Running a business is a marathon, not a sprint, and the path can have its share of obstacles. Your personal vision for success may be centered on growing revenue, increasing your physical footprint by opening a new location, or simply expanding your staff so you can redirect your energy and focus elsewhere. Knowing how to run a successful business starts with applying some tried and true strategies.
Key Takeaways
- Taking a customer-focused approach that targets the right audience can help small businesses be more successful.
- Online and digital marketing can help to increase visibility if you're focused on social media channels where your target customers spend time.
- Upgrading technology and making sure your website is up-to-date can ensure a better customer experience, which may lead to increased sales.
Focus on Your Customers
Successful small businesses are customer-focused, which means they understand the needs of their current customer bases. Satisfied customers can drive profits through repeat business and referrals.
The latest American Customer Satisfaction Index shows an overall downtrend in satisfaction, which means that businesses who understand the needs of their customers have an advantage. Between 2010 and 2019, around 70% of the companies that ACSI tracked had flat or declining customer satisfaction scores, and things have only gotten worse. By the fourth quarter of 2021, nearly 80% of these companies had failed to increase the satisfaction of their customers since 2010.1 The good news is that there are numerous ways to turn the focus back to your customers to retain their business.
- Starting a loyalty program that rewards customers with discounts or other incentives
- Launching a referral program to encourage existing customers to spread the word about your business to friends and family
- Hosting exclusive events to engage with new and existing customers
- Asking customers to complete a survey to help you better understand their needs
- Training staff members on how to provide quality customer service
Bottom line? Customers want to feel as though they're valued and important to your business so they'll come back.
Expand Marketing and Advertising
One of the most important aspects of how to run a successful business centers on marketing. Your advertising strategy can make or break you since it can determine how visible you are to your target audience and whether your business's message is conveyed clearly.
Online and digital marketing are particularly important as more people shop online. Americans spent almost $250 billion online in the first quarter of 2022, according to Census Bureau estimates.
Some of the ways you can expand your marketing footprint include:
- Running digital ads on social media platforms where your target audience is likely to spend time
- Partnering with social media influencers to leverage their following
- Developing partnerships and doing cross-promotion with complementary businesses
- Marketing to your email list (or starting an email list if you haven't yet)
- Participating in highly visible promotions, such as Small Business Saturday
- Content marketing with a blog or website
- Offering free workshops or classes, if applicable to your business products and services
- Using nontraditional methods of advertising, such as vehicle wrapping
- Running giveaways or contests
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Analyze Your Social Media and Website
Your business's social media accounts and website may be the first impression that a potential customer has, so it's important to make it a good one. Conducting an audit of your social media accounts and website can ensure you're providing the best experience possible for your customers.
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