Caoile, Rona Blessie

BSIHM 4-Y1-B1 (CL)

ACTIVITY #1

Growing a small business is no easy feat and requires a tremendous amount of perseverance,
dedication, focus, and even some luck. Knowing how to manage your growth and ensuring your ability
to deliver exceptional service to your customers are paramount for long-term success.

While a myriad of strategies can enable a small business to achieve growth, here are several that
warrant consideration and implementation, give your insights on the following STRATEGIES on how they
will execute the following:

Align Sales and Marketing

The overly competitive market and digitization are two major factors in this. As a result, there are many
options available for a single product, often at prices ranging from high to low. As a result, it is essential
for businesses to establish brand value and build customer trust in order to survive in this fiercely
competitive market. One of the challenges that marketing and sales organizations encounter when
trying to align is, in my opinion, a misperception about the foundations upon which alignment ought to
be established. They are merely attempting to persuade the opposing side to share their worldview. In
actuality, clients are the proper focus for marketing and sales teams to align themselves with. Marketing

Establish a formal referral program

The success of a referral program depends on a robust referral system built on outstanding products,
solid customer relationships, and a distinct marketing objective. Laying these foundations is essential
before planning and developing your software.

Expand your offerings.

Performing market research is crucial when deciding how to grow the small business. This will help you
comprehend both your present and potential customers better. Understanding your potential
customers and being cognizant of their demands is essential. Then, you can see how your business
might grow and change to meet the needs of customers. Do some study on your competitors as well,
don't forget. Understanding the strengths and shortcomings of your small business will help you make
better educated decisions about how to scale it effectively.
Develop strategic partnerships

This strategy demonstrates the interaction of the two firm owners. This tactic demonstrates the
relationship between two or more business owners working together to serve a huge consumer base.
Instagram and Facebook integration is one example of this tactic. Instagram and Facebook were both
separate apps many years ago. However, the creators of the aforementioned program create a strategic
strategy to join forces with another company and integrate the applications to better serve users.

Become a recognized thought leader/expert

A thought leader is someone who, based on their knowledge of the subject and point of view, offers
enlightening counsel, fosters innovation, and influences others. You may boost your industry visibility
and build your brand by talking to mentors and experts, going to real networking events, and being
published as often as you can.

In order to have a regular flow of outputs, it is essential to be accurate and consistent when developing
a plan. Never stop learning; widen your horizons and be up to date on any new information in the sector
that may benefit the company. Always pay attention to the queries and comments made by your team
because it shows that things are going well at work.

Increase your geographic reach

When your business serves local clients or when your large target market has various preferences
depending on the client's location, you can develop a plan. The location of potential clients is taken into
account when dividing them into groups, including their city, neighborhood, and even their nation,
state, and region.

The company will be able to expand into new markets, reduce costs, and perhaps most importantly
create a solid foundation for future geographic development or geographic reach-based growth. By
expanding its global scope, a company may be able to create new products for new markets, collaborate
with other brands, make location-based offers, and increase sales.

Just say no.

Customers' first impressions and expectations are formed through branding. Customers develop a link
with and devotion to a brand whose narrative, offerings, and mission are consistent with their
requirements and values. You can draw in and eventually keep clients with the aid of a strong branding
approach. Additionally, branding sets you out from the competition. When numerous companies offer
comparable, if not identical, services, branding is what sets them apart. Your company's branding may
determine whether a customer chooses you over a rival.
Elevate your brand

Customers' first impressions and expectations are formed through branding. Customers develop a link
with and devotion to a brand whose narrative, offerings, and mission are consistent with their
requirements and values. You can draw in and eventually keep clients with the aid of a strong branding
approach. Additionally, branding sets you out from the competition. When numerous companies offer
comparable, if not identical, services, branding is what sets them apart. Your company's branding may
determine whether a customer chooses you over a rival.

Optimize your memberships

Small business entrepreneurs spend a lot of money joining affinity groups for trade, business, or other
reasons. But they hardly ever use these memberships to advance their professional development, raise
their executive profile, or cultivate alliances that are advantageous to all parties. By appointing a
committee, joining a board, or providing support for an initiative, you can think about investing your
time and talents in addition to your financial investment. By taking part, you'll show off your leadership
abilities, draw attention to yourself and your company, and have the chance to use your participation to
promote both.

Manage your customer acquisition costs

Customer acquisition cost is the most precise metric to utilize when estimating the price of obtaining a
new client. In general, it should take into account factors like advertising costs, marketer salaries,
salesperson costs, etc., divided by the quantity of customers drawn in. It is useful to use this figure to
evaluate your investment and make sure you select the optimal course of action for your growth. The
opportunity cost is the worth of a task or alternative passed up in favor of another. Any decision that
includes balancing several choices has opportunity cost. The price of the customer acquisition process
must be taken into account when a firm evaluates the value that each customer normally provides to
the business.

Reason:

Hi Ma’am Good afternoon po. Rona Blessie Caoile from BSIHM 4-YA-B1 your student on RMGT411. I'm
currently admitted here at Chinese Gen Hospital. I cannot pass the activity that you told us to do last
night. I hope you can give me some consideration po. Thank you, Ma'am. (September 22,2022)