It takes considerable effort to scale a business. Growing a business requires the business owner to wear different hats. It means understanding the business’s financial aspects, taxes, corporate compliance, marketing, customer service, client relationship, and much more. All these take a toll on you at the end of the day. An entrepreneur, therefore, requires tools that can help in managing these daunting tasks efficiently. Like any other thing in life, an entrepreneur must put in the time, tact, and passion, to reap the benefits. Besides all these, the following are the essential resources that a tactful business person should utilize to manage and scale the business effectively.
Utilize a customer management system
Manual tracking of transactions is only manageable when you have a few customers. As your customer base grows, it gets cumbersome and leads to customer dissatisfaction, financial pilferage, and eventual customer loss. No one wants that to happen to their business. An entrepreneur who wants to scale faster uses a customer management system. Depending on your line of business, there are many types of customer management systems. Cloud-based software such as SalesForce is always a viable option for small and medium enterprises. You can also use quick books to aid in your accounting. Enterprise Resource Planning software (ERP) can also come in handy in managing your accounting and administration. Customer Relationship Management (CRM) and Oracle e-Business Suite are recommended software for client relationship management and stock inventory. It’s therefore prudent to analyze your business and find the best software versions that suit your business needs. This software will enable you to know your customers in detail, making it easier to target the right customers with the right products. Up-selling and cross-selling opportunities within the existing customer accounts will also not be missed.
Research your competition using online tools
When going to the market, you most definitely need to research existing and new competition. You can gather competitive intelligence about your competitors through the use of Similar Web and Adbeat. These tools will help you uncover any advertiser’s online strategy and employ effective measures that will benefit your business in the long term.
Build an email list
The most effective way to grow your online business quickly is to build an email list. You can do this by subscribing to lead generators like Constantcontact and other lead magnets that assist start-ups in launching online businesses. Build your lead email list and then develop a sales funnel that will enable you to qualify your leads efficiently. Alternatively, customer management software can assist your business in meticulously managing this sales funnel and the email list.
Leverage global platforms
Global platforms like Amazon’s FBA services can come in handy if you are in the ecommerce business selling products. You can check FBA Masterclass to learn more about it. Depending on your business niche, global platforms like Upwork and HomeAway can be used to grow your business.
Utilize social media marketing
Big social media platforms like Facebook, Twitter, and Instagram use algorithms to target customers. Small, medium, and large enterprise online businesses utilize these platforms to reach out to potential clients with a certain level of precision. You can grow your online business by advertising your company to your social circle through these social media platforms. Subsequent adverts can be paid-up adverts to boost your online business presence by utilizing those algorithms.
Create a webinar
Webinars are a sure way to promote any service or product online. Webinars or teleseminars, or simply put, seminars via the web, is organized online event that provides a tool for taking any product or service to market and quickly reaching a broad audience. The webinar medium is a great marketing resource for captivating audiences to subscribe to your service, one after the other.
Create a customer loyalty program
After building your email list, then qualifying the leads into prospects, prospects eventually into customers, you will need to retain your customers. Creating a loyalty program is one sure way to excite and keep your clients. Research has shown that loyalty programs play a significant role in customer retention and brand loyalty. The expectation of accumulating points and one day redeeming the points for vital merchandise or service plays a crucial role in customer retention.
Invest in a dynamic website
Your online business will need a user-friendly website that’s easy to navigate, well maintained, and constantly updated to include your most recent services and products. A credible web hosting company should host your website. The website should withstand a sharp rise in traffic at any given time. Feedback channels should be available and active to address customer queries.
Growing a business online is not an easy feat. Getting new customers is widely dependent on your ability to retain those you already have. Use these resources and see your business develop.