ATLANTA, GA – August 03, 2022 – Small businesses tend to grow in cycles, shifting between periods of stagnation and growth, which may not be a sustainable way of ensuring long-term scaling. For an organization to grow sustainably, it must start by addressing the company’s core values and attracting customers that align with their business’ values, and find solutions in the products or services being offered by the business.
“Remember, there is no shortcut to sustainable growth. Trying to cut corners and may result in your business losing its identity,” says C-suite executive of several large multicategory online retailers and EY Entrepreneur of the Year finalist, Deepak “Dee” Agarwal.
So how does a business go about securing, and attracting, these customers who align with the values of the business? Deepak Agarwal shares five effective strategies to generate sales through social value and sustainable growth.
Refine Your Brand’s Sense of Purpose
The cornerstone of any organization’s growth plan should be a unique brand identity. How does this company stand out? What are the unique selling propositions?
“If you don’t have answers to these questions, it might be time to start thinking about your company’s sense of purpose,” says Deepak Agarwal.
It’s difficult for a business to maintain a sustainable growth rate if it lacks a sense of brand identity. With a clear vision in mind, it will be easier to refine services and products to create value. Scalable businesses decrease turnover rates and build customer loyalty by developing a solid identity.
Collect, Analyze, and Respond Positively to Customer Feedback
Generally, customer satisfaction is the foundation on which all businesses are built. Improved customer satisfaction can lead to an increase in sales, which in turn translates to an increase in return on investment.
“The best approach you can take to test customer satisfaction is analyzing customer feedback. Listing to what your customers have to say, and implementing change based on their pain points, or areas of the business they are pleased with, is the easiest way to dramatically improve the overall experience your business is providing,” says Deepak Agarwal.
This feedback will provide the overall value of an organization from the customer’s perspective. Using this vital information to influence product development and design a marketing strategy is an inexpensive way of boosting your sales.
Find the Right Balance Between New and Existing Business
A fragile balance exists between investing in keeping your existing client base happy and dedicating resources to acquiring new customers.
It is unwise to rely too much on existing customers, especially if you’re in a competitive field where the risk of losing business is constant. On the other hand, by focusing more on acquiring new customers, current customers may get overlooked.
“Consider creating dedicated teams with unique skill sets to pursue new prospects and secure existing business. This will help your company to strike the perfect balance between new and current business,” says Deepak Agarwal.
Keep Your Workers Happy
Despite the important role technology has played in a variety of industries, workers remain a company’s most valuable asset. With a happy, engaged, and motivated workforce, businesses will be in a better position to achieve maximum efficiency, productivity, and sustainable success.
“Make sure you engage with your staff regularly to gauge morale and understand what they need from their employers. Factors like autonomy, good work-life balance, and flexibility are becoming increasingly vital to many workers, so it’s wise to show your employees how much you value them and increase their job satisfaction without necessarily committing to financial rewards,” says Dee Agarwal.
Commit to ESG Goals
No matter which industry a business is in, environmental, social, and corporate governance now plays a pivotal role in promoting business growth by attracting customers, employees, and investors – all of whom note how companies approach sustainability.
“Aside from committing to ESG goals, make sure you take a data-backed approach to prove you are making an impact. Otherwise, you won’t pass the inspection of veteran investors and consumers,” Deepak Agarwal points out.
Once the business is off the ground with products launched and customers taking notice, the company is ready for progressive growth. Making the right decisions when it comes to forming a businesses’ identity, commitment to creating a positive customer experience, attracting new customers, and even ESG related policies play in role in taking the organization to the next level.