Starting a business takes time, dedication, and effort especially because you have to take up a lot of roles at the same time. For the most part, it’ll involve things like talking to customers every day or understanding corporate compliance and tax.

As you probably already know, there is no secret recipe for overnight success, seeing as you have had to work hard to get to where you are. The good news, however, is that if you care to ignore short term rewards and focus on the long-term by genuinely caring for your customers, and providing value, then you have the right mindset. 

Based on research and advice from business owners who started small, here are a few ways you can accelerate growth in your business.

1. Establish a Customer Loyalty Program

Did you know that the cost of acquiring a new customer is about 3 – 30 times more than maintaining an existing one? Well, according to Mike Johnston, a member of the Chartered Institute of Marketing, the cost of acquiring a new customer can rake costs as high as 30 times when compared to managing an existing relationship. 

This is a solid reason why you should stay close to your existing customers. By maintaining a good relationship with your customers, it is easier to predict their needs, understand their demands, and aim to be irreplaceable in their minds through the value you provide. 

An attractive loyalty program is one great way to increase sales as it gives customers a reason to spend more money with you. Think of creative loyalty programs and make them accessible to your customers.

2. Form Strategic Partnerships

Once your business has started showing signs of growth, taking advantage of strategic partnerships is another way to catapult it to the next level. A strategic partnership is basically an agreement to build a relationship between a business or individual with the aim of growing your business. 

Partnering with the right company or individuals can make a huge difference in your sales numbers as it affords you a wide range of prospective customers. In recent times, companies have learned to use social media influencers to promote their business and this is just one way to go about strategic partnerships. There are some others, like partnering with big businesses and forming alliances within your industry. 

3. Go Global/ International Expansion

Every good business has a business plan which should usually include the business’ goals and visions. Taking a business globally is a huge step and it provides a lot of benefits. Some of these benefits are, it extends the sales life of your existing products, affords you the opportunity to incorporate technology, gives you the experience needed to compete against other foreign companies, etc. 

 While the idea of going global may sound appealing, it is important to ensure you have done the appropriate research and taken a lot of things into consideration. For one, you need to evaluate your business’ funds, equipping yourself with knowledge on forex API, and connect with the right partners and team members. 

4. Research Your Competition

When going into a market, especially one that is already saturated or filled with similar businesses, use platforms that offer you competitive intelligence. This arm’s you with the ability to uncover advertisers’ strategies and emulate the ads that have found a way to run for quite some time. Basically, you should be researching strategies that have worked for your competitors to see how they could also work for you but do not copy their entire model.

Beyond doing your research and getting armed with knowledge, you should also find ways to set your business apart by creating a unique brand identity. Offer your customers solutions that you know your competitors are not offering, and watch your business grow. 

5. Create and Expand Your Online Presence

A key part of marketing in the 21st century is by creating an online presence. The benefits of an online presence include reputation management, enabling your customers to find you as well as an increase in credibility and cost-efficient marketing. Even if your business already has an online presence, finding ways to expand it will increase your visibility, in turn, leading to the establishment of new customers and higher sales.

When it comes to expanding your online presence, it’s not a one-trick feat. You’ve got to consistently shell out content; on social media or a blog. You could equally run a promotion that portrays the essence of your brand. 

While all the above are great strategies to grow your business, you must remember that the greatest resource of any business is the people. So, do not hesitate to invest in yourself, hire the right people, empower your employees, and always aim to give your customers an awesome experience.