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How to grow your business quickly

When you first launch your business, your main goal is to establish your brand and start growing. Unfortunately, this doesn’t happen overnight. Growth is an ongoing process that requires hard work, patience and dedication. There’s no special step or secret way to surpass other businesses in the industry or achieve immediate success.

How to measure business growth

There are a few factors to examine to gauge your business’s growth. Depending on your goals, you may prefer one factor over another, but analyzing them in context with one another can give you the clearest picture of how well your business is scaling.

Revenue: Revenue is a go-to metric in establishing business growth; after all, it’s the amount of money your company is bringing in. Revenue growth over time can be good, as it generally means you’re making more sales or higher-value sales. However, it’s important to balance revenue with expenses, because making more often means spending more.

Profit: A more important indicator than revenue is profit, which is what your company has netted over the course of a given period. When it comes to profit, a positive growth rate is great, but it doesn’t always tell the whole story. If your profit margin is healthy, even a flat profitability year over year might not be bad. But for new businesses, quick profitability growth should be a key focus.

Market share: Market share describes how dominant your business is in its space compared with competitors. For new companies breaking into an industry, growing market share rapidly is a major concern. Without gaining a significant foothold against your competitors, it will be hard to drive sales to grow revenue.

Customer acquisition: One of the best ways to grow market share is by focusing on lead generation and sales volume. By getting your brand in front of potential customers and then converting them to make a sale, you can grow your company’s market share and revenue at the same time.

Customer retention: Acquiring new customers helps you gain market share only if you retain those customers, so focusing on customer retention and improving this metric over time is also key to monitoring the growth of your business.

Team size: Growing your team is a significant expense, but the size of your team also represents how much you can do. Balancing a team that can meet operational needs with the payroll budget is a key challenge for every entrepreneur, so monitoring the growth of your team over time is particularly important.

Growth is important for any business, but it’s important to be smart about how you scale. Growing too quickly can leave you with a sizable payroll burden or customer demands you can’t meet, thereby setting you up for failure in the long run. Incremental growth and deliberate decisions about how to expand your operations and team are the best methods for establishing a business that’s set up for success well into the future. Keeping the tips above in mind is a great way to do just that.

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What is digital marketing?

Digital marketing, also called online marketing, is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only email, social media, and web-based advertising, but also text and multimedia messages as a marketing channel.

Types of digital marketing

There are as many specializations within digital marketing as there are ways of interacting using digital media. Here are a few key examples of types of digital marketing tactics.

Search engine optimization

Search engine optimization, or SEO, is technically a marketing tool rather than a form of marketing in itself. The Balance defines it as “the art and science of making web pages attractive to search engines.”

Quality of content

Level of user engagement

Mobile-friendliness

Number and quality of inbound links

Content marketing

As mentioned, the quality of your content is a key component of an optimized page. As a result, SEO is a major factor in content marketing, a strategy based on the distribution of relevant and valuable content to a target audience.

Blog posts

E-books

Newsletters

Video or audio transcripts

Whitepapers

Infographics

Social media marketing

Social media marketing means driving traffic and brand awareness by engaging people in discussion online. You can use social media marketing to highlight your brand, products, services, culture, and more. With billions of people spending their time engaging on social media platforms, focusing on social media marketing can be worthwhile.

Craft high-quality and engaging content

Reply to comments and questions in a professional manner

Create a social media posting schedule

Post at the right time

Hire social media managers to support your marketing efforts

Know your audience and which social media channels they’re most active on

Pay-per-click marketing

Pay-per-click, or PPC, is a form of digital marketing in which you pay a fee every time someone clicks on your digital ads. So, instead of paying a set amount to constantly run targeted ads on online channels, you only pay for the ads individuals interact with. How and when people see your ad is a bit more complicated.

Ad quality

Keyword relevance

Landing page quality

Bid amount

Affiliate marketing

Affiliate marketing is a digital marketing tactic that lets someone make money by promoting another person's business. You could be either the promoter or the business who works with the promoter, but the process is the same in either case.

Email marketing

The concept of email marketing is simple—you send a promotional message and hope that your prospect clicks on it. However, the execution is much more complex. First of all, you have to make sure that your emails are wanted. This means having an opt-in list that does the following:

Individualizes the content, both in the body and in the subject line

States clearly what kind of emails the subscriber will get

An email signature that offers a clear unsubscribe option

Integrates both transactional and promotional emails

Mobile marketing

Mobile marketing is a digital marketing strategy that allows you to engage with your target audience on their mobile devices, such as smartphones and tablets. This can be via SMS and MMS messages, social media notifications, mobile app alerts, and more.

The benefits of digital marketing

Digital marketing has become prominent largely because it reaches such a wide audience of people. However, it also offers a number of other advantages that can boost your marketing efforts. These are a few of the benefits of digital marketing.