Fast growth does not always equate to success in business. You need the right tools to complement the growth rate otherwise it can easily die out on you and you’ll be left with a brand that used to be successful. Here are five tools every business and owner and entrepreneur needs to acknowledge and implement effectively to ensures success for their fast growing brand.
Customer Relationship Management
As your business expands, so do the interactions and transactions it has with clients on a regular basis. Keeping track of this data enables you to spot customer patterns, identify trends, and overall keep your customers satisfied and coming back for more. Effective implementation of a Customer Relationship Management software gives businesses a platform to manage, store, and update this collected data. It streamlines the process of tracking interactions and maximizes financial opportunities by establishing long-term relationship with your customer base.
Business Process Management Suite
A BPMS software is a set of standardized, integrated technologies that allow public and private organizations to build applications that combine systems of existing or new purposes. The system generates an end-to-end application in different business operations, such as product manufacturing and internet marketing, allowing entrepreneurs to manage their back-end and front-end systems with relative ease. Technologies integrated into the software encompass workflow engines, folder and content management, and an execution engine, which is at the core of the program.
Business Intelligence
Fast growth can disable business owners from identifying what actually matters in the long run. They get blinded by short-term rewards like market hype and impressive sales. To be able to anticipate the next challenges and moves, however, you need as much insight as you can get from customer data. And while the old, trusty spreadsheet is enough to enter small chunks of data and analyze for broader view and longer term solutions and strategies, it simply cannot accommodate the accruing size of business data. Business intelligence tools help improve the management flow of a business by enabling live interactive access and use of data.
Email Marketing Campaign
Albeit not a new business concept, email marketing remains a powerful and relevant tool, especially for fast growing companies. It gives you the ability to disseminate useful and important information, such as promotions, how-to guides, and daily deals, to a large group of people without needing to expend too much of your resources. Email marketing campaigns promote brand awareness and increase brand recognition. Almost everyone today has an email account, so it makes strategic sense to devote time and effort into making sure customers see your brand in their inboxes. Based on a report released by Small Business, 46 percent of businesses surveyed were already implementing email marketing to their portfolio, which is estimated to bring in around $40 for every $1 invested.
Professional Website
As the Internet slowly takes over the planet, fast growing businesses must adapt accordingly. Having a website is no longer a choice at it was years ago. Today, to be relevant, you need a professional website that’s regularly updated with useful content and hype-building news. According to Statistic Brain, businesses with websites in 2014 rose to 53 percent, which was only at 45 percent 5 years prior. A website has many benefits when implemented in a business setting. It saves time and provides an easily accessible medium on which to showcase your brand to customers worldwide.
Businesses on the fast-growth track stand to make consistent profits and build large brands. Use these five tools to navigate through the unique complexities that come with running a fast growing brand. While different in function, these tools all focus on the most important asset of any business – the customer.
One reply on “Tools to Ensure Success For Fast Growing Businesses”
Great article Pamela!
I agree, despite their best efforts, most of the growing businesses fail to
overcome the challenges in growing their business. Accounting is one of the key areas that remains untouched by most of the business owners. Tools such as QuickBooks and Sage can help them organize their business finances in a better way and can provide the key insights to make the right business decision. These tools need to be considered by the growing businesses when it comes to ensure the business growth.