This is a contributed post on successful small business common traits from Ellie Jo.
We all know from personal experience that small businesses can thrive. But actually creating one that generates massive revenues and helps you achieve lasting wealth is challenging. Relatively few brands survive past the first couple of years.
Success and failure aren’t random events. Instead, the firms that thrive tend to be the ones engaging in the right policies.
In this post, we take a look at some of the small things driving success in firms that employ less than fifty people.
They Develop Innovative Special Offers
Successful small business owners know they need to offer special offers to get people aware of them. Special offers are wonderful to get customers through the doors (or spending on your website). They’re often the extra push that would-be consumers need to give your business a try. Once the customer is in the door they become more aware of your brand and everything you have to offer.
Successful Small Businesses Take Advantage Of Loyalty Programs
Once you get hold of new customers, you want to keep them. But doing that is challenging, particularly if you’ve only interacted with them once.
If you can, try to get hold of their email address so that you can automatically set them up on a loyalty program. If they know that you’re rewarding them for spending more money with them, then they are much more likely to come back to you in the future, instead of going with a competitor.
Also, don’t forget to create a referral program – a scheme where you pay customers to get their friends, family and social media contacts to use your business. While providing them with rewards is expensive, the return on investment can be tremendous.
They Get Up Close And Personal
Small businesses don’t have the marketing budgets of larger brands. That’s why they need to get up close and personal with their customers.
All the top trade show displays for 2022 facilitate this. They allow brands to engage directly with their audiences, whether it’s via sales reps, product demos or videos.
Successful Small Businesses Leverage Customer Reviews
When your marketing budget is small, you can’t afford mass TV ads or endless PPC campaigns. Instead, you have to work with the limited resources you’ve got.
Instead try to encourage your happy customers to post reviews of your business online. Send them links to write Google reviews.
Reviews are powerful because audiences really believe in them. If they see that a brand has excellent feedback from their peers, they are much more likely to want to try it out themselves.
Remember, around 60 percent of customers will consult reviews before buying, so if you can nail this niche, you’re setting yourself up for massive success. Most of your rivals won’t have a review strategy at all.
They Plan Their Resource Use
Small businesses have limited resources: that’s a truism. But the ones that succeed and go on to be medium-sized or large corporations are those that think carefully about their resources in advance.
Don’t spend cash on anything that won’t generate a return in the future. Instead, focus all your profits on building a more compelling business that will serve customers for years to come.