How Can Small Businesses Overcome Growing Pains?
The failure rates of emerging businesses are as high as a kite, and most entrepreneurs never enter the stage of rapid growth. Once in the competitive market wilderness, their vision starts to crumble and their sound strategies blow up in their face. Then again, not everything is as grim. Modern technology equips us with a plethora of inexpensive tools for carrying out smart marketing tactics and offering customer service excellence. As a result, you are not without strategies to maximize your chances of hitting it big.
A consumer-oriented market
First off, fine tune your customer support. Customers are spoiled for choice today, and like it or not, they are always right. Therefore, your efforts have to gravitate towards their wants and needs. Basically, you must be at their disposal around the clock and answer their questions and solve their problems swiftly. The good news is that modern communication and online technology empowers businessmen to lay the groundwork for constant interaction.
Create social media profiles and utilize features like instant messaging. Speaking of social networks, they are also incredible platforms for launching swell marketing campaigns. A small business cannot afford to underutilize them and reach a wide audience with minimal investments. Just bear in mind that the old methods like advertising often fall short on these digital hubs. In recent years, we have witnessed the meteoric rise of novelty concepts, like content marketing.
Keep up the pace with the trends in this dynamic field. For example, note that visual content performs are the best if they attract the most clicks, likes, and shares. Furthermore, small businesses would be wise to jump on the mobile bandwagon. The number of people who search for products and purchase them via their mobile devices has exceeded those who do it on their desktops. Finally, get a hang of SEO. It is a surefire way to boost visibility in search engines, the booming avenues where most internet users dwell.
Do not overlook email correspondence and try to automate it. Believe it or not, emails are still associated with the highest ROI of all digital communication channels. Still, you also have to understand that the digital world is just one part of an overall strategy. In the real one, you also have to find the best possible solutions for the problems you encounter. Be prepared to hire professionals, especially if you possess limited in-house capacities in terms of skills and experience.
Like a pro
For instance, eCommerce and businesses that involve international shipping could use a customs broker to handle the clearance process, while those that implement new technologies often outsource some of their tasks, like support and web design. Legal and financial advisers also come in handy, albeit their services could be too much for a shoestring budget. Of course, having people on your payroll each month is not cheap as well, which is why outsourcing has its benefits.
At last, what makes or breaks the financial success of SMBs is their ability to handle money flows. In order to get operations off the ground, entrepreneurs need to attract a constant influx of cash. This can be a daunting task, though. To make thing easier, keep the books tidy and sort out the accounting. Analyze your expenditures and find the areas that can be trimmed. Increase the predictability of income and remember that the numbers game is one of the most important ones in which you have to step up.
Unfold your success story
In the age of applications, smartphones, and social media, small businesses cannot remain chained to the world of yesterday. If they mean to get on the fast track to success, they must migrate online and make the most of cost-effective marketing and customer service tools. Consumers are the driving force behind success, so put them before everything else. Focus on stellar storytelling across different channels, treat people with great content, and sow the seeds that will bear fruit one day soon.
Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.