There has been significant growth in small businesses after the Pandemic time. People have been increasing their financial input in their business ventures for a very long time. However, the growth of business firms is quite impressive. Before diving into the 8 Proven Business Hacks for Small Businesses, Let us learn about small business motives.
What Is Considered A Small Business?
Small businesses can either be partnerships, joint ventures, or even sole proprietorship businesses. You can always get the best of innovative ideas when you are indulged in small businesses. It is surely not easy to grow small businesses but when you are involved in the creation and a fresh change in the already existing market structure, you will most definitely succeed in making your small business the talk of the town.
When we say small business, we don’t always refer to businesses that are done cheaply. We are almost always referring to a business that is launched on a small scale but has the potential to grow into something much bigger with time. But, there has always been a question that arises when it comes to growing one’s business. What are the factors one must consider when trying to grow his business? Don’t worry, we have you covered on this topic with this article!
How to grow as a Small Business?
Small businesses mostly have a small capital as compared to their bigger counterparts. Hence, it is always more or less risky to invest in a small business venture. But how do we normally increase the profit margins while making sure to grow as much as possible?
Here Are 8 Business Hacks Hacks To Uplift Your Small Business:
1. Offer Free Trials for your Products
As much as you may not want to increase your expenses, it is always wise to invest in something that will bring you profit in the long run. When you are trying to give free trials for your products, you are usually creating a massive customer base without even realizing it. You never know how many people are trying to engage with your brand when you are doing this. Most consumers in just about any market try to purchase from a brand that will give them as many free services or products as they can.
Hence, while free trials for your products may not seem like the most profitable way to grow your small business, it usually is. From sample products, and free medical services to generous return policies, loyal customers will purchase more often from your retail shop or online store than they otherwise would. Moreover, when you are giving your customers free trials for your products or services, you are also giving them the benefit of their doubt in investing in something rare or new in the market.
Making a profit will always be easier when you are also giving your customers the assurance that they seek.
2. Add Chatbots to your Website
More than often customers seek help while surfing through a website. The need for help may range from trying to find the best product to suit their needs to finding options. However, when most of the retailers or sellers are not able to do so, the customers will try to withdraw themselves from purchasing due to a lack of information. While most people will say this is not the case, this is very often the case for many customers while buying from an app or a website.
Chatbots are usually automatically curated chat heads that will offer the answers to the customer’s most asked questions. Likewise, using advanced chatbots can help customers get detailed information or proper customer service. Moreover, upon research by retailers, it was found that many customers prefer to chat with bots rather than a real person. This is a highly effective way to increase revenue as well as customer satisfaction in your small business!
This way, you not only save money on customer service employees but also can help potential customers to make a purchase with ease and comfort.
3. Transparency in pricing
It is essential that a seller tells his customer about the prices of his products and services. Transparency in pricing is one of the most important factors that affect a customer’s desire to purchase from a seller. It is important to realize that while making a purchasing decision, customers mostly focus on price.
In fact, many customers tend to go through websites and social media pages not just to find the best products but also to find the best prices they could possibly find. Customers get a sense of reliability and trust when the seller is transparent about prices on his site or app. Moreover, you should make sure to give your customers a detailed description of prices for your products and services.
4. Referral marketing strategy
Marketing strategies are mostly the positive ways through which people promote their products and services in the wider market. Referral marketing works through positive word of mouth. People who are trying to give their customers the best benefits usually get more customers in the long run.
When one customer is getting a good service, they usually tend to talk about these services to other people who will talk positively about the same products to other potential customers. The customer base will expand over the course of time with the help of positive feedback and this is exactly where you know you should make sure that your customers are in fact spreading the good word of mouth.
The perfect example of a referral marketing strategy is the case of DropBox. The company gave its customers free space for a period of time which helped them increase its registered users from 100k to 4M in just 15 months.
5. Taking the help of influencers and bloggers
The current time is all about bloggers and influencers. You can get all the benefits you want in marketing when you take the help of bloggers and influencers. Influencers are without a doubt called influencers for a reason. They directly or indirectly influence the way people make purchases of different products or services.
Influencers are more than just cute pictures. They tend to increase the profit margins of businesses by persuading their followers to buy certain products. You can either let the influencers take PR packages from you or you can directly pay them. We assure you that none of your efforts to take help and support from influencers will go in vain.
6. Product launch events
You can always launch events for the promotion of new products. The launch will surely lead to an impressive growth rate in the profit margins of your company. Many people tend to consider launch events a waste of money.
But this is a reminder that launch events are not at all a waste of money. In fact, this way, you will be investing your money in something productive for your own business. You can, likewise, invite influential people and celebrities to your launch events which will only increase people’s interest in the event.
7. Make your website mobile-friendly
When you make your website mobile-friendly, you are also making efforts in increasing customers for your business. Most businesses are likely to experience profit margin growth when they make their websites user-friendly. A major mistake that most businesses make is that they tend to make their website suitable for only desktop uses.
However, it is important to realize that many users prefer to surf the internet from their mobile phones. Make sure you emphasize this and see how your business grows with time.
8. Track the buyer’s intent
When you are promoting your products or services, it is important that you track the buyer’s intent. Never forget that “Customers are the kings”. Hence, cater to all their needs if you want to see your business foster in the long run. Marketing automation tools are highly effective and helpful when it comes to giving your customers what they are searching for.
It is important to recognize their needs and work accordingly at all times. Customer Relationship Management is another way you can know the buyer’s intent!
The buyers are always the ones who are going to determine whether your products will be sold or not. Your small business’s successes and failures are likely the results of whether or not your customers are satisfied with the way you promote your products or how you market them. It is always up to you that you do things right for your own business.
All in all, you must make sure that everything that you do in your business is done carefully keeping in mind the needs of the customers. Most of the time customers are not always the same. But, as a small business owner, you should always make sure that you are satisfying the needs of your customers in every way possible. These marketing and growth strategies are most important in catering to every customer base possible. Using these strategies will definitely prove to be beneficial to you.
We hope this article on “8 Proven Business Hacks to Apply in Your Small Business” has been helpful in generating ideas and tactics to grow your small business!
Also Read: What is Business Intelligence? A Detailed Overview
Frequently Asked Questions (FAQ)
1. What factors influence the growth of small businesses?
Small businesses are mostly influenced by factors like customer loyalty, smart adoption of technology, commitment to employee training, and social responsibility.
2. Why is the growth of small businesses important?
Growth is important for small businesses for their long-term survival. It also helps businesses in acquiring assets, attract new talents, and fund investments.
3. What prevents a small business from growing?
Unwillingness to invest in new research, innovations, and sales tactics are
likely to prevent a business from growing.
4. What are the main growth strategies?
The main growth strategies are Product, Price, Promotion, and Place.