According to the 2018 EY Strategic Growth Forum, which is an annual invite-only conference that brings together over 2,000 top entrepreneurs, investors, executives, and advisors, there were four valuable insights for significant growth in doing business. Namely:
- having a purpose
- laying a solid foundation
- thinking about the future
- prioritising customers
But, that was then, and 2020 is here!
The world of doing business is dynamic, which means that only those who reinvent themselves will enjoy the competitive market share. “Opportunities don’t happen. You create them.”– Chris Grosser. It is in this regard we are delighted to share with you five hacks to growing your business in 2019.
1. Advertise with video
Recent social media consumption statistics show that everyday internet users spend more than half a million hours of video on YouTube. And that’s a tip of the iceberg as there are massive video hours from Facebook, Instagram, and Twitter just to mention a few. It is obvious that video is a significant resource to grow your business.
Video adverts can be done in many ways making it an excellent medium to promote trade. Some of the available options include how-to videos as well as value-oriented lessons. No need to spend on hiring an expert production team since you can easily host a live event via platforms like Facebook and stream from almost anywhere, at any time.
2. Stay acutely relevant
Relevance is critical in any type of business, be it a startup, an SME, or an enterprise. As your business grows, you gradually get to learn more about the market. The constant knowledge buildup ought to go hand in hand with constant updates guided by consumer behavior.
Swirl’s study showed that businesses that insist on pushing irrelevant content, including ads and offers as well risk isolating customers and losing the trade to competitors. Unless you offer the market a highly customised experience then your business is at risk.
3. Scale with a business loan
As long as there is proper cash flow management, getting a business loan is a strategy that has been tried and tested by many businesses. Having the right-sized capital to boost your business is recommended by experts of trade.
Max Funding, a business loan company in Australia, say’s, “if a company under-borrows it will experience difficulties achieving its goals, and if they borrow too much then paying back the loan becomes a harder nut to crack. It is necessary that you work with professionals who will help you know the right amount to borrow so that you have the best financing product to grow your business”.
4. Host free webinars
Even though some might argue that hosting a webinar is part of video advertising, webinars contain more resource in terms of increased brand awareness, email list growth, sales jumps, and new customers.
There many reasons as to why webinars should be part of the effort to grow your business in 2019. The best part is the fact that you would be offering free knowledge, which is a great way to form loyal followers who mostly end up being long-term customers.
5. Become a growth hacker
Growth hacking is an agile technique used to increase growth. The hackers strongly rely on statistics and data. Therefore, if you are thinking of becoming a growth hacker you have to follow the points stated above. Fortunately, there are many opportunities out there for you to begin the exploration process. It is important to note that what may work for another company does not obviously mean it will work for you.
Research! Research! Research! And once you are done, begin with the basics as moving a mountain begins with carrying the small stones.