Have you been struggling to scale up your new local business? Starting up a new venture can be hard but getting it to grow is more challenging. The good news is that you can adopt the strategy of growth marketing. The concept, also known as growth hacking, plays a vital role in the rapid growth of new businesses through various incentives that ensures that there is successful marketing. Through growth hacking, your business can attain growth, maintain existing customers and gain more and more new clients. If you own a new business, here are five growth marketing ideas for you:
1. Discount Strategy
Offer discounts while still putting measures in place to ensure you gain maximum profit. The method can be used to attract new customers as well as maintain existing ones. For instance offer 50% off on an item, or maybe a free item if existing customer brings a friend to the store. This strategy can apply to any retail business like a boutique.
As part of this strategy, businesses can also award loyalty bonus to their customers which not only strengthens the bond with customers but also attract other customers who may be getting goods and services in other businesses that do not adopt the initiative. Besides, businesses can also offer rewards to their customers who bring new customers. Your reward should be lucrative. Besides, you can also put offers on various products, for instance, getting one or two products for free for purchasing a given number of the product can also help businesses to grow.
This is a brilliant growth marketing strategy that new local businesses can adopt not only to expand their market base but also to shape customers and potential consumer’s attitude. It involves supporting various events that are hosted by different entities or individuals. If you own a local bookstore, you can sponsor a school sports event. The move can help in building brand awareness where the goods and services that the local business offers is also highlighted during the events. Check local meetups on sites like meetup.com, local chambers of commerce, and contact the organizer for sponsorship opportunity. This can work well specially if sponsorship is relatively inexpensive, such as bringing in food if you are a catering business. Besides, a sponsorship deal also allows such businesses easy contact with potential customers which in turn promotes its overall growth. Furthermore, in cases where there is exclusive sponsorship, business always has a chance to stand out and differentiate itself from competitors.
3. Social Media
Social media offers some of the best platforms for businesses to market themselves. With the advent of online shopping also making it easier for customers to purchase products at the click of a button, New Local Businesses can also adapt it to spur their growth. This can be achieved through the creation of social media pages and accounts for the local business where its products and services, as well as their costs, can be posted for customers and potential customers to see. Businesses can also adopt the use of instant messaging to engage customers and also communicate with customers looking for products and services. The use of social media can also help new businesses to monitor their online customer base by continually checking the statistics of the number of people following their online activities. Parts of the efforts include the use of advertisements like Facebook Ads for marketing.
4. Maintain relationship with customers
One of the critical strategies that ensure the growth and success of a business is maintaining a relationship with customers. This may include maintaining communication with them through text messages or email. Furthermore, the relationship can also be extended through the various online platforms where the marketers can also engage their customer base on activities such as surveys. This can help strengthen the bond between the business and the clients which in turn also helps in promoting loyalty by the customers.
5. Monitor the environment
Marketers of New Local Businesses should be aware of the changing dynamics in marketing and keep themselves up to date with consumer demands. They should monitor the tactics that other companies that have already made a mark in the business field adopted to ensure that their marketing was a success. Do not shy from asking for referrals. This can apply to service based businesses like wealth managers and CPAs. This can help strengthen its base as well as improve its visibility to other potential customers. Marketers should identify the non-competitive businesses in the market and collaborate with them. For instance, local business like a hotel offering accommodation and meals can get into a partnership with an airline company to ensure that the airline company also recommends to its passengers the hotel in case they are interested in accommodation.