Growth isn’t something that just happens to a business. Any company that has found success has had to work for it – and work hard. The average CEO works for 62.5 hours every week, though many will clock in over 80 hours (and Elon Musk knocked everyone out of the park by often working around 120 hours in a single week). That time is largely spent looking at improving their brand, driving sales, and increasing business growth.
Fortunately for business owners, the modern world is full of useful resources and marketing consultancy to make the task easier. By being smart with building and running your business, you can work less and still increase conversions. To show you how we’ve put together our advice for building a company that’s designed to succeed.
Why Is the Right Team So Important?
Unless you want to run your business independently and keep clocking 80+ hours a week, you need a great team. Your employees are as crucial to your business growth as your marketing, funding, and own knowledge. By hiring staff you can rely on, you’ll be able to delegate tasks and take on less of a micro-management role. To hire the right staff, make sure you:
- Create a positive work culture to attract top talent
- Look at readiness to learn and skill over experience
- Conduct a thorough recruit process and interviews based on the role
What Are Standard Operating Procedures and Why Do You Need Them?
Another way to cut down on your involvement in everyday tasks is by implementing standard operating procedures (SOPs). SOPs are processes that you outline for your employees to follow. It’s a method of standardising your tasks and reducing the number of people coming to you for help.
For example, you may have staff frequently asking you what to do with a customer complaint. Rather than taking time out of your day to essentially do the job yourself, you can direct them to your SOPs. They’ll have a standard practice to follow, ensuring customer satisfaction, and you can focus on building your business.
How Can You Build Automation Into Your Business?
There’s no doubt that our societies’ future will be far more automated than today. Get ahead of the game by automating your processes and watch your company thrive. By automating certain procedures, you’ll save time and money, both of which you can invest back into your business to speed up growth.
You can automate a range of processes, including (but definitely not limited to):
- Dealing with customer queries
- Signing off projects
- Reading and organising invoices
What Are CPA, CPC, and LTV?
Analytics and numbers are at the heart of every business. Your success can be measured by these (profit margins, number of conversions etc.), and so can the effectiveness of your current processes that are meant to drive growth. Some key areas to measure include:
- CPA – Cost per action
- CPC – Cost per click
- LTV – Lifetime value
These all relate to your marketing and customer acquisition. CPA and CPC tell you how much your advertising costs per individual click. This gives you a good idea of your investment return and aids your money management.
LTV looks at how much money a customer can bring your business from their first purchase to their last. Customers with a higher LTV are where you want to be focusing your marketing efforts and the audience your strategy should be geared towards.
This is just a sample of the areas you can be measuring. Looking at the numbers allows you to create a more refined strategy built on processes you know bring the best return, speeding up business growth.
How Can A/B Testing Help Your Business?
A/B testing involves testing two different versions of the same content. For example, you may tweak something on your website, like the wording of a CTA, or send the same email at two different times. You can then monitor how well each version performs to determine the best method moving forward.
This is another strategy that’s going to refine your marketing efforts. You can use your data and your specific target audience to determine which methods drive the most leads and conversions.
Are You Using Marketing Funnels to Organise Your Marketing?
If you don’t use funnels, your marketing is likely to be a bit all over the place. You may see great results on each channel, but if they’re not linked together and don’t focus on conversions, your business growth will be slow.
Marketing funnels are roadmaps that focus your methods and lead customers on a journey to an end goal (usually a sale). A user will rarely see a brand’s marketing and instantly buy from them. You need to convince them through a multi-faceted marketing strategy, and your funnels help you do that
A typical roadmap could be:
User follows you on social media > User likes a post that links to a blog > User reads the blog which links to a case study > User reads the case study > User converts
This is just an example of a funnel, and it often doesn’t happen in a linear order. People can jump around from point to point, but as long as you retarget them and keep them in your funnel, you have a higher chance of converting them.
Drive Business Growth With Got Legs Digital
Creating a profitable business is no easy task. If you’re a CEO and don’t want to spend your life trying to convert customers, our team can help. We know how to create marketing plans that grow businesses, create long-term results, and increase profits. If you’re ready to get serious about your company’s success, take a look at our services to learn more bout how we can help you, or reach out to get the ball rolling on your business growth.
