Movie Case Study
The scene that you just saw shows 2 brothers having a conversation about growing a business. One of the brothers is seen convincing the other one, about how beneficial he can be for the business. While the other one is seen as being angry and disappointed with him. He is trying to tell his brother that he’s a people person and he can help him grow his business through marketing, expanding into different locations, and networking.
How to grow a business?
Forecasting:
It is important to forecast the needs and trends in the market. The market would encompass the industry you operate in, competitors, and customers. This allows one to have awareness of the changing markets, economy, and trends. Changes in the taste of the customer have a strong impact on the business. Forecasting and budgeting give you an understanding of what kind of trends will be followed in the future. It also gives you an understanding of your competitor’s behavior and what kind of strategies they are adopting.
Understand your customers:
One of the most important ways to grow your business is to understand the needs and desires of your customer. There are some critical questions that a business owner needs to address are:
- What is the challenge customers are facing and how can you solve that problem?
- How can I solve this problem in the most cost-effective manner?
- How can I create more value for my client?
These questions are important, to begin with, and for growing one’s business.
Improving Customer Service:
Customer service is one of the keys to the retention of customers. It is important for customers to have a great experience with the company. It is imperative they become happy with the care they are offered after purchasing the goods or services. This creates customer delight and they in turn talk positively about the product or service that you offer. Hence, focusing on quality is of utmost importance.
Digital Marketing:
In this day and age, if you are not digitally marketing your product or service, then the chances of it surviving are low. The importance of having an online presence cannot be questioned. Platforms such as Instagram, Facebook, Twitter, Linkedin, etc. help you create advertisements and target your audience seamlessly. One can target different segments through various platforms.
Networking:
Similar to what the scene mentions, networking is a crucial step for growing a business. Making quality partnerships and building relationships helps in growing business. Strong networks lead to good opportunities and fitment can be found. This helps the business to create value for the customer.
Spend Wisely:
Spending money wisely and not overspending is the key to cutting costs and improving the bottom line of the company. This is a way to grow one’s business by spending and investing money wisely. Investing in advertising and marketing may not show an immediate effect but will reap benefits in the future. Investment in the right employees is also a wise decision that can be made by the company to help it grow.
Measurement:
To measure the effectiveness of your business, it is important to set organizational goals. Quantifying these goals and checking their conversion is important when measuring growth. Changing what’s not working or changing the way it works is crucial. Conducting webinars or social events and measuring client conversion is important to check.
Business growth does not happen in a day. It takes effort and persistence. Updating business plans, and forecasting on a continuous basis would help you understand the cash flows. This would help you know if your business is viable and if growth is necessary.
