The New Year is a time for New Year’s resolutions and for small businesses to think ahead about the upcoming year. But you don’t have to wait until the New Year to start growing your small business. The following three tips will help you get started now.
No. 1: Increase your social media presence. It has been proven that social media increases brand awareness, and this means increased sales. Keep in mind that 75 percent of online Americans said product information found on social media influences their shopping behavior and enhances brand loyalty. Furthermore, social media is the second most likely way, after TV advertising, that Millennials learn about a new product, and Millennials are the largest generation America has ever seen, so should always be taken into consideration when it comes to marketing. If your online presence is lacking, now is the time to make your business known on Facebook, Google, Twitter, LinkedIn, etc. Adding visuals to your social media pages is a good start, because one of the biggest trends in digital marketing is video.
No. 2: Target new markets. There are always new markets to target; you simply have to do your research and find them. Ask yourself to whom do you wish to sell your product or service. What are the demographics? What is the age range? Once you have answered those questions, determine if your product or service can meet their wants and needs. If so, you can start building brand equity with a new base of customers, and the more brand equity you build, the more sustainable growth you will experience.
No. 3: Get to know your existing customers better. You should always understand your current customers’ needs and develop your products and services to meet their needs, as they are the reason you’re in business. Encourage them to provide you with feedback, and stay in contact with them via an e-newsletter or on social media. Finally, let them know about promotional events ahead of time. With the holidays coming up, this is the best time of year to reach out to those customers.