Growing any business is important to make it possible for the business to succeed. Keep in mind, according to the Small Business Association (SBA), only 50% of small businesses last past 5 years. Growing your business puts you on track to be among those that make it.

Having a good strategy is important to make sure your company grows at a steady rate. Here, we will take a look at the best ways to grow and overcome. Among the ways in which this can be accomplished include:

• Create strategic partnerships
• Email marketing strategies
• Social media applications
• Develop new products or services
• Penetrate Market Deeper

Make sure to take a look at how these can benefit your business. Take note of the examples given as ways you too can make the most out of your opportunities.

1.  Create Strategic Partnerships

No business is an island. There are plenty of others out there looking to grow their income as well as their own business. By creating partnerships with individuals and businesses in a creative manner it is possible for you to enjoy immense growth.

• Affiliate marketing – It can be expensive to market your own products. Luckily, there are plenty of individuals willing to do the heavy lifting for you. Simply offer people a percentage of each sale in return for sending them quality leads.
• Influencer marketing – Anyone out there who has a dedicated group of followers is prime for a creative marketing partnership. Offer a flat fee or a rate that depend on verified sales. The more aligned the followers are with your services or products, the more likely it is they will be willing to buy.
• Business partnerships – Seek out businesses with complementary strengths to your own. By pooling resources, it is possible for both businesses to grow. In some cases, you may want to find a business with an established client base to increase your visibility.

A good example of a business partnership is the one between Barnes and Noble and Starbucks. By putting a Starbucks Cafe inside of the Barnes and Noble, it was possible to get avid readers to hang out more in the stores. The result was higher sales in coffee for Starbucks and higher total sales for Barnes and Noble.

2.  Email Marketing Strategies

Email remains one of the best tools for marketing to individuals. This is true whether talking about B2C marketing or B2B marketing. According to Campaign Monitor, 72% of people prefer to receive promotional material through email. This is opposed to the 17% that prefer to receive similar promotions through social media.

By investing in such things as automated email follow up tools, it is possible to expand your email marketing strategy without having to increase your workload. This helps you to increase your ROI even faster. Keep in mind that it is possible to see a 3,800% ROI according to SalesForce.

To take advantage of email marketing make sure you develop a good email list. This will allow you to have targeted emails with segmentation for a more accurate outreach approach to your marketing.Make sure your emails are communicative and informative. This will lead to a higher Click Through Rate (CTR) and increased sales.

3.  Social Media Applications

Increasing usage of social media over the years has made it a very good way to reach your audience. Much like email marketing, you have the opportunity to reach more people in a personalized manner. Through social media, it is possible to market based on such factors as:

• Location
• Age
• Income bracket
• Gender

This is only a sample of the different demographics you can highlight when utilizing social media marketing. Through the different companies, it is possible for you to utilize analytics that dial in the effectiveness of your marketing approach.

Best of all, social media can provide a lot of automation. Such tools as Hootsuite make it possible for you to create all of your social media posts for a period of time. Set the software to post across a variety of different social media accounts and the posting will be done automatically. While this is occurring, you can concentrate on the rest of your marketing strategy.

Once you have posted, you can analyze where you have succeeded and where you fell short. Learning from these mistakes allows you to finely tune your message. You can also experiment with when and where your posts are having the most effect.

4.  Develop New Products or Services

There are always going to be changes in the market. New technology will become available. Whether it is a shift in the desires of the population, or there is a new way to do things, there is going to be opportunities to develop new products and services.

Take advantage of these changes by consistently looking for different ways to access the market. When you find holes, it is possible to market to successfully fill the gap.

For instance, during a global pandemic, there is going to be a need for personal protective equipment. A company with the ability to alter procedures to meet the need of the public has the ability to grow in two ways. Sales will go up on a product in high demand. Additionally, the perception of the company increases thanks to meeting a growing demand in a humanitarian manner.

5.  Penetrate the Market Deeper

Market penetration can be tricky. Even something like pricing can cause you to be perceived in a specific manner. By undervaluing a product, it is possible for you to be perceived as a budget product. This may do well to sell products to those with a limited budget.

Those seeking out premium brands will ignore your product. Certain brands have actually seen an increase in overall growth as a result of increasing the price to where they should have been selling in the first place.

Another way to penetrate the market deeper is to market with a purpose. Take the example above where we discussed a global pandemic. Rather than saving money during a pandemic when sales might be depressed, it is a chance to reach out further. Increase the marketing budget for when the pandemic is over. You may find your sales to not even decrease during the down time.

Promotions and discounts should be similarly handled with deft. Make sure to incorporate analysis of a target demographic when creating marketing strategies. By accurately timing your promotions and discounts, it is possible to see results where others are seeing a decline. Make sure to position yourself in a manner to uniquely reach out to those you mean to sell to.

Final Thoughts

It is possible to grow your business in a steady manner regardless of what is going on in the market. Taking advantage of these strategies makes this possible. Always take the time to analyze every strategy you implement. See what is working so you can repeat it.

Do not be hampered by strategies that are not working. It is not a failure. It is an opportunity to learn and grow. Improve upon strategies that fell short of the goal. What you learn will be implemented into successful strategies next time.

Always keep your mind open to new strategies as they reveal themselves. Talk with your client base through surveys. Read your feedback. You will get all the information you need to keep growing and improving for a brighter future.