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However, there are at least a few things you can do to give your business a fighting chance. With the right ideas, a bit of planning, and smart execution, you’ll have your venture climbing the growth ladder—even when everyone else is struggling to stay afloat. What follows is a discussion of some tips you can implement, starting today, to drive your business forward in these hard times.
Target Your Marketing Accurately
You probably don’t have a lot of cash to throw at marketing, but you do need to keep reaching out to your market. What you should do is fine-tune your market targeting, so that your marketing campaigns connect with people in your ideal product user demographic. You can achieve this by working with data that you’ve gathered about your typical customer, and by utilizing analytic tools. Some of the platforms on which your campaigns will run (e.g. social media) also have these tools, so be sure to take advantage of them.Use Competitive Pricing
Instead of just fixing your prices on your production costs, you’ll want to set your prices at or below the average market price for your product. Remember, many of your customers are on a tight budget, so they’re looking for the best bargains they can find. This isn’t asking you to sell your wares at giveaway prices. We’re simply suggesting that you factor in prevailing prices when deciding where to set your prices. If you get this right, you could attract a lot of new customers, while also retaining existing ones.Strive for Cost-Effective Production
When thinking about how to grow your business in hard times, something you’ll need to consider is your production cost. Are there ways to lower this cost without sacrificing quality? Look for less expensive inputs, and try out cheaper production methods. Succeeding with these will allow you to offer your products at lower prices than you can afford. It will make your offerings more competitively priced, and therefore more attractive to buyers.Sign up for the Connect Nigeria daily newsletter
Offer Exceptional Service
You can’t go wrong with great service, especially in Nigeria. When you treat your customers as important and accord them respect, they will very likely remember it. This, along with an ability to guarantee top-level product experience, will raise your chances of converting first-time buyers into repeat customers. That’s something most businesses crave in times like this.Expand Your Network of Partners
There’s a lot you can gain from business partnerships. They can connect you to growth opportunities, by linking you up with new clients and markets. For example, if a partner of yours is a business that sells products that complement yours, you can reach new audiences and raise your sales by marketing to their customers (while they do the same with yours). More partners of this sort provide you with fresh windows to growth.Prioritize Customer Retention
When economic conditions get rough, the last thing you want is to suffer customer attrition. If you’re able to keep existing customers, you will at least maintain a base from which any expansion efforts can launch. So, make the continued satisfaction of your customers a top priority. Be prompt with service delivery and the resolution of problems. Also, make sure to show your appreciation for their patronage through verbal means, via thank-you notes, or by email.Register to attend the CN Business Mixer
Final Words
We can’t be certain about the duration of the present economic challenges. That’s something beyond our control as regular people. But one thing you can do is improve the chances that your business will thrive amid the turbulence. This article has shown you how to grow your business in hard times. You can work with the points we’ve made here to position your business for success, now and for the foreseeable future.Got a suggestion? Contact us: editor@connectnigeria.com
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