Very rarely do we hear customers say that they do not want to grow their business and knowing where to start (in order to get the best return) is generally a common problem amongst brands of all sizes. Below are 5 simple and easily implemented business growth strategies that work well in almost all market conditions.
1. Referral Programs
Customers will gladly spread the word of your product or service when they know there is an added perk. Dropbox is a great example of how smart referral programs can grow a business. Dropbox gives additional storage for every friend they refer (500mb each up to 16gb), as well as gift incentives for multiple-referrers. Back when the business was new, this referral generated huge volumes of word-of-mouth, delivering large sign-up volumes and saving Dropbox countless advertising dollars.
2. Local Partnerships
Another great brand building strategy is to get involved with local partnerships (especially for businesses with a local-oriented customer base). Partner with other local business to hold joint intro seminars/festivals or support not-for-profit and community organisations that can expose your brand to a whole new audience. The money you spend in branded promotional tools and sponsorship is tax deductible and can be much less costly than other advertising options.
3. Car Wraps and Signage
A classic tried-and-true strategy for brand building is visual/physical exposure – namely signage for your business and vehicles. Take another look at your business and think about the impact it has on passers-by over a 3-6 second period, you may just find that simple items like outdoor banners/flags could provide life and attract attention for a very low-cost.
Everyone loves free stuff, they can be used to both acknowledge and reward existing customers (increasing your word-of-mouth opportunities), as well as be an incentive for new customers to try your business for the first time. Low-cost giveaways to a broad audience or more premium items to a more tailored/specific audience are sure-fire ways to get your business name in the hands of new customers.
5. Incentive sales and social media activity
Contests and ‘like’ competitions are a very simple way to create engagement online, much in the same way as branded merchandise can be used to incentivise sales within your business. Petrol stations are the perfect example of this “receive an additional 4c per litre discount if you spend $5.00 or more in-store”, or other businesses using “spend over $XX in-store and receive a gift valued at $XX”.
Whichever direction you decide to take, the simple goal of business marketing is to speak to as many ‘relevant’ leads/potential customers as possible for the lowest cost. This way you are creating opportunities for the best possible ROI (return on investment). The reason why a simple item like pens continues to be a popular branding option is the fact that they deliver a great ROI.
For product inspiration tailored to your business, talk to Team RED – we are the brand behind your brand.