Research shows that over 50% of SMEs fail in their first year of operation. This statistic highlights the significant challenges businesses face in today's competitive landscape.
We have carefully selected these proven strategies that have transformed businesses to new heights. Here, you will also learn how to stand out from the competition, expand your business and achieve your growth goals in your industry and in the Nigerian business environment
The most important step to achieving your desired growth objectives after considering your product/ service type, target audience, and business is to clearly define your goals with intention and precision. They must be SMART; specific, measurable, achievable, realistic, and time-bound. Once this is accomplished, the following strategies should be highly considered.
Market segmentation: As a business owner, dividing your market into groups based on
their interests and shopping habits can easily help you identify their unique needs. This will help you create tailored communication, services, or products that suit them. This helps in positioning your business in the most appealing way to each audience segment, such that they feel the brand understands them. Market segmentation promotes brand loyalty and grows your brand image.
Business expansion: This is a strategic effort by which a thriving business takes the next big step of expanding its demand and supply, leveraging its current business strength and customer base. Below are some of the ways you can expand your business:
Offer special promotions or discounts to customers. I.e purchase items worth N200,000 to get free shipping or a 5% discount.
First make a list of the customers' most preferred items by your different customers, through segmentation.
Increase the production stream to meet demand when they pop in.
Improve the quality of service and products.
Create immersive awareness for the brand and most especially one product at a time. This is so that the business is able to track the best-performing and most loved products.
Collaborate with brands with complementary products, this way you tap into their audience, thereby creating more awareness and sales for your brand.
Ensure standby customer service.
Online presence: Establishing a strong online presence is crucial in today’s digital world.
A well-crafted website serves as a virtual showroom with your products on display. Social media is also another option for connecting with your target audience and it is cost effective. In January 2023, there were 31.60 million social media users in Nigeria, equating to 14.3 percent of the total population. This shows that using social media channels for your advertising operations comes with its benefits. Simply post your products with their pricing and encourage private messaging for further information, this way you encourage personal interactions with potential customers.
4. Focus on customer retention: It is easier to convince an already existing customer than a new one. Retaining old customers is as important as gaining new ones. Making customers feel happy would help promote your brand to others through referrals or word of mouth. Here are a few ways to retain existing customers:
Faster deliveries of their orders.
Create reasonable payment plans e.g. installments or buy now, pay later.
Send out newsletters on a regular basis.
Excellent customer service.
Quality service or product should never be compromised.
By putting these invaluable insights into action, you can position your Nigerian business for long-term success, higher profitability, and a strong market presence.
Above all, it is important to be professional in every aspect of your business. Take the step towards professionalism today and explore our Google Workspace services here.