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The key with any growth strategy is to be deliberate. Figure out the rate-limiting step in your growth, and pour as much fuel on the fire as possible. But for this to be beneficial, you need to take the following steps:
1. Establish a value proposition
For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible? Use your answer to explain to other consumers why they should do business with you.
For example, some companies compete on “authority” — Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Figure out what special benefit only you can provide, and forget everything else. If you stray from this proposition, you’ll only run the risk of devaluing your business.
2. Identify your ideal customer
You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.
3. Define your key indicators
Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas. Also, A/B test properly — making changes over time and comparing historical and current results isn’t valid.
4. Verify your revenue streams
What are your current revenue streams? What revenue streams could you add to make your business more profitable? Once you identify the potential for new revenue streams, ask yourself if they’re sustainable in the long run. Some great ideas or cool products don’t necessarily have revenue streams attached. Be careful to isolate and understand the difference.
5. Look to your competition
No matter your industry, your competition is likely excelling at something that your company is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.
6. Focus on your strengths
Sometimes, focusing on your strengths — rather than trying to improve your weaknesses — can help you establish growth strategies. Reorient the playing field to suit your strengths, and build upon them to grow your business.
7. Invest in talent
Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition. Be cheap with office furniture, marketing budgets and holiday parties. Hire few employees, but pay them a ton. The best ones will usually stick around if you need to cut back their compensation during a slow period.
Developing a growth strategy isn’t a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else’s successes would be foolish. That’s not to say that you can’t learn from another company, but blindly implementing a cookie-cutter plan won’t create sustainable growth.
You need to adapt your plan to smooth out your business’s inefficiencies, refine its strengths and better suit your customers who could be completely different than those from a vague, one-size-fits-all strategy.
Your company’s data should lend itself to all your strategic decisions. Specifically, you can use the data from your key indicators and revenue streams to create a personalized growth plan. That way, you’ll better understand your business and your customers’ nuances, which will naturally lead to growth.
A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.
Once you create a business account on Instagram, you are eligible to reap the benefits mentioned below:
It is not hidden, that Instagram was acquired by Facebook. The fusion of Instagram’s creativity and fun culture with Facebook’s accurate analytics and hassle-free business boosting tools, paved ways for many online businesses. To make the most of Instagram for your business use these 3 powerful strategies:
Instagram is a very simple, creative and intimidating(initially) app. We all know that content is the king to promote any business. Therefore, it is important to draft a solid content strategy for Instagram in order to attract the right kind of audiences. More often than not, businesses end up asking “what should I post on my Instagram business profile?” Well, the answer is right here:
Still confused about from where to begin? Here’s what you need to your rescue – an effective marketing strategy! Like mentioned above, the app is quite intimidating at the first because it is different from other social media platforms, but you need to start somewhere.
At the end of the day, the sole purpose of any business is to sell their products and services to maintain a consistent business cash flow. To see your sales soaring high –
All your efforts should end up with valuable results. You should know how your Instagram strategies and campaigns are performing. There are 4 basic Instagram insight metrics, you should keep an eye on:
Note: Instagram provides weekly insights for your business. Hence, you will not be able to access Instagram business insights of the past weeks. It is advisable to keep a record of all your business insights on weekly basis, to avoid losing out on any valuable insight into your business.
Nearly 500 million people use Instagram, sharing an average 80 million photos every day. These are huge numbers. Irrespective of who your target audience is, you will be sure to find them through Instagram. It gives your online business an ability to reach out to customers where they are actively present.
While Facebook and Twitter marketing is overcrowded, Instagram as a social media channel is just warming up. Here are few simple tips which you integrate to start Instagram marketing:
Instagram profile is the first line of communication for your online business. Therefore, your description should represent the idea of your online business and what you do as a company. Take advantage of your bio link to drive traffic to your website. Bio link is the most crucial element as it is the only way to take people from your Instagram page to your business website.
You ought to include:
Content is the heart of your Instagram profile. 80 million photos which are shared every day encourages nearly 300 million users to log on to Instagram daily. You should have a clear idea for the content you’re are putting on Instagram. Post quality content which can enhance your brand image at the same time connect on an individual basis with the community members.
Content buckets which you can follow:
Style guide ensures consistency element of your brand across all marketing channels. Style guide includes the design and layout of post published on Instagram. Consider defining following elements for your style guide:
Like Google uses keywords to rank various websites, Instagram uses hashtags. Use Instagram’s Explore feature to find the posts related to the trending hashtags. Include these hashtags in your content if they are relevant to your online business. It is best to identify hashtags and then build your content around those hashtags. By putting your brand on the top of trending hashtags, your Instagram profile will be seen by people posting on that hashtag.
Measuring ROI and tracking results helps you to optimize your content strategy. Paying close attention to your audience growth, number of likes and comments on your posts helps you to decipher which type content is working for you.
Use below formula to calculate the engagement rate of your Instagram marketing campaign:
Like + Comment / Followers X 100 = Engagement Rate
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