Top 7 Steps to Improve Your Business ROI
There are nearly 190 million companies of various sizes all over the world. According to the Small Business Administration of the US, nearly 30 million small businesses dominate in the United States and employ 47.8% of the US workers. According to the National Association of Small Businesses’ Economic Report, there are almost 35% of LLCs, 33% of S-corporations, 19% of corporations and 12% of sole proprietorships. Now imagine the effort you need to invest to beat the zillions of businesses available in the market. However, things can get way easier if you care able to implement the right strategies to boost your business growth.
Though tons of companies are born every day, we come to know only about a handful of them. The rest of the companies usually fail to cater to the audience’s requirements and some may even perish due to severe cash crunch. Therefore, it is crucial for every business to implement the right strategy for its growth. One petty mistake can rip your entire business apart. You don’t want that, do you?
Take a look at the 7 key tactics that pros use for their business growth. Implement the following and take your business to a whole new level.
#1. Prepare a value proposition
Say you want to buy a phone. Would you buy any random model that you come across at the store? No, right? You would analyse all the latest products and see what special each has to offer. Finally, you would pay for the model that is set apart from the rest in terms of quality and features. Value proposition does the same thing for your business. It will tell your prospects why you are better than your competitors. The value proposition answers the following:
- What makes you credible, differentiated and relevant?
- Why would customers come to you for a particular service?
Take the example of Uber. See how it attracts the audience through a smart value proposition. Their proposition highlights everything that a traditional taxi is not.
#2. Identify your ideal audience
Say you are looking for oranges in the market and someone keeps on pestering you to buy apples. How would you feel? Irritated, right? Because you don’t want that. Similarly, you need to target the right set of audience who are actually looking for your products or services. You started your business to solve a problem for your target audience. Identify who your target audience is and revert back to this audience to stimulate business growth. Here's how you can identify your ideal audience:
- Define your services from your customer’s point of view
- Define the benefits that your customer wants after buying your product
- Determine the customer’s locations
- Figure out the buying strategy of your customers
Consider this website, for example. It is clearly evident that they provide everything that a bride needs on her D-Day.
#3. Define your key indicators
Say a company named Myassignmenthelp offered to help students with their essay writing tasks only. However, they changed their services after a while to offer all types of assignment help to the students in different regions. Which strategy do you think brought them more sales? The latter one, obviously. You must always embrace the changes that bring more qualified leads and sales to your business. That is when you need to identify the key indicators that have the potential to affect the growth of your business. Check out the examples of KPIs.
Do not be scared to make changes that you feel are right for your organisation. Compare the previous and current results to see which one is more profitable.
#4. Choose the right revenue streams
A revenue stream is the source of revenue for an organisation. Revenue streams are important so that your business keeps making money in multiple ways. From selling assets to adding a subscription fee, you can use tons of revenue streams for your business. See if your current revenue streams bring in enough profit for your business. If not, then it is better to add other streams and make your business more profitable. However, you must be careful while attaching the revenue stream to any product since that can often divert your customer away.
Netflix has a revenue stream that looks something like this:
#5. Keep a tab on your competitors
Your competitors are most likely to be excelling at something that your company is lacking. No matter which niche your business is in, it is crucial for you to keep a tab on the competitors on a regular basis. Check out the new businesses that are growing and embracing certain unique ways to boost their growth strategy. Say you find your competitor has stopped selling a specific product and has brought forth an alternate one. Ask yourself ‘why did they make this alternate decision?’, ‘what if I customise my marketing strategies as well?’ or ‘is it going to propel my business sales?’
Things might be a little difficult for you if you assume yourself to be way smarter than the rest. Take a closer look and I’m sure you will find something or the other to learn from your competitors.
#6. Work on your strengths
Just because your competitors are doing excellent at social media marketing, doesn’t mean that you can deliver exactly the same results. You need to understand your strengths and weaknesses clearly. In my opinion, you should always focus on your strengths rather than on your weaknesses. It’s okay if your social media marketing isn’t strong enough. What about the organic SEO of your brand? What about traditional marketing strategies? Work on them and reorient the playing field that will suit your strengths.
I have been working as a business consultant for over five years. All these years, I have advised my clients to work on their strengths rather than improving their weaknesses. Result? The high return on investment.
#7. Value talent as much as you value money
Growing a business is always about making big dreams come true with a team. Your team consists of your employees who are primarily in direct contact with your customers. Hire talented professionals to make sure your customers are happy. Hire a few employees but do not compromise with their payments. Get hold of employees with relevant work experience and cater to their requirements as much as possible. Keep your employees happy to ensure 100% customer satisfaction– that’s the mantra.
Did you hear Microsoft Japan work four days a week? Their productivity increased by nearly 40%. That’s what I am talking about. Try this out and see your sales and leads improve to a great extent.
These seven tactics are enough to boost the growth of your business. You may not see the results right from day 1 of implementing these tactics. Keep calm and keep on working consistently. Hopefully, you will see the desired results within a month or two. Good Luck!
Jedda Cain, a dynamic green entrepreneur is associated with Essayassignmenthelp.com.au as an assignment help expert. When not coming up sustainable business ideas, she likes to extend her expertise to the students on their requests to “who can do my assignment help in Australia”. Apart from work commitments, she also dabbles into yoga and meditation.