Apr
11 Effective ways to grow your business
Ultimate objective of any business is to grow and make more profits. It is impo
rtant that this growth is sustainable and not for short term. Many small business fail
because they go on path of growth without any infrastructure hence, it is prominent
to have a plan for long term growth.
1. Have knowledge of your customers
The prime person involved in a business is the customer and that is why it is
importatnt to know customers. How do they perceive the product , What they like or
dislike about the product . Ask customers to review and give feedback for the
product . Analyse thoose feedbacks , keep up the strengths , work on critcised points
and have a long way to go.
2. Grow Loyalty
Covid-19 has taught, importance of loyalty marketing to ensure the long-term survival
of business. When there are endless options available while making a purchase
decission , sparking emotional loyalty in customers is prominent for true growth,
because now it's about more than buying the product, now customers also think about
emotional bond with the business. If one wants to be a step ahead of competitors
and make their business one of a kind, implementation of a tailor-made customer
loyalty program is a must.
66% of customers say that chance of getting rewards do affect their shopping
behaviour. For creation of loyalty, Business can use exclusive discounts and
rewards for loyal and revisiting customers. Give them special treatment e.g. sneak
peak of upcoming product before lauching it to general public , wishing them their
special days with rewards or discounts.
All the online giants and chain stores use such technique to retain customers. For
Rewarding and discounting use ways which actually create value for customers as
just a illusion of rewarding in not going to give sustainable customers . For
customers loyalty , rewards such as – Cash backs , Reedemable points , Gifts ,
Special Discounts work effectively.
3.Build a Network
Business is better if done with known people . Having an ecosystem is a convinient
way for business to find potential customers and for customers to find business .
One can grow their network by meeting more people , increasing their reach ,
meeting with potentials to get more leads. Networking also allows to get knwoledge
about business trends and changes which can be monetised if used properly ,
ultimately resulting in business growth .
Business Network work as tool for cost cutting , exclusive supply contracts , are
proven example of building network for business growth. It also helps in increasing
market span as it increases business reach , making more customers to find them.
4. Be a good business and even better service provider
A business can stand out from the ocean of business if they offer great customer
service .As customer experience is the key factor responsible for revisting customers
. Usually business only care about sale and then forget their customers , but in order
to make long term relations with customers it is important to care for them and care
about their experience with the business . This makes customers feel valued and this
value is monetised when customers promote your business word of mouth , which is
one of the best marketing technique.
5. Host Events
Events are a kind of public relations activity which gives business chance to connect
with potential customers , market themselves , and customers also get to know what
it feels like to work with your business . One can establish its name in industry or
market by hosting events as they are more likely to grab attention , increase reach
and footfalls . For this events such as –Lucky Draw , Demonstration Events , Festive
offers , Special discounting days , Sample distribution are most popular.
6. Keep on Updating & Upgrading
In rapid chaging world like today it is important for business to keep up pace with
time and innovation. It is essential to read , find , listen and know about changing
trends of market and customer’s preferences . A business may fall behind , if fails to
cope up with changes and trends of market . For business need to be proactive and
continue to upskill themselves with technology and required skills .
7. Have Online Presence
Onine is the new market and hence to sustain in this new market , along with online
giants and chain stores , it is prominent for all businesses to have presence over all
the places .
Conveineice is the utmost priority for majority customers & Covid has made it habit
of customers to get every detail online , hence even for a local and small business it
is important to have online presence for increasing their reach and customers .
When a customer gets all the required details of a business on internet , he is most
likely to just visit the store and make a purchase as he already has studied the
product and knows about the availability and price of same .
Online presence benefits customers as he gets convineice of making purchase
decission in advance and for business it helps to increase reach and get more
footfalls at their store.
8. Use Social Media
Today is the world of digitization and social media is the most suitable way to take
your business to digital world .Social media marketing is the most rapid growing
marketing technique which is proven to be effective .
Social media increases business reach exponentially as it is used by people of all
age. It is cost effective as it is one of the cheapest mode of marketing.It has a large
scope as it is common for all regions and hence,is suitable for taking business
beyond it’s geographical location and resulting in growth of market size, ultimately
resulting in growth of business.
9. Give back to society and community
A great way to grow a brand is being socially responsible & giving back to society . A
business use and exploit resources of community and society and that is why it is
important to give it back to society .These activities show business value of the
brand .
Indulge in activities such as Sponsorships , donations , NGOs , hosting community
events , Social events and work for community .
Apart from this , business can go for using renewable energy , employee benefit ,
customer benefit programs . These activities help in growing reputation , ultimately
growing business.
10. Develop Additional streams to business
Diversification is one of the proven ways to improve and increase business . When
the core business reaches a certain stage it is important to develop additional
streams with new products , diffrent price and profit schemes .
Treat this new stream as expansion of business , it could be a start up , supported by
core business as it gives broader margin for risk taking .
But make sure additional stream makes sense and has some relation to existing
business , if not it increases risk factor in both existing and new business.
11. Measure your Approach
When using more than one approaches to market or grow business , it is important
to analyse and measure what is working and what is not . And then invest wisely on
things which work . It not only saves money but also gives efficient results.
It is important to keep studing the outcomes of approaches being used as by the
time effectiveness of medium being used keeps changing . Keep tweaking and
revising these approaches with time and build a better business.
At Fayda Shop , We help you to build meaningful relationships with your customers and get
incremental revenues with our Crypto based Rewarding - loyalty program and marketing.
Drop down your customer acquisition cost and create value of your discounts much higher
than its actual value.
Covid-19 has made it mandatory for business to have online presence , as
everything is now online, but majority local business do not have such presence due
to multiple reasons and Fayda solves this problem of local business and give them
support to fight with competition from Online Giants & Chain stores.
Fayda drives revenues for local stores , creates their online presence of local
business by listing , promoting and marketing their business. This helps business to
have online presence , get increased footfall , reach , fight with competition and get
more customers.
Grow Your Business With Us -
-List your products
-Do market and promote your business
-Get potential customers to find you
-Give rewards with 10X value to your customer
-Create Loyal and Revisiting customers for your business
Be a part of blockchain based ecosystem , list your business with us and get fayda.
To know more about Fayda, Connect with us -
Whatsapp 9617350006
App: https://play.google.com/store/apps/details?id=my.fayda.app
Website: https://fayda.app/
YouTube https://www.youtube.com/c/faydaapp/?sub_confirmation=1
FB Page https://www.facebook.com/appfayda
FB Group https://www.facebook.com/groups/faydaapp/
Instagram https://www.instagram.com/fayda_app/
twitter https://twitter.com/fayda_app
Pinterest https://in.pinterest.com/faydaapp
