Getting a business off the ground may, in some ways, be easier than it’s ever been. Ready-made tech infrastructure can help you do everything from building a website to automating your customer service. Even if you know very little about business, it’s possible to become a successful entrepreneur — at least, to a point. The problem is that many businesses plateau, and eventually crash, after that initial wave of wins.
To make a business last, you need powerful strategies for multiple types of growth. You need to know how you’ll attract new prospects and how you’ll keep your current customers loyal and interested. You’ll need to expand your reach, too, targeting new markets or offering entirely different products. You’ll also need a plan for keeping your business operations manageable even with all that new business volume. Here are some ways to successfully grow your brand in 2024:
1. The Right Marketing Strategy
The first step in growing your business is usually increasing your brand’s visibility and awareness. It’s just common sense: the more people know you exist, the more potential customers you have. Your internal marketing team, however, may only be able to get you so far — especially if you’re a younger or smaller brand. It might pay to partner with a growth strategy agency, who can work with you to build a comprehensive growth marketing plan.
An effective growth marketing plan can include a number of different components, from a new content strategy to viral influencer campaigns. You may need to boost your discoverability with stronger SEO, use pay-per-click or social media advertising, or run SMS and email campaigns. Whichever tactics you choose, you’ll need a cohesive brand identity and voice to win customers over. It’s usually best to develop these elements before putting your message out there.
2. Scalable Tech Infrastructure
Most businesses are founded using just a few simple, free or low-cost software tools that meet their bare minimum needs. For example, e-commerce retailers tend to organize their inventory in Excel or Google spreadsheets, or build their stores on Wix or WordPress. These tools are phenomenal, but at a certain point, you may start to outgrow them. As you grow your business, you need scalable software that can support greater capacity without compromising efficiency.
The best tech stack for your brand will vary widely by your industry, the size of your company, and other factors. If you sell physical goods, you might need tools like demand planning, sales forecasting, or inventory management software. If your business relies on long-term relationships for growth, as in B2B or event planning, you’ll need a CRM to manage your client base. No matter your industry, it will likely soon be time to add (more) AI to your tech stack.
3. New Products and Services
Most brands find initial success with just one or two breakout products or services that win their customers’ interest. To grow a brand, however, you eventually need to add a range of new styles, features, or services to your portfolio. If you sell physical items, this can be as simple as offering your flagship product in a few new colors. Or, you might experiment with offering a whole new line of related items, to see what sticks.
In certain industries, to scale your brand, you’ll need new products or updates much more often than others. For instance, if you sell phone accessories, you’ll need new products every time a new iPhone or Android is released. In other niches, you might have more freedom and flexibility to add to your portfolio as you see fit. Try launching new products based on reviews, social media comments, and other customer feedback about what they want from your brand.
4. Increasing Your Average Order Volume
Another popular tactic for growth is to find ways of increasing the amount of money current customers spend on your brand. Getting the most out of your current customers can be especially key given rising customer acquisition costs in recent years. Some useful strategies for retail and e-commerce are upselling or cross-selling at checkout, offering product bundles, and promoting discounts for higher-volume purchases.
If you sell non-tangible goods, tiered pricing and add-ons can be fundamental for scaling your brand. Consider spa services, where a client might start with just a massage, but end up with aromatherapy, a facial, and a seaweed wrap. A software company, similarly, can add increasing layers of complexity and features at higher and higher prices. It’s all about anticipating the clients needs and giving them what they want, for both their benefit and yours.
5. New Regions, Channels, and Revenue Streams
If you’ve already maxed out on how much you can sell where you are, it’s time to look at other paths to expansion — literally. Where can you sell your product or service that it isn’t already, in order to keep growing your business? If you sell only on your own website, it might be time to list your products on Amazon or another marketplace. If you only operate in the U.S., you could expand to Canada, Mexico, the UK, and beyond.
Don’t just think about where you sell your products or services, but how you sell them, in order to grow. For example, more and more brands are turning to subscription-based models to keep customers loyal and keep funds coming in. If you’ve been selling products on DTC or on marketplace channels, you could consider selling wholesale through a retail store like Target or Walmart. Partnering with other brands, in general, can be great for increasing your exposure.
Let Your People Grow
These are all great strategies, but none of them would be nearly as effective without a core team of amazing talent. That’s why a fundamental component of your growth has to be nurturing, developing, and attracting top tier employees. You’ll need a plan for continual education and training that keeps your employees engaged and resilient to new developments. An agile team means endless potential for adaptability, improvement, and expansion.