Launching a startup and making it profitable isn’t as easy as it seems. It takes a lot of hard work, patience, and dedication. But with the right strategies, you can take your business through the different growth stages and succeed faster than other startups. There’s no single formula for achieving fast business growth, but you can speed up the process by using tried and tested strategies. Here’s how to go about it.
- Create a Customer Loyalty Program
A customer loyalty program is a tool many companies use to expand quickly. A company with such a program shows appreciation to its loyal customers by rewarding them with freebies and other incentives. Research shows that boosting your customer retention rate by only 5% can increase your profits by up to 95%.
Instead of spending a lot of money trying to acquire new customers, look for ways to retain your existing ones. Apart from helping you retain your current customers, a good customer loyalty program can also help you attract new clients.
- Diversify
Growth requires expansion. You can expand faster by diversifying–adding complementary products to the ones you’re already offering. Besides adding revenue streams, diversification also helps you tap into new markets. Customers love getting multiple products under the same roof, that’s what made malls popular.
For example, if your company offers loans to small businesses, you can start issuing title loans and RV title loans. If done right, diversification can give a tremendous...
Read Full Story: https://thewestnews.com/5-proven-strategies-for-expanding-your-startup-fast/56813
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