There is no shortage for advices and tips on building one’s business. Reports indicate that more than fifty percentage of businesses die within the first three years.
Another ten to twenty percentage of businesses die within the first five years. Only around thirty to forty percentage of the businesses that are started survive the competition and withstand the test of time for more than five years. As a business if you have managed to survive in your niche market for the first five years then you have crossed the toughest phase in the history of your business. However, things do not get any easier after the first five years; the competition level would have increased further, other businesses would have learnt from your mistakes and will be offering better products or services than what you are offerings, you would have depleted all your initial financial resources in sustaining your business for the first five years and so on. However in the first five years your business would have gained a certain amount of stability, you would have built your customer base, the resilience of your business would have improved. You will therefore be served with a mix of both positive and negative factors. This is an intense period where you should focus on growing your business and not just on surviving. Here are three most important factors that will help you grow your business; these factors are applicable not only for businesses that have crossed five years but also for brand new businesses.
# 1 Revisit and Understand Your Customers’ Needs And Preferences
Over a period of time, we would have forgotten the basics and this is one of the most common follies that make many businesses fail. Regardless of the age of your business, you can never drift away from your customers. You need to constantly be revisiting your customer preferences. Probably when you started your business your customers’ needs and preferences were different that what they are now. You would have tailored your products or services and your online marketing efforts based on what you perceived then as your customer preferences. It is therefore important to constantly revisit this area. You need to perform an annual review. Try to send out surveys and questionnaires regularly. You must keep yourself abreast with your latest customer preferences.
#2 Create A Master Plan With Long Term And Short Term Goals
You are anyway required to take ongoing online marketing efforts. Only when all your efforts are coherent and focused, you will be able to get the cumulative benefits. If all your efforts are going to stay unconnected and random, you will easily miss out on the possible momentum your ongoing efforts can create for your brand. When you are creating your online marketing plan, you will need to have both long term goals and short term goals. If you are reading between the lines, you would have picked up another byline factor that is you need to always plan for long term. Many business owners find it difficult to create long term online marketing plans. They rather find it easy to handle things on month on month basis. They sign up for a link building package or two and when that comes to an end they go to find a social media marketing package and they jump from one the other in an unconnected way. Do not do that. Keep your dots connected and that is what you will get the best value for your money.
#3 Stay Away From Shortcuts
Today everyone is after instant results. However resist the temptation for instant results as far as the online visibility of your website and brand is concerned. All the search engines and Google in particular is very strict against manipulative online marketing strategies. You cannot afford to risk your online reputation with the search engines, if you risk, then it is extremely difficult to recover from the negative results. Though it is time consuming, you should always limit yourself only with 100% white hat online marketing strategies. You will never regret sticking to ethical online marketing strategies. Consistent efforts taken for long enough will always bring about positive results.