If you own a small business (SMB), chances are that growth is at the top of your agenda. You’re an entrepreneur who wants to build your company into one that generates millions or even billions of dollars every year.
You’ve worked hard to follow best practices. You provide a quality product and meaningful customer service, but sometimes that’s not enough to really push growth forward.
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What else can you do?
There are several small business growth hacks you can use to take your business to the next level. Options like adding a buy now pay later (BNPL) payment method, automating your marketing, and taking advantage of industry-specific customer relationship managers can all lead to growth for your company.
The SMB Growth Hacking Techniques That Actually Work
There are several strategies for small business growth that you can employ at any given time, but not all strategies work. If you’re going to spend your time and money working on a new strategy, the strategy must have a high level of effectiveness. Here are four small business growth strategies with a proven track record of efficacy:
1. Making Upselling Your Products a Daily Habit
Upselling is a crucial growth hacking strategy that has the potential to ramp up your revenue quickly. The process is simple:
- Acquire a customer.
- Offer the customer add-ons or similar products when they make a purchase.
- Increase revenue.
Although it may seem simple in nature, upselling is one of the most tried and true business growth strategies available. According to Sumo, when you upsell, you can expect anywhere from a 10% to 20% uptick in revenues.
2. Investing in Software with Automation
Another great option to bring your business to the next level is investing in automation software. Automation systems offer powerful tools that keep you in front of your target audience with minimal effort.
These tools provide email marketing automation, social media ad automation, mobile marketing automation, and more, ultimately cutting down on the cost of customer acquisition. Some of the most popular marketing tools in this category include:
- HubSpot gives you a way to completely automate your email marketing strategy. You can even take advantage of the company’s sequencing feature to send scheduled emails in sequence when the time is right, keeping you in front of your prospective customers.
- IFTT stands for If This Then That, and it’s a digital marketing automation solution. The company’s marketing tools are unique in that they’re event-based. When one event takes place, the tool automatically pushes the prospective customer further down the sales funnel.
- Slack is a tool designed to keep communication lines open between members of your company. You can send automated messages to your sales, marketing, and other teams.
- Gratify Pay. Finally, Gratify Pay is an option to increase conversions for your e-commerce business. It gives you a way to automatically offer buy-now-pay-later (BNPL) services, bringing out-of-budget products into the budget for your customers.
3. Offering Installment Payment Plans To Potential Customers
As a business, it’s important that your payment methods change with the times. One popular payment option consumers are expecting more today than ever before is the buy now pay later option.
BNPL options make it easy for merchants to offer their customers installment payment solutions, increasing conversions of high-value items. However, it’s important that you work with the right provider. Some providers try to sell your customers on other brands once the customers start a BNPL program. However, providers like Gratify Pay aren’t interested in selling your customers on other brands.
4. Utilizing Industry-Specific Customer Relationship Management (CRM) Tools
Your marketing and customer service efforts should be geared toward your target audience. After all, salon customers will have different needs than retailer customers. It’s important that your CRM system gives you a way to keep track of the information that’s most important to your industry. Some unique needs to fill include:
- Salon customers come back time and time again, often at regular intervals. Your CRM should tell you when to call your customers and invite them in for their next trim.
- Retailers are constantly running specials to drive more business. A retailer’s CRM should keep track of what types of specials specific customers are looking for.
- Data is the most important commodity for online retail businesses. It’s important that your CRM gives you the ability to track all data points that are important to your company.
- Tire Shops and Automotive. Tires, oil, and filters need to be changed on a regular basis. If you own a tire shop or auto repair shop, your CRM should track these times so you can get in front of your customers when it matters most.
- Cannabis Dispensaries. Finally, cannabis dispensaries have customers with unique tastes in products. Your CRM should make it easy to keep track of exactly what your customers want so you can market the most important products to them.
5. Outsource All the Small Stuff
You’re a business owner. You don’t have time to waste on the small stuff. Consider using websites like Fiverr or Upwork to outsource menial activities, graphic design, content creation, and other processes that may not be worth your time or focus.
You may be surprised at just how inexpensive and efficient it might be to outsource processes and maximize the time you spend on the things that matter most.
Grow Your Customer Base by Incorporating a Reliable BNPL Solution
One of the best things you can do to expand your business growth plan is to incorporate a reliable BNPL solution. Consumers are paying more attention to their budgets today than ever before. If you can cut the immediate cost of your high-value products with a BNPL solution, you have the potential to greatly expand your revenue.
Moreover, these solutions lead to more satisfied customers. After all, they show your customers that you’re willing to do what it takes to help them get the products and services they need.
Consider working with Gratify Pay to see just how much BNPL solutions can help your business growth plan.
