30 million. This is the number of small businesses currently active in the USA.
Many people have taken advantage of the positive economic conditions in the last few years to set up their own enterprises.
However, so much growth has taken place that many industries are now crowded spaces. There is more competition than ever before for customers.
If you are in a crowded space, what is your strategy? How will you beat your competitors and realize your potential?
Have you thought about organic growth business strategies? What are some examples of strategies and how can they benefit you? Simply read on to find out more.
Use Viral Loops
One element of many successful business growth plans is the use of viral loops. Viral loops stimulate business growth by organically creating a network of users that have both used your services and then pass them on to others.
This is successful because you not only have a growing customer base, but your customers are the ones who are actually advertising your product and providing testimonies regarding its value.
A viral loop generally consists of the following steps:
- A person purchases your product.
- They like your product and you provide an incentive if they share with at least one other person.
- They share it with one or multiple persons to benefit from the incentive.
- The same incentive is offered to the person’s acquaintances.
- The growth of your product increases exponentially.
This is a great way to increase the speed of your sales. Why not check out more ways to increase sales rates by following this guide.
Milestones offer a greater incentive to customers who refer you to other people. This is another way to motivate your client base to share your product and is an excellent way to create small business growth.
Essentially, the model works the same way as the viral loop method. However, instead of offering the same incentives across the board, its value increases with the number of referrals.
For example, a company may make this offer: “after 5 of your friends use our product we will give you $50. After 10 of your friends use our product we will give you $75”.
The rate increases to encourage the person to get you as many customers as possible.
This is one of the most tried and trusted business growth strategies that rarely fails if the incentives are attractive enough.
Word-of-Mouth Advertising and Testimonials
This is one of the oldest but best small business growth strategies. If your customer has a good experience, encourage them to tell their friends. Use the testimony on your site or in your advertising.
There is no replacement for the human face of a customer who wants to recommend your product to others.
Stand Out From the Crowd
In many crowded spaces, the only way to get your name out in front of the crowd is to do something radically different. This separates you from the crowd and shows that you are brave enough to stand alone.
So examine your competitors carefully, what are they doing that you can do differently?
Can you offer greater flexibility on payment methods? Can you lower your prices below theirs? Can you offer a free trial of something that they do not?
It takes courage to be different. However, it may just pay off as more people take notice of your brand over your competitors.
Everything You Need to Know About Organic Growth Business Strategies and More
If you are a business owner in 2021, you are likely looking to maximize your expansion as the US economy begins to reopen. Getting your brand, products, services, and reputation out there successfully requires careful strategy.
By applying the methods we have discussed today, you can ensure that your organic growth business strategy helps our company reach its goals.
If you are interested to read even more about this, why not head over to our blog page?