Money

5 Business Growth Hacks You Need to Implement This Month

Growing a successful company is every business owner’s ultimate goal and dream. But, as a startup or a small business, you know just how challenging it can be to start making progress. From budget constraints to simply not having enough time in the day, it can be hard to manage growth while also managing every other part of owning a business.

The good news is that growing your brand doesn’t have to be expensive or overly time-consuming. By using effective growth hacks, you can rapidly grow your company in a short amount of time.

Keep reading to learn about five growth hacks that you’ll want to implement this month.

  1. Retarget Missed Customers

Did you know that consumers make multiple visits to a website before deciding to make a purchase? This means that retargeting is an effective growth hack for getting purchases that you may have missed out on in the past. You can retarget on almost any platform, including Google, Facebook, and others.

With retargeting, you can show targeted ads to consumers who previously visited your site. When users visit other sites, they will see ads for your business, which may be enough to entice them to return to make a purchase.

  1. Prioritize Content Marketing

The internet, especially social media platforms, is run by content. What’s nice about content marketing is that it’s not only effective, it’s also cheap. In fact, content marketing generates about three times more leads but costs 62% less than traditional marketing options.

There are all sorts of ways you can use content marketing to benefit your brand. Create a blog on your website and post consistently, and chances are you’ll see an uptick in website traffic. More traffic means a greater chance for conversions and sales.

The key to creating content that produces results is to provide content that interests your target audience. Not only do you want to figure out which topics most interest your audience, it’s even more important to determine what kind of content they prefer. While blogs and other text-based content is important, video and photo-based content are huge in today’s world.

When creating content, always use search engine optimization techniques as well as catchy titles and calls to action that entice a reader to take the next step.

  1. Invest in an Inventory Management System

Inventory management impacts almost all factions of your business, including sales, customer satisfaction, and growth. In order to meet consumer demand, you must have an effective way to track and manage your stock. But if you’re like most small businesses, you’re relying on checklists and manual inventory processes to get the job done.

Manual inventory management is prone to error. Instead of spending hours each week counting product quantities, invest in a quality inventory management system instead. These systems automate the entire inventory management process, which means you’ll always have real-time insight into stock numbers.

Using these systems you can set quantity thresholds, see which items are selling the fastest, and determine which items you don’t need to stock up on because they’re out of season or just not selling as well.

  1. Use Coupons to Drive Sales

Consumers love knowing that they’re getting a deal when they make a purchase. A simple yet effective growth hack is to offer visitors a coupon in change for their email address or other contact information. This technique not only builds your email list, but the coupon may also be enough to encourage a website browser to become a customer.

Coupons work well when they’re displayed in a hero banner or as a pop-up on your website. Many brands use exit-intent coupons, which grab a visitor’s attention as they plan to leave the website.

By offering a coupon at the right time, you may be able to keep them from leaving your website and instead entice them to buy something. Discounts and coupons are a great option for:

  • Improving bounce rate
  • Increasing conversions
  • Increasing brand interest and loyalty

What’s nice about coupons is that they not only encourage new sales, but repeat sales as well. Offer the best price on the ‘net and you’ll have customers coming back for years to come.

  1. Pay Attention to Online Reviews

Your reputation supersedes anything else about your business. In fact, today’s consumers often base their purchases on customer testimonials. One study found that 84% of consumers read online reviews before making a purchase online.

This means that you want to ensure that your business has a solid reputation online. Encourage customers to leave an honest review after buying your product or service with a quick and easy process. You can even thank customers for leaving a review by sending them a coupon or free item.

On the other hand, we all know that 100% customer satisfaction isn’t always possible. In the event that you get a not-so-positive review, don’t ignore it or go on the defensive. Instead, reach out to that customer and try to remedy the problem. Show your efforts to right your wrong so that interested consumers see that you take criticism constructively.

Conclusion

Growth hacks are quick and easy ways to skyrocket your business even closer to success. Be sure to implement a few of these hacks in the next 30 days and watch just how many new conversions and sales that you’re able to land.

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