6 Tips for Strategic Retail Business Growth

When starting out, new entrepreneurs have a lot of goals with the main ones being gaining recognition for their venture and rapid growth. Overnight success, however, is not the standard; you have to do it the old-fashioned way. There is no magical ingredient to include in your business recipe for instant results. Therefore, success is not a guarantee.

Nevertheless, there are measures you can incorporate into your venture to reach growth milestones that will launch your startup to success. Integrating these tips will accelerate your business growth.

Strategic Planning

A strategic plan is a business tool that plays a critical role in planning for the growth of your startup. It assists you in creating a realistic vision of your organization’s future thereby maximizing your company’s potential for growth.

A strategy plan, however, is different from a business plan. A business plan is used to set short-term goals such as daily and monthly objectives while a strategic plan sets long-term goals for your business and the strategies to be employed to realize these objectives. Where will your start-up be in five years? How will you achieve that?

You will need to analyze the factors affecting your venture both internally and externally. As such, you will need to employ both the business and strategic plan simultaneously. There can’t be one without the other. The strategic plan will offer the road map while the business plan gives you the details.

Great Customer service

Customer service is one of the great business-boosting tips. When you get it right, you will ensure that the existing customers will stay happy by getting their products from you. You should make the customers feel valued and appreciated. The best way is by providing and showcasing solutions to what customer’s demand are. This helps to attract visitors and can easily add value to brand.

 Harness Emerging Technologies

Rapid advancements in technology see to new and compelling opportunities for growth of small businesses. Any business that needs a competitive advantage should be tapping into the numerous resources brought forth by technology.

This is because technology facilitates innovation, and it is these improvements that help you stand out from your competition. As such, it is critical that you integrate strategies that incorporate these technologies effectively to boost your business.

Some of the ways include:

  • Utilizing Cloud Power

What is appealing about harnessing the cloud is that you can access and manage your business from anywhere, anytime, using any device. The cloud is a worldwide online network of servers that allow you to control business operations over the internet.

Therefore, using the cloud not only facilitates flexibility and coordination of business activities, but it also serves as a data backup in cases of data loss.

  • Using Social Media

We have an estimated 2.307 billion active social media users at the moment. This figure is expected to reach  2.55 billion by the end of 2018. That is a huge market that you need to exploit and attract customers.

You will need to create a compelling social media presence so you can increase your business’s visibility. You’ll then use your social media platforms for your marketing campaigns. Here is what you can do on social media:

  • Promote your products and services
  • Build channels with social media influencers
  • Design personalized deals and offers to your audience depending on their online behavior
  • Engage your consumers through contests and quizzes
  • Gather client feedback
  • Enable buying from the social media platform
  • Track Progress

Technology has produced business productivity software. This software tracks your progress during each stage in your business or strategic plan. This tool also identifies what is facilitating goal achievement and what isn’t, thus helping you eliminate the chaff.

Visual elements in your Content marketing strategy

May it be a traditional way of banners and leaflets or a modern way of infographics; the importance of content marketing has never been a failure in boosting business. Keeping your customers glued to your services & product pages can certainly boost your sales. This can be achieved if you can magnetize to attract customers in a great visual way like Youi has done to promote to have a greater impact than just by filling the content with lines. Whether your business is a retail store or a manufacturing unit, visual elements in content marketing can lure your readers in greater extent.

Occasional Segmentation Marketing

This is dividing the market according to the occasions that users plan to or buy/use a product. These are products presumed to be in demand during that occasion. Hence occasional segmentation marketing aims to encourage the users to buy that particular product.

Occasional segmentation is classified into:

  • Universal occasions
  • Rare personal occasions
  • Regular personal occasions

For instance, offering services customized to occasions and events like Halloween, Valentine day can be a great marketing strategy to boost sales. Occasions can also be personal like wedding, birthday events where a restaurant can offer freebies and discounts to promote their business.

Employees Satisfaction

As an entrepreneur, you have to ensure your workforce is every bit as motivated as you are towards the realization of the organization’s goals. The more motivated and appreciated they feel, the more productive they will be.

Employee satisfaction can create a long term relationship which will boost your business. Providing proper training and benefits to employee can build the relationship. You could sign them up for gym facilities. You could also partner with companies and provide financing their home improvement. You could also consider taking them out on a paid vacation every year at reasonable rates. The premise is to have loyal, dedicated, and skilled individuals working with you; it pays.

Consistent growth is the goal of all businesses. However, you need to be strategic about it. Incorporating these tips for business growth may see your organization reach heights never seen before.

When starting out, new entrepreneurs have a lot of goals with the main ones being gaining recognition for their venture and rapid growth. Overnight success, however, is not the standard; you have to do it the old-fashioned way. There is no magical ingredient to include in your business recipe for instant results. Therefore, success is not a guarantee.

Nevertheless, there are measures you can incorporate into your venture to reach growth milestones that will launch your startup to success. Integrating these tips will accelerate your business growth.

Helen Cartwright is a freelance blogger

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