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As a business owner, it’s natural to focus mainly on revenue and profit margins. However, you should be mindful of paying too much attention to only these two areas and not enough attention to your customers’ needs. Being too blatantly ‘money-hungry’ can put your company in a bad light and customers can sniff this out from afar. To date, there are about 31 million small and micro businesses in the United States and the majority of small businesses fail within five years. To prevent your business from becoming part of that statistic, let’s look at four ways to nurture your business for growth and sustainability.
When you have loyal customers, you can expect a steady rise in sales. This shows that they trust in the value of your goods and services offered. You should appreciate such customers by offering loyalty points and rewards, using email nurturing tactics. You can also provide your customers with the opportunity to make suggestions on aspects of the business. Their loyalty to your business would increase, and the good word of your services would spread wide when you interact closely with your customers.
Social media is a useful platform for businesses to market and attract new customers. By conducting ‘social listening,’ you can discover what people say about you and your business. It is also the perfect channel to gain insight into customer behaviour and purchase patterns. There are a limitless number of businesses you can promote through social media. For instance, if your business deals in shipping containers, social media offers you a free online platform you can use to attract potential buyers.
In business, it is vital to build a functional network. Although it is not the ultimate key to success, having a healthy network of fellow entrepreneurs can boost your brand and your business’ reputation. Cultivate the habit of learning how to form and maintain meaningful connections. If your business is relatively new, you can start networking with your friends and family, or better yet, attend networking events.
Giving back to your community is a great way to nurture your business; not only would you be building brand awareness and even new business prospects, but you would also be empowering your society. You may want to consider helping raise funds for a local project, sponsoring a community walk, or adopting an orphanage in the area. These social responsibilities speak further on the business’ culture, values, and principles. Sometimes, it is not all about donating huge sums and forgetting about it. It has more to do with your concern for the area you operate in or the people who help you work.
Thousands of people continue to register new small businesses every year, but as mentioned earlier, many fail to see the second or fifth year. How long do you want your business to be in existence? Strive to take productive steps in nurturing your business. Be genuinely concerned about your customer, add value to your product, and find new ways to stay a few steps ahead of your competitors. Explore ways to make your business unique from others in your industry.