Ways to Grow Your Business in 2022
After two years of adjusting to life as we know it, 2022 is a great year to venture into expanding. Even if you do not feel that your business is ready to grow, now can be a great time to decide what needs to be done in order to meet that goal. Read ahead to determine if expanding is right for you and for ways to grow your business in 2022.
Signs You’re Ready to Grow Your Business in 2022
You Are Financially Prepared
First, look at the last few years of business. Has there been steady growth and a steady increase of new customers? If the demand is there, then it is time to expand and grow your business. You want to make sure that you're financially secure before continuing, otherwise you may find yourself with a larger business but financial insecurities.
Your Industry is Growing
Research whether your industry, market, or niche is growing. Compare your business to others in your industry. It can also help to talk to other business owners like yourself about their plans for the future. If you are part of a coworking space, such as Wright Village, ask your community manager who to speak with.
In 2022, some of the industries that are expected to grow are entertainment and travel. Entertainment includes video games and movie theaters and travel includes airlines, hotels, and casinos. If your products and services are a part of these industries, 2022 may be your year to grow your business.
Demand Has Increased
If you've noticed that the demand for your products or services extends beyond your ability to fulfill, it may be time to grow your business. If opportunities are arising where you have to turn down business or you are unable to meet the customers needs within a reasonable time frame, it's a sign of a good business. One of the major challenges that small businesses come across is trying to meet a demand that they are not capable of fulfilling. This leads to decrease customer satisfaction or loss of revenue.
Ways to Grow Your Business in 2022
1.) Grow Your Online Presence
In 2022, an online presence is a must. If you haven't already, it's time to think outside the box (or store). You can visit our post Social Media Tips to get started. In the last few years, there has been a huge demand for products and services that can be acquired online. The demand for online resources has grown exponentially with the COVID outbreak and is not going to end anytime soon. Obtaining products and services online is simply too convenient for customers to give up, and customers are going to be looking for your online presence. If keeping up with social media is too demanding, hiring a social media marketing company can help. Especially if social media is not very familiar to you, this will save you the time and effort of having to learn search engine optimization (SEO).
Here are some steps that can be taken to improve your online presence.
Be visible. Ensure that your social media presence is there. One way to do that is to post consistently and regularly.
Create a Facebook group. A Facebook group is different than a Facebook page. A Facebook page advertises your business and is a great place to post your current products or services. A Facebook group allows customers to interact with the business and each other about a shared topic: Your business. They can ask questions, speak to a representative, voice concerns, or give praise. Customers are still interested in having a relationship with a business, despite this more virtual world.
Have a giveaway/contest. An effective and fun way to get more new customers and increase your presence is to have a giveaway. This works especially well on Instagram. The business doing the giveaway asks the viewer to follow them on the platform and then tag a friend in the comments. This way, the effort of finding new customers is done by your viewers, and the cost is minimal compared to traditional advertising.
Maintain your niche. If you have a niche market (and it helps to have one) be consistent with your posts. You could get more followers or likes by posting viral content but it can be confusing for your customers. Also, the followers and likes that you get aren't necessarily looking for your product or service. Stay true to your business!
2.) Reconnect with Previous Customers
Customer retention is an excellent way to maintain a steady revenue to grow your business. An effective way to keep customers coming back for more is providing excellent customer service. That can be as simple as providing communication, such as letting the customer know when something is going to be delayed or reaching out to them to make sure that the product or service met their needs. If you send out promotional newsletters, now would be a great time to reach out to previous customers about products, savings, or offer discounts or coupons for returning. Customers that have bought from you once are more likely to buy again.
3.) Ask for Reviews and Referrals
Once you obtain a new customer or a pre-existing customer has returned, this is a great time to ask for a review. This is something that can be automated using resources such as MailChimp. Monitoring feedback and responding to customer concerns will reassure current and future customers that you are invested in their satisfaction. This can be as simple as monitoring a Yelp account or email responses. Providing a discount for referrals is also an effective way to get new customers. Asking customers to share and recommend your business on social media can spread the word about your great business and customer service.
4.) Expand Your Opportunities
Franchising is an excellent opportunity to increase growth without having to do all the hard labor. In order to franchise, you have to be sure that you have appropriate systems and policies in place so that the franchisee can continue to provide the product or services and relationship that your customers expect.
Opening another store or branching out into areas or demographics that were not previously sought can grow your business and increase customer reach. If your online products are doing well, it may be time to consider providing your products internationally. Although, this will certainly increase your customer base, it does come with its own array of headaches. There is documentation and forms that need to be completed for international shipments. Do your research before considering international shipping.
Change can be hard and growth can be scary, but The Wright Village is here to help! Follow us on Instagram to become part of our community.
