In every form of business and every specific industry, one of the key goals for business owners and leaders is to achieve sustainable business growth. A growing business is one that typically benefits from increased revenue streams and is more resilient to changes in the marketplace.
However, achieving sustainable growth can be challenging, especially in recent times. At present, higher-than-normal levels of inflation are impacting the profitability of many firms, with increased raw material costs that inevitably must be passed onto the consumer in the form of higher prices. In addition, consumer spending power is at an all-time low, thanks to uncertainty in the job market and a cost-of-living crisis that’s affecting many countries.
It’s still possible to achieve sustainable growth in the current economic climate, it just requires smart strategizing and decision-making. In this article, some of the key ways to achieve sustainable business growth in 2024 will be explored.
Consider Paid Advertising Services
Paid advertising services are a key way to achieve business growth. They can cultivate increased brand awareness and can be scaled to suit almost all advertising budgets. In addition, the performance of paid advertising on various channels can be monitored. This helps to ensure that your promotions are gaining sufficient attention from your desired target audience and are playing a role in driving improved sales.
It’s important to collaborate with an advertising agency that has experience in your sector of business when forming a paid advertising strategy. For example, in the construction sector, sites such as Rsmconnect.com are ideal professionals to work with. They have years of experience in this sector and can use their knowledge to create cost-effective pay-per-click campaigns that will help to stimulate new business growth. Search online to find a range of advertising agencies who can demonstrate experience in your sector of business. They should be able to advise you on suitable strategies and work to the overall budget that you set for these promotions.
Cultivate Repeat Customers
In any form of business, cultivating repeat customers is a key way to achieving sustained growth. For example, if you manage to retain an extra 5% of your existing customers, this can lead to an increase of 25% in overall profitability. This dramatically improved profitability can be used to grow your business over time.
There are a range of strategies that can be used to cultivate repeat customers. Key strategies include adopting a customer loyalty program that rewards customers when they make subsequent purchases. For example, a points-based customer loyalty program can be created. This gives customers points for every purchase they make. When they’ve accrued enough points, they can be used as payment for additional goods. This form of customer loyalty scheme is incredibly popular with a wide range of businesses as it’s recognized as an effective way to gain repeat sales. However, there’s a wide range of loyalty programs that can be adopted. Choose one, or a mix of them that are suitable for your company and your brand.
In addition, it’s important to provide exceptional customer service at every touchpoint in your company. Delight customers with swift replies to their questions or queries and resolve valid complaints to their satisfaction. In short, prioritize loyalty schemes and exceptional customer service to drive sustained growth and repeat customers.
