BizTech

4 Tools and Strategies to Use in 2024 and Grow Your Business

Tools and Strategies to Grow Your Business

The year 2024 is almost here, and business owners all over the world are preparing their organizations for it. While priorities differ from one niche to another, there is one thing all business owners will strive to achieve in 2024, and that’s substantial growth.

Whether you’re looking to grow a small business into an enterprise or you want your already profitable business to find even more success, you need to know the best ways to achieve your goals. That is why we’ve prepared a list of tools and strategies you can use in 2024 to take your business to the next level.

Start a Referral Program

All of your loyal customers have much more to offer than just their patronage. If you manage to play your cards right, you will be able to reap the benefits through customer referrals. As long as you fulfill customer satisfaction and offer high-quality products, starting a referral product should be your next step.

Referrals amplify the demand for your product and bring in more customers to your business, but the most important thing is that they bring in the right type of customers. Consumers referred by a friend are four times more likely to buy and they have the potential to become very valuable to your company.

Word of mouth is one of the oldest marketing techniques that still work to this day, and that is the basis of referral programs. The reason why they are so successful is that people trust recommendations given to them by their friends and family.

The trick to starting a successful referral program is offering great dual incentives and knowing when exactly you should invite people to join it. The best times to ask a customer to join include:

  • After they’ve been using your products or services for enough time to see their value.
  • Once they achieve a milestone such as being a customer for a year.
  • When they need a refill of your products or a subscription renewal.
  • After they’ve left a positive review of your business/products on your website or social media.

And finally, you have to make joining your referral program and inviting people to it a simple and easy process. If you don’t want to scare off potential referrals with a complicated process, try using a contact picker that will allow them to invite their contacts to your program without ever leaving your website. This works to your advantage especially with mobile users as it saves them time manually typing in each address. This way, you’re bound to get twice or even three times as many referrals.

Start a Customer Loyalty Program

Referral programs and customer loyalty programs often go hand in hand, and if you want to achieve growth, it’s good to have both.

Customer loyalty programs are an essential part if you want to keep your customers satisfied, which you should do, considering that 65% of a company’s business comes from existing customers. If you implement good customer loyalty software, you will be able to start your program in just a few minutes without any hassle and reap all the benefits which include:

  • Boost in growth. There are multiple different types of customer loyalty programs, but all of them positively affect growth if implemented correctly. As they help increase customer retention and build loyalty, word will spread and more and more people will want to join your program.
  • Cost-effectiveness. There is a lot of money that goes into customer acquisition, and it’s much cheaper to keep an existing customer than acquire a new one. If you keep showing your loyal customers why they need to stay loyal to your business, you will spend much less on marketing.
  • Improved reputation. Loyalty programs offer different rewards and incentives, which encourage your new and old clients to keep purchasing from you, as they have something to gain. This will show that you care about your customers and improve your reputation.
  • Increased sales. With every new purchase a customer makes, they receive a reward or points they can later redeem for rewards. This incentivizes them to make repeat purchases, which will increase your sales figures and bring you one step closer to achieving your professional goals.

Use a Business Intelligence Tool

Business intelligence (BI) software is a tool that collects a company’s most essential data to allow its employees to focus on more important tasks and answer crucial questions. It’s important to note that there are various ways BI helps analyze that data.

With easy access to data, your employees will be able to make decisions much faster and give you a competitive advantage.

There are multiple benefits of using a BI tool and some of them include:

  • Improving the bottom line. If your employees have access to all the necessary information, they won’t distract themselves with unimportant work. Instead, they will be able to take a data-driven approach to all of their tasks, which will make it much easier to achieve their maximum potential.
  • Enabling changes from the bottom up. If you want to see growth and long-term improvements in your company, you need to focus on bottom-up changes. This is possible if you use a BI solution, as it guides your company from the bottom line.
  • Eliminating micromanaging. If you use a BI solution, your managers won’t have to micromanage and stress about every little detail. They will be able to simply outline all the parameters for success, let employees meet expectations, and provide clear outlines that define good performance.
  • Preserving business history. BI software effectively stores your business’ historical data so it can later pull out key trends from the past and help you predict the results of a business action. It can help you by offering suggestions of certain actions you can repeat because they were successful in the past.

Even though ZoomInfo is currently one of the most popular BI tools, the company has increased its prices significantly recently. So instead of spending too much money, you should give a ZoomInfo alternative a chance and get a good tool at a fair price.

Google Tools

Google is, without a doubt, the most used search engine in the world. While most people only think about SEO when they think of Google, you shouldn’t make the same mistake. You should always bear in mind that Google offers some great tools that can help you grow your business.

Those tools include:

  • Google Analytics. This is probably the most popular freemium web analytics service you can use. It comes with detailed funnel visualization techniques, helps you measure all of the most important metrics on your website, and analyzes its performance.
  • Google Search Console. This is a free tool that is designed to give companies deeper insight into how their website visitors behave on their site. You can find out how and why people are coming to your website, and see the visibility your landing pages have on Google’s search results.
  • Google Ads. Finally, no business can grow without at least some advertisement, and there’s no better tool to use for advertising than Google Ads if you want to reach a large number of people. While it’s good to use a variety of different platforms, Google Ads should be one of them.

Final thoughts

If you’re worried about how your business will perform in the following year, there is no reason for that. Growth is something everyone hopes to achieve in the following year, and while it may be a hard goal to accomplish, it’s certainly not impossible if you give yourself enough time.

Don’t be discouraged if you’re not seeing results right away, as growth isn’t something that can be achieved overnight. Just follow the strategies and implement the tools you read about here, and you will see positive changes in your company sooner than you think.

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