Segmentation
What is the meaning of this term? Well, it means categorizing our customers into different groups. Psychographic segmentation can be done by tracking your customers’ behaviors and finding out what is best for each group of them.
This is exactly what WatchThemLive will do for you. WatchThemLive is a user tracking tool that can see every movement of your customers on your website. This actually can benefit you beyond your imagination.
(Please embed this YouTube link: https://www.youtube.com/watch?v=RDcTpCloF8w)
2. Use E-Commerce Sales
It doesn’t matter what size your company is right now. E-commerce sales are always options to attract more users and convert them to loyal customers. Some events and celebrations are an excellent time for your sales. Take your best product or service. Put a sale on them. And embrace your relationship with your users.
3. Invest in Social Media
It is important to start investing in social media as a local business. It would help if you created awareness around your brand. People must talk about it so that you can grow. Youtube and Instagram are the most prominent platforms in this area. You can work on them separately. Or, if you are low in budget, you can use the same video for both of them. There are tools to convert content from Youtube to Instagram. This is an excellent opportunity to save some money at the start.
4. Find the Right Influencer
As we said before, social media plays an essential role in the early stages. Therefore, a highly reliable and popular influencer in your niche can make a big difference. But how to find influencers? Enter Ainfluencer.
(Please embed this YouTube link: https://www.youtube.com/watch?v=K5wVMqleIQU)
Ainfluencer is a straightforward marketing platform that makes connecting easy for businesses and Instagram influencers. Businesses can reach new and engaged audiences with influencers, and influencers can earn money from sponsored posts. It’s a perfect relationship. Join Ainfluencer today and start searching through thousands of influencers and businesses.
Suppose you’re also struggling to attract users to your Instagram account or wondering how to get more followers on Instagram. In that case, Ainfluencer will help you discover ideal influencers and use them to promote your account.
5. Make Your Blog Shine
According to a Statista report, 77% of blogs’ content in 2019 was ‘how-to-articles.’ Providing helpful information for your customers is a critical step that must be taken. It would be best to have an active blog that answers your specific niche questions. This way, when people search for a subject in your area of work, you’ll have a chance to attract them toward your brand. Make sure to use tools that make blog management easy for you. For example, use WordPress themes specifically designed for blogs and writing if you are using WordPress.
6. Form Beneficial Partnerships
Two is better than one. You’ve probably heard that. It is precisely correct when talking about business. By forming a partnership with another company, you’ll access a brand new group of prospects with a high potential to turn into customers. You also can manage to align your goals with your partner to work together toward the same purpose.
7. Focus on Analytics
Managing to get organic traffic from search engines is critical for every business. This is not an easy or short-term task. You need to invest in it and use the right tools and tips to increase your domain authority. Organic traffic is a large part of your actual website traffic. Don’t lose it.
Local businesses looking to grow must notice and focus on multiple factors. In this article, we helped you understand your company’s current stage.
Then, we provided you with the best tips that can be used to make this process even faster. Don’t worry. These tips are not specific to any business or niche. . So feel free to use them all.