At present, there are a wide range of economic factors that have combined in the Western world to make business growth more challenging than ever. Inflation levels in Europe and America are at some of the highest rates in the past ten years.
High inflation levels make it difficult to continue to operate at high levels of profitability as raw material costs are often higher than previously. In addition, there is currently an ongoing war in Ukraine which is pushing up the costs of staple goods such as wheat (of which Ukraine was one of the major global producers) and energy prices due to Russian natural gas supplies.
These two geopolitical factors have combined with an emerging cost of living crisis to make the purchasing power of millions of households decline. When consumer purchase power reduces, high-value, luxury, or occasional goods are bought less frequently than before, which poses a significant challenge for businesses in multiple sectors.
Put simply, in this current set of economic circumstances, it can be difficult for businesses to achieve sustained and meaningful levels of growth. However, by considering and adopting the following three strategies, a business has a greater chance of enjoying growth and continued prosperity.
Attend trade shows with corporate merchandise
In an age of the exponential growth of e-commerce and the internet, it can be easy for businesses to neglect other avenues of opportunity that can promote long-term growth.
Many firms overlook the power of local, regional, national, and international trade shows as a vehicle for improved growth but should do this at their peril. Trade shows are incredibly effective venues to promote a business and network with other key industry players.
In time, when meaningful business networks have been cultivated, they can lead to new collaborative opportunities or allow the sharing of useful business and market insights. In addition, they allow businesses to connect with some of their key target markets and build improved brand awareness. In fact, there are numerous reasons why attending and being visible at a trade show event can be beneficial for your business.
At such trade events, it is vitally important to take corporate merchandise with you to give out to clients, potential customers, and other industry players. This can help to boost the visibility of your organization. Corporate branded caps, pens, diaries, and mouse mats that have the company website and contact information on them can lead to improved sales channel development.
It is beneficial for businesses to consult with a branding agency to determine the type of merchandise that will be most suitable and fit best with the company image.
Effective social media promotion
In 2023, promoting your business on social media channels such as Instagram, TikTok, and Facebook Marketplace are ideal methods to grow your business. An estimated 4.8 billion people worldwide use social media channels on a regular basis.
This makes social media the ideal platform to reach a truly global audience and your company’s products and services can be advertised in specific groups or sub-channels that are likely to be visited by your intended target market.
Remember to create short, memorable adverts and promotions that link back to the product page of your company website so you can transform a higher proportion of click-throughs into sales.
SEO best practice for your website
As a brief final top tip, it is vitally important to adopt search engine optimization (SEO) best practices for your company website.
There are a wealth of resources online that can explain how to boost the SEO of your website and individual webpages, and these should be consulted if you are not adept in this field.
When a website uses SEO best practices across its pages and creates high-quality and informative content, page rankings from organic searches will be improved. Higher page rankings lead to increased internet traffic, and this can be a driver for improved sales and business growth.