It may seem easy to conceive ideas and start a business but growing a business is not a cinch. The Corporate Affairs Commission claims to have registered over 3 million businesses in Nigeria as of 2019 alone.
Three more years have passed and thousands of new businesses have joined the list, leaving many other unregistered businesses spread across the country.
What does this mean for you as an entrepreneur?
You are up against intense competition, government policies and other factors that can hinder the growth of your business.
This is why entrepreneurship is not for everyone. It takes a vivid vision, patience and persistent hard work to grow your business and stay relevant against all odds. As an aspiring or existing entrepreneur, here are some factors to help your business flourish in 2022 and beyond.
Unique Value Proposition (UVP)
Your value proposition is the big ‘why’ of your business. It is a compelling statement that explains why your customers should buy your product or service, among other options.
Questions such as: ‘What problem is my business solving for its customers? What makes my business unique? What is the profit for customers when they buy from me? Will help you create a unique value proposition with which your business can run.
Consider your UVP as the foundation upon which your business structure is built and the guide that informs your business decisions going forward.
At this point, you’re probably thinking, How do I create a unique value proposition as a new or existing business owner?
Start by highlighting your product’s benefits, features, and the experience your customers will get from it. Then make a list of your customers’ wants, needs, and challenges that may be holding them back from making a purchase. This process will help you articulate your business strengths and the answers will form a core component of your unique value proposition.
Most importantly, your UVP should position your product/service as the ultimate solution your customer needs.
result-driven marketing
Your reach or visibility as a business owner is directly proportional to your marketing efforts. The rule of thumb in results-driven marketing is simple: If you don’t put yourself out there, your customers will never find you. And here ‘out there’ refers to the wide world of both traditional and digital marketing.
First, you need to know your customers. This will help you find them easily and be strategic in your marketing approach. It is therefore expedient to create a customer avatar/buyer persona: it is a profile of your ideal customer that is not limited to their age, gender, education, spending habits, location, interests, challenges, motivations and other information that you need to achieve. will help. A fast customer acquisition. With a defined buyer persona, you can now focus your marketing efforts on your target audience.
Then, you need a marketing strategy. Whether you’re doing the traditional form of marketing, leveraging a digital approach, or a combination of both, a solid marketing strategy is the key to achieving your goals and getting a good return on investment. Finally, you can now take action by building brand awareness, generating engagement, and keeping your business name on the lips of your customers as your business grows.
Good marketing is extremely important as it will help your customers get to know your brand and know about your products/services before they trust you enough to make purchases in the sales funnel.
customer centric approach
Thinking like a customer and acting like a business owner is an appropriate way to apply a customer-centered approach to your business dealings.
Customers are the lifeline of your business and to retain them you have to invest in the customer experience.
Every customer should have a personalized experience each time they buy from you. No matter how big your business gets, you shouldn’t focus on the needs of your customers and how your product helps them meet those needs. That’s why you gained their trust in the first place.
Therefore, whatever update or innovation you are bringing to your business, you should pause and reflect on the potential impact it will have on your existing and potential customers. Will your new approach affect your customers’ purchasing choices? Will it affect their perception of your business?
Soliciting feedback promotes customer inclusion and spurs loyalty when your customers are seen, special, and appreciated, and spreading the word about your business is the least they will do.
keep your promise
You may have a compelling unique proposition, great marketing strategies, and impeccable customer service, but if your product or service doesn’t live up to your customers’ expectations, business is as good as gone.
Sometimes, business owners start out with good intentions and quality offers for their customers. Then months later, the line between honesty and making profits gets blurred and the quality of products and services is tampered with.
Also read:GIG Logistics Boosts Lagos 24-Hour Economy With New Service
Customers become dissatisfied and move on to other competitors.
In the long run, such businesses end up with a bad image and bad reviews that will take a long time to fix before they can gain customer trust again.
As a thriving business owner, you must be passionate about integrity. Do nothing to break the promise you made to your customers in your unique value proposition. It’s best to promise less and deliver more than a brand doesn’t want to do business with. Always keep your promise.
profitable business partnership
Your business will flourish when you take advantage of profitable business partnerships, which will help you achieve your business goals, drive more sales and relieve some of the ‘burden of entrepreneurship’.
There are businesses whose products and services complement yours, extending the hand of partnership; Collaborate for the greater good.
One aspect of your business is logistics and as a growth conscious entrepreneur, you need to carefully consider which logistics company is best for your business.
You need a reliable delivery partner who provides a seamless logistics experience to your customers at affordable rates. This way, your customers spend less on shipping and you also get other special benefits that GIG Logistics Offers to its registered e-commerce customers, who are known as class merchants. by subscribing GIGL Class Plan Through the ‘Upgrade to e-commerce’ option on the GIGGo app, you are guaranteed lifetime access to priority shipping, free insurance on limited shipments at one lakh naira, 20% off shipping cost, a dedicated account officer, and guaranteed online visibility She goes. Your business through the Digital Millionaire Platform.
There are limitless opportunities for your business when you identify and connect with the right partners for your business.
