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Every business owner’s dream is to take their businesses to new heights. Growth is one of the most important objectives to aim for and achieve as a business owner. Growth is even more important to online businesses, mainly because the market is currently growing at a steady and sustainable pace.
However, a roadblock can prevent any business from growing further. This can happen to any type of business too, including your online business. What should you do when your business hits a roadblock in terms of growth? Here are some of the strategies to look into.
Boost Customer Lifetime Value
Growth isn’t always about acquiring new users. In many cases, it is much more effective and efficient to boost existing customers’ lifetime value than to invest in user acquisition. There are many strategies you can use to boost the CLV of existing customers too.
According to Phil Hussey, President and co-founder of https://www.89degrees.com/, one of the best ways to boost CLV figures is by introducing a loyalty program for existing customers. It may be one of the oldest tricks in the book, but it is a strategy that still works effectively in today’s internet age.
A loyalty program for online customers is also very easy to manage. There are pre-made scripts that can be integrated with existing e-commerce platforms rather easily. Once the script is in place, you can start tracking customers’ purchases and rewarding those customers for their loyalty.
Customer Get Customer Programs
Another interesting strategy to try when you hit a growth roadblock with your online business is a customer-get-customer program. You are converting existing, loyal customers into your own marketing force. Before you incorporate this strategy, however, there are a few things you need to understand.
First of all, customer-get-customer programs work better when your existing customers are loyal and happy with the products and services you offer. High customer satisfaction will make this strategy more cost-efficient to implement compared to when you have to offer a lot of rewards to get things rolling.
The rewards are also very important. You want the customers to feel appreciated in a personal way for maximum effectiveness. Cash rewards will only work to a certain degree. For the program to be truly effective, you have to incorporate things such as a special appreciation party or similar rewards for the top-performing customers.
Branching Out to New Audience
One last strategy to try when you hit a roadblock with your online business growth is branching out to new potential markets. If you’ve been catering to customers in a certain region, perhaps it is time to start taking international orders. For businesses who are aiming at a specific market segment, branching out to new customer groups is the way to go.
The market is turning into one global landscape faster than you think. This means there are more opportunities just waiting to be explored, including opportunities for rapid business growth. There will be a lot of figuring out to do, but tackle the challenges and you will be able to take your business to new heights.