Intuit Quickbooks says that in 2023, more people than ever are likely to start their own businesses. Even though the political and economic climates are changing, many entrepreneurs are coming up with new and innovative ideas that are changing the way businesses work.
In the new year, these 10 small business growth strategies can help you steer your business in the right direction.
Expand Your Email List of Subscribers
Leo Ye, co-founder, and CEO of CUBO says that growing your email subscriber base is a cheap way to get people interested in your brand. So, your business can run campaigns and send personalized messages, such as emails for an anniversary, a birthday, or a sale.
He said, “Growing your email list makes you less reliant on traditional marketing channels, cuts down on your advertising costs, and lets you build next-level customer loyalty through personalized interactions with your prospects and customers.”
Concentrate on Client Retention
Kelley Van Boxmeer, co-founder and CEO of Motion Invest, says that keeping customers you already have is easier than getting new ones. It also helps your business grow faster because people already know and trust your brand.
“If you have a CRM and marketing automation system that work together, you can give your target audience a memorable and useful customer experience,” Van Boxmeer said. “You’re more likely to keep their business if you do that.”
Build a Strong Referral Network
Brett Prentiss, a co-founder of Instinct Marketing, says that you should set up a referral network to give employees and current customers a reason to promote your business for you.
Prentiss said, “You can build a network by working with the people who support your business the most and giving them discounts if they bring you, clients.” “Take advantage of your strong connections to build a bigger small business by 2023!”
Adapt Marketing Strategies Based on ROI
Jay Soni, the Managing Director of Yorkshire Fabric Shop, says that if you are on a tight budget, the best thing to do is to look at how well your marketing efforts are working and make changes based on that.
“Once you’ve set up your budget, you can look at the ROI,” Soni said. “Being small gives you the ability to be flexible and switch from methods that don’t work to ones that do.”
Automate Time-Consuming Processes
Kevin Holmes, the founder of Hairbro, said that automation is a good way for businesses to speed up repetitive tasks and give employees more time to focus on the big picture.
“Automation should be thought of wherever you or your employees spend a lot of time on business tasks that take a long time,” Holmes said.
“Automation can improve the accuracy of data entry and reconciliation while giving your employees more time to work on important tasks like growing the business and making new markets.”
Introduce New Offerings
The founder of HerPaperRoute, Chelsea Clarke, said that it is important for a small business to keep its current customers interested with special deals and new products.
Clarke told CO—, “When someone feels really supported by one of your offerings, they are likely to invest in another one.”
“If you sell digital or physical products (or both), make an email list to keep your customers interested, share new products with them, and let them know about any sales you’re having.”
Make Use of AI and Machine Learning Tools
Martha Carlin, the founder, and CEO of The BioCollective told small businesses that they should invest in the right technology to get rid of old processes and automate tasks that are done over and over again.
“Because businesses are increasingly using remote and hybrid work environments, you need a solid platform to organize communication among employees and encourage teamwork,” said Carlin, who suggests using project management software like Trello and Airtable for planning, scheduling, and other operational tasks.
Compete on a Local Level to Acquire Customers for Less
Justin Silverman, the founder and CEO of Merchynt, says that free tools like a Google Business profile can help small businesses compete with larger companies that have bigger marketing and advertising budgets.
“Ninety percent of people look online for a business near them, and if you work on your local business profiles, you’ll start showing up in more search results and get new customers,” Silverman said.
Establish Credibility With Video Content
Edward Mellett, the Director of WikiJob, says that video content helps build brand awareness and gives a good return on investment for its marketing efforts.
Mellet said, “Video is your secret weapon to build brand authority and improve SEO.” “You can establish your authority by making videos that are complete and easy to follow that solve the most pressing problems of your audience.”
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