What is one business growth strategy that small and mid-size businesses (SMBs) should consider implementing this year? To help small businesses with their growth strategies, we asked several small business CEOs and business leaders for their best insights. From attending networking events to trying out pay-per-click (PPC) marketing, here are 10 business growth strategies for SMBs to get your business growing.
10 business growth strategies for SMBs
1. Attend networking events
“It’s a tried-and-true growth approach that will never go out of style. Networking and attending events are two effective techniques to increase brand awareness, authority in an area, and, ultimately, your consumer base.
“Webinars and other online events are a low-cost way to grow your email list, and you may conduct them yourself to generate interest in your company. Alternatively, look for relevant networking opportunities that you can attend. These are usually a terrific way to meet new people, learn about new opportunities, and perhaps be inspired by other people’s achievements.”
—Oliver Andrews, OA Design Services
2. Move your advertising money
“Many SMBs didn’t advertise in 2021. Now that Covid is waning, SMBs should take the money they didn’t spend on ads in 2021 and spend it on advertising in 2022.
“Also, so many brick-and-mortar businesses are closing. Businesses with excess [cash] should buy up businesses in distress and expand their holdings.”
—Janice Wald, Mostly Blogging
3. Adopt large-scale business systems and processes
“To be successful in 2022, small enterprises must begin adopting large-scale commercial systems and processes. This means that small firms should set up toll-free numbers and interactive voice response systems, and [automate processes], as well as structure their operations as if they were much larger than they are. This is critical to their success.”
—Steve Scott, Spreadsheet Planet
4. Make connections with business owners
“I strongly advise you not to overlook the main trend of 2022: networking! Instead of growing alone, small company owners can double their efforts by interacting with other business owners. Networking allows you to obtain business lead referrals, hear new market insights, learn from the experiences of others, hone your game and pitch, and team up and establish partnerships that motivate and drive each other’s success.”
—Edward Mellett, WikiJob
5. Address audience questions with content
“One growth strategy that SMBs should implement in 2022 is content marketing, specifically answering your audience’s questions. It’s important to look beyond third-party keyword research tools and peruse platforms like Quora and Reddit to find out what your audience is interested in. Then create content around their questions, repurpose the content, and promote it on as many channels as possible.”
—Claire Westbrook, LSAT Prep Hero
6. Form strategic partnerships
“Today’s technology and marketing options create fantastic growth opportunities for small businesses to form partnerships. This can be done in several ways that does not include the actual merging of companies, instead forming a partnership based on complimenting each other…. Forming relationships for cross-promotion creates opportunities to offer combined discounts or customer loyalty benefits while also increasing revenue and raising profiles. In addition, [partnerships] offer an extended target audience reach and can foster new products and services that add value and increase profits. By forming strategic partnerships with other businesses, you can grow without the associated risk and costs.”
—Cody Candee, Bounce
7. Learn to work with influencers
“Learning to work with social media influencers, personalities, and representatives can be a great way to improve your chances for success in 2022. Social media has become one of the primary marketing tools in the last 10 years, and the ability to use it in a self-sustainable way for your business will provide you with greater success.”
—Kashish Gupta, Hightouch
8. Generate growth from socially responsible initiatives
“With the 24-hour news cycle and the multitude of digital media platforms, the social responsibility behavior of companies is under constant watch. However, social responsibility is not limited to a large stage, but can encompass small communities and lead to many positive aspects to the growth of a business. Companies that are socially responsible develop an emotional connection to their customer base, and 70% of customers say it is a factor in their decision to give a company their return business.
“Getting involved in community charities and events and taking an active part in supporting your patrons’ interests shows that you care about the place your business is in. Social responsibility is a way of displaying your appreciation to the community, and it will become a mutually beneficial relationship.”
—Adelle Archer, Eterneva
9. Leverage user-generated content
“Small businesses should consider using user-generated content on their social media pages. When you engage with your customers and encourage them to post photos or videos of your product, you’re increasing brand awareness and customer loyalty.
“It’s a win-win. Your followers are getting their content viewed, which benefits them, and, in turn, you’re able to use their content to promote your business. By partnering with your customers, your business will grow in 2022.”
—Jean Gregoire, Lovebox
10. Try pay-per-click (PPC) marketing
“PPC advertising, in my opinion, assists small businesses by displaying [advertisements] when consumers search for specific keywords on Google or any other search engine. The PPC approach is a good way to keep your spending under control.
“Advertising platforms use an algorithm to display your [advertisements] in various SERP (search engine result pages) based on keyword and page quality. You will be charged each time someone clicks on your ad, and it is great for business growth.”
—Lauren Cook-McKay, Divorce Answers
This article was written by Brett Farmiloe and was originally found here: 10 Business Growth Strategies for SMBs in 2022 – AllBusiness.com