6 Powerful Strategies for Business Growth [Bonus Tips for Startups]Sol Dolor
In 2008, Tyler Jorgenson was not in any position to give out strategies for business growth, as he is now. In fact, he was quite literally in the opposite situation.
As the world was dragged down by a crash in the real estate and financial sectors, Tyler owned a real estate company and a mortgage company. He also owned 17 properties in California. The day the market plummeted, he was going to the doctor with his wife to find out the gender of their fourth kid. When he checked his bank account before getting in the car, he found that it was more than $17,000 in the red.
But that night, he used a PayPal card with some money from selling stuff on eBay and he followed the steps to build a website. He went to sleep and woke up to $200 in sales. That’s when he knew everything was going to be okay.
Tyler says that his life now revolves around getting people to live their best life. He tells Ramon Ray that he is focused on the entrepreneurial journey. Tyler hosts the BizNinja Entrepreneur Radio on ABC News. He also runs his own digital marketing agency, Four Sail.
He has launched more than 176 brands, building and successfully exiting five. He’s owned restaurants, gyms, supplement companies, and apparel brands. He’s walked the walk. Now he’s sharing what it takes to build a robust business. It also doesn’t hurt that he’s interviewed hundreds of entrepreneurs and experts on his show since 2011.
In his interview, Tyler shares a wealth of information about how to successfully grow your company. Let’s look at specifically six of his strategies for business growth.
6 Powerful Strategies for Business Growth
1. Customer acquisition plan
“Most people, when they’re looking at their marketing for their business, they’re too flat. They need to be at least three-dimensional,” Tyler says.
You need to have a campaign to get people to your business. You can do that a number of ways. For example, you can do giveaways, ticket offers, or big discounts.
2. Customer ascension plan
You need to get people to buy again from your business. What is your plan? Email marketing, retargeting, or SMS marketing are a few ways this step is implemented. Basically, how do you get your past customers to buy from you again?
3. Branding and community plan
You have to spend a part fo your budget on branding and a community plan. This is about owning your niche and keeping your business top-of-mind for your target customers. For instance, most small to medium businesses don’t have money to pay for a Super Bowl ad. However, they can make a Facebook ad targeting their niche. “If you can own your niche, people will recognize your brand when you make that offer,” Tyler explains.
4. Outsource if you have a strong business
Some may say why should they outsource to people like Tyler, when they can do it all themselves? Tyler says that the question is about time versus money.
“If you have more time than money, do it yourself. Spend that time learning those things and go do it yourself because you have the time to deploy,” he says.
“But if your business is going well, or if you have the resources, then you should become the expert on your business and on your product and on those things and pay experts to do what they’re experts at,” Tyler explains.
At Four Sails, Tyler and his team specialize in getting entrepreneurs who sell physical products from five-digit revenues to six-digit revenues. Their goal is to get businesses into that $500,000 to $1 million range, he says.
The results can be quite astonishing. One customer grew from about $10,000 in sales a month to doing $190,000 a month in a span of just three months.
5. Use agencies correctly
Tyler says that there’s a common misconception about getting an agency to create a robust grow. It’s that some business owners think that the agency can be their savior. According to Tyler, success starts with the business owner. The agency is the amplifier.[Tweet “Some business owners think that an agency can be their savior. But success starts with the business owner. The agency is the amplifier.”]
You have to know your strategy. You have to know your plan, the reasoning, the marketing of what you’re doing. That’s when you go to an agency and say, “Hey, please help me get this to the masses,” he advises.
“You have to geek out on the simple stuff before you even talk to an agency and if an agency is willing to take your money without knowing those basic numbers…If they don’t ask those questions, those are the first warning signs that they’re just going to take your money, run ads, but who knows how they’re going to ever do,” Tyler says.
6. Acknowledge the long journey and persevere
Nonetheless, Tyler says that entrepreneurship is not all glitz and glamor.
“It’s hard when you’re at one of those hard obstacle-facing stages. It’s easy to romanticize that other people’s journeys are easier, or that they had some kind of a shortcut, but they don’t. And they didn’t,” Tyler says. “The long way is the shortcut. They just stuck with it.”
There are no shortcuts. The long way is the shortcut.
Most people he’s talked to that are really successful just stuck with it through the hard times. That, and they also gave up easy when they knew it was not going to work.
“You have to stick with it during the hard times. But you also have to know when you’re chasing a losing horse,” he says.
Another sticking point is being stuck itself, he explains, saying: “You’re going to feel like you’re stuck. There’s always going to be those moments.”
His advice? Find a mentor. Get wisdom by learning from others.
“It costs nothing to ask good advice from a friend. Right? So reach out to people that have done it,” he says. “Build that momentum. Action breeds momentum.”
Bonus Advice for Startups
For those just starting out, Tyler cautions about indecision. He says his success is a result of quickly getting his idea launched.
You can do it
“The first thing I want you to know: it’s possible. You can do it,” he advises.
Follow a roadmap
“Number two, follow a roadmap, follow a guide,” he says. “Don’t try to just make it up from zero. There are people who have gone before you learn from them.”
Thirdly, just get it launched.
“You got to ship it. You can’t make $1 if you don’t ship, right?” he explains. “So you got to get that site live. And then learn.”
Done is better than perfect. When you launch in beta, you have permission to not be perfect. Just launch and build from there.
Hesitating? Go beta
For the perfectionists. He says they should “beta” their way through the hesitation.
“There’s this weird thing that happens where if they understand, ‘Oh, we’re in beta,’ it gives them the permission to not be perfect,” he says.
He adds that often, the number one issue is not the entrepreneur, it’s their fear that what they’re building is not good enough. To overcome haters, he says you can either lean on anonymity or you rest on certainty of purpose.
“If you are like, ‘I’m certain that this is what I’m doing, and it’s going to be a win,’ well, then your purpose is clear.”