New businesses are plagued with many goals when starting out. From rapid growth to creating a customer base, to building brand awareness to dealing with sales and marketing, all of which are tough. Truth is, the whole process may be challenging and overwhelming. Let’s face it, there is nothing as overnight success in business. But it’s possible to grow your business fast!
Sure, it isn’t easy. But with considerable effort, the success of your business can be achieved. However, there are various factors that must be considered, including having the right marketing mix to enable you to scale up your business. Sounds simple, right? Consider the fact that there’ll be ups and downs in the process as you go along, but in the long run, you will have identified what works best for your small jewelry business and what doesn’t. Not to worry though, we’ve combined a list of industry secrets guaranteed to help catapult your business to success. Read on to find out:
- Hire the right people
Hiring the right people ensures that you have a reliable staff that will assist and ensure you achieve your business’ growth trajectory. Moreover, with the right team, you can delegate tasks and invest your time in other aspects of the company, that will generate more money and success.
Additionally, encourage your team to take calculated risks and get the job done on your behalf. Understand that some of these risks may pan out while others won’t. Although this may be scary, consider the fact that you’ll miss out on a lot of innovative revenue-generating opportunities, if you only go for things that you are sure will work. After all, one of the most common traits of successful businesses is their relentless nature to take risks.
- Conduct research on your competition
Just like in any other business, competitors also exist in the jewelry industry. As such, your goal would be to dominate the market as well as become the go-to source for all things related to your niche. To do this, you have to conduct research like conjoint analysis and uncover the competitor’s marketing strategy.This provides you with competitive intelligence that enables you to understand their behavior in the marketplace as well as predict their next moves. Using this, you can effectively plan and develop marketing strategies that will secure your customer base and the growth of your business.
- Establish a loyalty program
Customer loyalty programs are great ways to boost sales. Studies prove that it takes more effort to get a new customer to buy from your brand than it does to convince an already existing one. For instance, Loyalty programs not only encourage your customers to remain loyal to your brand but they are also sure-fire ways to generate leads and potential customers through referrals. Moreover, such programs can inspire your customers to spend more money on your brand while promoting customer retention. Examples of loyalty programs can include discounts or promotions.
- Look for new opportunities
Identify new opportunities for your business by evaluating your demographics, marketing opportunities, competitors, possible industries, among other factors. Not only will this provide you with a chance to grow your business, but it will also provide exposure. There are likely multiple new opportunities you can follow with proper evaluation including teaming up with other local businesses that complement your own and creating a referral system.
- Understand your customers
Growing your business is often a necessity, meaning you need to be ready to provide product offerings that meet the needs and wants of consumers. So, how do you do this? Conducting research, surveys and requesting customer feedback are excellent ways to start. This way you’ll be able to tailor your products to meet market demands which is excellent for business.
However, as you seek to understand your current client base, also put into consideration potential customers. Conduct a market analysis to identify new potential customers and consider tailoring your product offerings to attract them as well.
- Form strategic partnerships
Establishing partnerships with companies that complement your business can truly make a huge difference. This is one way to quickly reach a wide range of customers. However, identifying companies that complement your jewelry business is easier said than done. But you can start by looking for companies that relate to yours, contacting them and proposing the chance to team up. Networking events and trade shows are excellent places to expand your professional network as well as hunt for prospective companies. Also, you can opt to collaborate with like-minded professionals such as bloggers and creatives whose works relate to your industry.
- Build a solid reputation on social media
Today, social media platforms provide businesses with the opportunity to reach billions of people around the world, half of which may be your customers. Besides being a potent marketing tool, it also enables your business to remain relevant. Moreover, through social listening, you’ll be able to know consumer needs and wants, trends, keywords, buyer behaviors, among other factors that interest your target market.
Although trust and relationships were initially vital for success in the jewel industry, today’s consumers are more interested in online reviews. Therefore, establishing a strong online reputation is directly linked to the success of your business. Additionally, while it’s essential to have an active social media presence, conduct research and determine what platforms the majority of your target market are on and focus on those.
- Build a unique brand
You will need your business and brand to stand out from the competitors to drive business growth. And building a unique brand trickles down to having a solid vision of how you want to portray your brand. To do this you need to go the extra mile and ensure the minute your clients walk into your store they feel at home and valued. Simple things such as providing excellent customer support and service will position your brand in your customers’ minds as a memorable brand identity.
- Focus on excellent customer service
With the option of shopping online, customers that physically come to your store need to experience excellent customer service. It’s no secret that customer service triumphs product quality. Excellent customer service and support ensure your customers feel valued. For instance, personalizing the shopping experience for customers in a warm and friendly manner, say by finding out why they want to buy jewelry in the first place is a great strategy to make them feel valued and glad they actually walked into your store rather than shopped online. Moreover, consider diversifying your product offerings so that your brand can cater to varied customers’ tastes. Remember, rapid business growth depends on making current and potential clients happy and satisfied with their shopping experience.
- Be adaptable
Successful businesses often can change direction in response to market trends or demands. Implementing a flexible business development strategy guarantees growth for your business. Moreover, this strategy enables your business to remain current with market trends and promotes regular development of different approaches to scale up your business, allowing you to determine strategies that work for your company and those that don’t.
- Raise the counters
Although this may seem like a no-brainer, it’s often overlooked. However, raising the display counter in your store ensures that customers can have a comfortable browsing experience. Ideally, the perfect display for excellent eye-level viewing should be between the belly button (about 42 inches) and the eyes.
Furthermore, invest in exhibition stand design for displaying your jewelry. Generally, these are excellent advertising tools that influence the sales of products. In terms of functionality, exhibition stand design focuses on the customer’s intent to purchase products, and thus they are designed to grab their interest, memory desire, and attention. Moreover, you can tailor your exhibition stand design to your personal style and functional structure.
- Provide financial solutions
Jewelry stores can incorporate financial programs that allow their customers to lease or pay in installments for products. These programs will not only lead to customer retention but also broaden the customer base.
- Plan in advance
While adaptability is an essential aspect of the growth of your business, planning is a necessity. Planning involves preparing for the next business development strategy, coming up with new marketing strategies, and so on. Planning ahead allows you to strategize and determine how you’ll handle potential mishaps while securing business growth. Moreover, advance planning ensures your company has a solid foundation, and in case of an unexpected occurrence, it can quickly adapt.
Rapidly growing your business isn’t just a worthy goal, it’s necessary. The tips above have been successfully used by other small businesses, along with proper planning and investment, to realize their full potential in the marketplace. Go through the list and pick the ones that you feel are suitable for your business and develop a development strategy around them. Remember, there are no one shoe fits all, but the trick is to try different approaches until you find one that works best for your company.
About The Author, Fazreen Razeek
Fazreen Razeek fromGrafdomWeb design agency Dubai has served the digital industry for over 5 years. He collaborates and works alongside agencies, event organizers, and suppliers to develop and execute their marketing strategies. He is extremely passionate about education technology and also writes for various local and international publications. A graduate with High Distinction from the Edith Cowan University, Perth, Australia, Fazreen holds a Bachelor’s Degree with a double major in Marketing & Management.