In 2022, the U.S. economy is expected to grow at a rate of 3.25 percent in addition to the 6.39 percent expected by the end of 2021. With that type of growth on the horizon, now is a great time for business leaders to start planning ahead for the future of their companies.
Although there are innumerable strategies to help you do that, we’ve identified four tips as being especially important when it comes to growing your business before 2022.
Tip 1: Take Advantage of Social Media Marketing
Did you know that 52 percent of new brand discovery takes place on social media? And that number is only expected to grow as social media use becomes ever-more ubiquitous.
So how can you take advantage of that opportunity? There are two things you can do right now:
- Use paid social ads. Paid social ads are one of the best ways that consumers find about new products (tailing only behind word-of-mouth, TV ads and search engines). Advanced audience targeting helps to get your message, products and services directly in front of your ideal customers on the social media platforms that they use the most.
- Invest in influencer marketing. Sixty percent of Instagram users report that they have found new products through another person’s profile. Although it was once considered a “fad,” influencer marketing is now ranking as providing the same (or even better) ROI as other marketing streams.
In all of your social media marketing efforts, you should be gathering data. This helps you know whether what you’re doing is actually effective.
Tip 2: Simplify and Amplify Your Message by Building Effective Online Sales Funnels
An online sales funnel is made up of the different traffic-capture methods, landing pages and follow-up strategies that you use while trying to sell your product or service. And the difference between a good online sales funnel and a bad funnel is much more than just efficiency. A bad sales funnel has the potential to waste a lot of your time and money.
But what makes an online sales funnel “good”? Good online sales funnels provide a clear path to your audience. It walks them through the various stages of the customer buying cycle.
At each stage of your funnel, you should be collecting data such as your click-through rate (CTR) and conversion rates. Having this information will allow you to further customize and streamline your funnel in a way that improves conversions and reduces friction.
Tip 3: Improve Your Reputation by Providing the Best-Possible Customer Experience
Providing an exceptional customer experience requires gathering, analyzing and acting on customer feedback.
To this end, you can ask the following questions:
- Do you have a way of gathering timely customer feedback?
- Does your feedback method address the customer’s satisfaction in relation to:
- Your product or service?
- Your staff?
- The time to product or service delivery?
- The ease of doing business with you?
- Price and payment options?
The best way to gather this feedback is in the form of short (<10 minute) surveys that are provided immediately after product or service delivery, and once a year as part of your annual client review.
Once you receive the completed surveys, you should analyze the responses to see where your company is excelling and where it can improve. Create or update your policies so that those improvements become normalized across your company.
Tip 4: Build Long-Term Relationships With a Powerful CRM
Deciding on a customer relationship management (CRM) solution can be tough. Even enterprise-level businesses often settle for solutions that are little more than glorified spreadsheets.
An effective, professional CRM is a game-changer. In addition to streamlining communication, a powerful CRM platform would also provide robust opportunities for automation and would address marketing and sales. And by consolidating those metrics into a single platform, you are able to make intelligent, data-driven decisions that ultimately lead to more sales, greater profits and an increase in customer satisfaction.
Analyzing your data helps you know — not just guess — which of your strategies are working, what improvements should be made and what strategies should be abandoned. As you implement the previous four tips, and analyze the precious data that they provide, you’ll be empowered to move forward and grow with confidence.
James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.