Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
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When growing a plant from seeds, you can't miss any step. You need to plant it at the right depth in the right soil and give it the right amount of water and sun. If you do everything right, it will grow and thrive. Fail, and that's how it will be.
Your company is no different. It takes time, attention and knowledge to expand it according to the criteria you consider important. This can be number of employees, annual sales, profit margin, customer satisfaction, page rankings in search engines, media coverage and more. Whatever you choose, you need to take good care of it.
If growing your business is your goal, determine what will get you there and pursue it. Taking shortcuts may be fine for a minute, but not for sustainable growth in the long term. Here are three steps you shouldn't skip.
Related: How to Maximize Your Profits with This Annual 8-Step Checklist
1. Find out who you are competing against
Analyzing your competition is a step that no company can ignore. The fact is, who your competition is and how they are doing is a moving target. If brands want to grow, they must constantly evolve.
Currently, for most businesses, content is the way to move up in search results, which correlates with success. But throwing away content and hoping something sticks isn't effective. You need to identify where your content strategies are lacking and decide how to fill those gaps. You can start by manually analyzing your competitors’ content and comparing it to yours. Please take a look at their blog, social media accounts, internal linking strategy, and more to identify any gaps.
However, not everyone has the time to scroll through all their competitors' websites to find out why they get higher SERPs. Using tools like the MarketMuse competitive content analysis feature saves time and money. Additionally, you get detailed insights into the areas where your competition excels and where your brand can overtake them.
This technology can examine all of a competitor's website content in a minute and assess strength by site, page or topic. It takes seconds to figure out where you can exploit your competitors' content gaps to make your own strategy stand out. This is time well spent.
Related: Generation Z doesn't care about your billboards – they care about authenticity
2. Build an engaged brand
Companies used to grow when they sold high-quality products and services. These features would appeal to new customers and help them hold on to old customers. But today, customers – and employees – are striving for much more in their decisions. To grow, your brand must manage this complexity.
Your company must embrace core values such as transparency, authenticity and social responsibility. You must demonstrably put people over profits and incorporate a worldview into your mission, even if you are small. Lip service is not enough. Your brand must openly express its commitment to these values every day.
In a world where technology plays an increasingly larger role in everyday life, customers expect companies to use it to build more personal relationships with them. Mass-market appeal is a thing of the past, and generational differences have become larger chasms. You need to appeal to each demographic with content, messages, and values that specifically resonate with each audience.
To grow your business, you need to build a bigger tent and invite more people. There you have to prove to them why you are worth their time and money and not your competition. To retain customers while attracting others, you need increasingly larger tents. But that is the goal.
Related: Want to grow your business? Here's why you need strategic partnerships to be successful.
3. Use partnerships to your advantage.
It can feel like your business is struggling to succeed on its own. And that will continue to be the case if you don't form strategic partnerships that can help you stay ahead of your competition. Entering into these mutually beneficial relationships is a step you cannot afford to miss. And to avoid missteps, partner with those who share your core values.
Energy drinks and video cameras seem to be different. But Red Bull and GoPro's co-branding strategy is a win for two companies that see themselves as sellers of lifestyles as well as products. The partnership opens doors to new customers for both.
Explore your supply chain for collaboration opportunities that could make it more reliable, efficient and save you money. That's the logic behind the longstanding relationship between McDonald's and Coca-Cola. You may only use one shipping service provider or packaging supplier exclusively for your brand.
Review your accounts payable department and assess the potential for formalizing partnerships with your business partners. Marketing, packaging and shipping, wholesale products, raw materials and technology are some areas suitable for collaboration. Once you find them, don't let them wither on the vine. You may need to make some adjustments occasionally to ensure you both reap the rewards. If not, find another partner to take care of the delivery.
Related: Most Business Partnerships Fail – 5 Hacks to Make Sure Your Partnership Stays Intact
Grow
It's rare for a company to reach a certain size and intentionally stop growing. Stagnation is a precedent for shrinkage. If you want growth for your brand, climb the stairs. Just be careful not to miss any on the way up.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
