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Every company wants to grow massively in a short period of time. Getting the attention of your target audience to increase sales and potentially expand into new markets is a dream come true for many entrepreneurs.
While every company has its own methods of quantifying success, there’s no denying that âgrowthâ in terms of total sales, profit margins, or any other metric is a desirable outcome for any startup.
While there is no guarantee of success in the business world, following proven strategies that have seen other brands grow significantly could be the key to your own success.
1. Quality first
As clichÃ©d as it may sound, quality must always come first if you want to achieve rapid growth. While your own marketing efforts are sure to make a difference, word of mouth provides the much-needed social evidence that will drive your brand’s growth.
For example SEMRush Reports that in the UK, more than half of craft beer drinkers are willing to try a new drink if a friend recommends it. BrightLocal reports that in 2020 87 percent of consumers have looked at online reviews for local businesses.
With the recent popularity of podcasting, Vurbl has seen unreal business growth as a free platform for distributing high quality audio content. In addition to publishing audio media, creators can also âtrimâ short clips from long-form audio, such as a podcast, and then embed those clips on websites, social platforms, or a playlist created on Vurbl. With hundreds of thousands of monthly active users searching for audio content, a new distribution channel is available to YouTubers and podcasters to share their content, build audiences and even generate advertising revenue.
In a recent email conversation, Audra Gold, CEO of Vurbl stated what has helped them build a massive user base in less than a year: âWe focus on audio that is in high demand but difficult to find and consume . We’re also removing all the barriers to finding and listening to audio on hundreds of topics. Many of our unique features are designed to deliver a better listening experience through curated playlists, portability, and sharing. We’re also giving audio content creators better tools to grow and engage their audiences so that, when they’re ready, we can help them monetize their content through programmatic audio advertising. “
Needless to say, your first customer’s experiences are very important. Regardless of other efforts on your part, providing a positive, memorable experience is the best way to get the word of mouth that generates significant growth from others who rely primarily on social evidence.
2. Identify strategic partnerships
Even if you weren’t working with a direct competitor, there are undoubtedly many brands out there that offer products or services that complement your own. A strategic partnership can ultimately benefit both companies involved by introducing the brands to new customers and at the same time creating added value for existing customers.
Starbucks, for example, has teamed up with the bookstore chain Barnes & Noble In the 1990s to place their coffee shops in most Barnes & Noble locations. Many bookstore buyers enjoy a cup of coffee after browsing the shelves or reading their latest purchase.
Bringing these two customer bases together was clearly a success and was part of Starbucks’ massive growth in the early 1990s. While other bookstore chains like Borders and Waldenbooks have gone out of business, Barnes & Noble has managed to maintain a retail presence. Though the bookseller is still struggling due to a changing market, the strategic partnership with the ever-thriving Starbucks helps it avoid the fate of its former competitors.
Related: 4 important considerations before starting a strategic partnership
3. Keep introducing new products
The gourmet cookie company Crumbl Cookies provides a great example of how an ever-evolving range of products can contribute to rapid brand growth. In just three years, the brand has opened over 250 stores and launched over 170 cookie flavors, with social media fueling much of the hype surrounding the brand.
The brand uses social media to reveal the changing biscuit menu of the week, the flavors of which will only be available for one week. The feeling of exclusivity encourages customers to return to the store every week, while also fueling massive social media engagement as influencers rate each new flavor using the hashtag #CrumblReview. The brand has surpassed it on TikTok alone 2.5 million followers, also thanks to the constantly changing product range.
Similar approaches exist in myriad other industries, from sneakers to video games. An ever-evolving range of products (including limited-time items) can significantly increase the lifetime value of any customer.
Loyalty programs can also have a huge impact on customer loyalty and acquisition.
Actually, 69 percent of customers indicate that the availability of loyalty or rewards programs affects the choice of retailer. 58 percent of those who belong to a loyalty program shop at least once a month from the affiliated company.
Which incentives are appropriate for your brand may vary from company to company. For example, Kroger grocery stores offer âpetrol stationsâ that give buyers a discount at selected petrol stations. Dental practices often give existing patients discounted services or other perks when they refer a new patient to the practice.
When deciding on the benefits of loyalty programs, consider the behavior and motivations of your target audience. The right incentives will help you retain existing customers and encourage them to spend more with you in the future.
5. Never reject content creation
SEO is no secret, but its value is still remarkably underutilized. As a HubSpot case study highlights, the IT sales company ROGETECH used keyword-focused content creation to convert its web traffic. to increase 4,000 percent in a single year – with 84 percent of all traffic from organic search results linked to the content.
Of course, an on-site blog is hardly the only type of content that can fuel rapid growth. As mentioned earlier, Crumbl has achieved much of its growth thanks in part to an active social media presence that leverages the strong visual nature of its products.
Investing in quality content will help establish your brand as a niche authority while also providing materials that your most loyal customers can share as part of their word of mouth.
Related: How to create great content for your website
Find your way to rapid business growth
Achieving rapid growth can be an exciting and challenging prospect for any startup. When you implement strategic measures to better target your audience – and get them to return to your brand – you will be better positioned to scale successfully.