The world of business has evolved a lot over the last century, with its dynamics changing every season. To survive in this game, you have to push for growth. Heavy financial investments and exclusive marketing campaigns can be ways to take your business to the next height.
But that does not limit you to grow your business with less money, which can compete with the giants as well! How? We’ve got you covered!
Essential Factors that Control Business Growth
To understand business growth, you have to acknowledge the fact that business is science. Like science, some elements regulate how the business performs. For every business, it’s crucial to focus on these elements.
A business can only operate when it has customers. This single line summarizes how important the fact is. This factor lies at the heart of a business. It generates sales and revenues and establishes it as a brand, which helps the company get more exposure.
The bigger the customer pools of a business, the greater its growth.
Traditionally, companies run ad campaigns through TV ads, billboards, posters, etc., to raise awareness about the business. In return, most of them have enjoyed more revenues and exposure in the market. Though still applicable in these times, it can cost them a fortune to run these ad campaigns for a company with a limited budget.
Moreover, the attention of people has shifted from the physical world to the digital world. It’s wiser to target the audience through the digital medium since it costs less money and guarantees growth in the business.
Don’t you believe it? Here are our statistics to make you think.
The data presented above is from a jewelry shop called “Diamond plaza” based in Dhaka, Bangladesh. Though they have physical outlets, what is commendable about them is their online marketing campaign.
Their marketing strategy comprises uploading photos of their jewelry products on their Facebook page and doing live sessions to present their collection while directly engaging with their audience, without spending a single penny on any advertisement platforms or agencies.
Considering their latest ten videos, they have amassed 6100 views per live session on average, totaling up to 67500 views and 1607 engagements through Facebook reactions and comments. It shows how effective this method and platform has become for businesses, helping “Diamond plaza” to gain such great recognition and marketplace.
The advent of social media and its magical tools has transformed itself into a multi-purpose platform where anyone can fulfill its requirement. People are heavily involved in social media platforms. And it creates reasons for a business to promote their products or services on a platform where people are active.
Also, with the advancement in technology, businesses don’t need professional photographers or cinematographers to create an aesthetic product catalog or cinematic shots of their products to please the audience. A video/ photo captured from a smartphone will do the work so that the audience can see the outcome.
Social Media Influencers
Digital consumers as an entity have a common trait that they like a lifestyle, personality, and thought process, being implemented by the YouTubers, Content Creators, Motivational Speakers, etc.
Although it is debatable whether these are accurate or not, psychologically, it opens a window for companies to target these Social Media Influencers for their marketing campaign. Generally speaking, as social beings, we love to validate ourselves through people who have superior social recognition.
The above data has been collected from the Facebook page of Sakib Bin Rashid, who is an online educator, content creator, and social activist based in Dhaka, Bangladesh.
Sakib Bin Rashid also does product/service endorsements through his social media platforms. On analyzing five of his product endorsing videos, you can see he has a total view of 919000 (183800 per video on average) and 78656 engagements through reactions and comments.
Sakib Bin Rashid’s videos on social issues, education, and witty movie/TV show reviews have earned him a place amongst the youth and made him a viable influencer for different businesses.
But hiring an influencer has its pros and cons, depending upon the business. Businesses with less money can ask appropriate influencers to try their product/services for free and share a review with their followers.
Also, as the business expects growth, it should not be based on one social media platform but rather on multiple platforms to connect with the audience from every range and increase its network on a broader scale.
Customer Loyalty is the trump card for a business. Loyal customers are not only your regular customers. They help the company to build a good reputation, and have more customers and sales. These customers preach the name of your business without any remuneration but on the condition of good experience with your business.
The methods we discussed here are powerful if used properly by the businesses, and this statement is backed by the data we discussed above. Also, the privilege it provides is far greater than its almost no money cost.
To summarize, these are the factors you need to keep in mind to grow your business with little money.
We wish you a great business adventure. Cheers!