Mastering Online Business Scaling: The Right Way To Grow Your Company
- The Global Start-up Ecosystem Report claims 9 out of 10 start-ups fail within the initial few years.
- Only 1% of start-ups turned to the Unicorn firm – report published by CB Insights.
- An average of 78% of e-commerce firms manage to survive their first year of operation.
In a world where every top digital marketing agency in Bangalore and across the globe emphasizes e-commerce as a solid long-term business strategy—not just a passing craze—how do we make sense of these three mind-boggling statistics? Isn’t it a bit contradictory?
Hold onto your hats, folks, because here’s the eye-opening truth!
The Forbes Journal claims the e-commerce industry is expected to witness booming $6.3 trillion revenue growth by FY 2023 & a record increase of $8.1 trillion in the upcoming three years.
So, it’s clear that the online business industry is about to hit a growth explosion! But the reality check is—many start-up brands stumble upon costly mistakes that lead them straight to failure. Are you certain you’re not falling into the same trap?
Starting a business is tough, no doubt about it, but scaling it to unimaginable heights? That’s a whole new level of challenge. Luckily, it’s not rocket science!
Ready to level up your business? Buckle up because we’re about to spill the beans on how teaming up with a top-notch digital marketing company Bangalore can take you from average to extraordinary. Get ready to uncover the secrets of online success and effortlessly scale your business.
Why Scaling Is A Vital Action For Online Business?
In the 21st century, having a killer online presence is the name of the game. Whether you’re slinging stylish fashion or whipping up Grandma’s mouthwatering recipes, everyone’s in on the action. But here’s the thing: just having a website or digital marketplace won’t cut the mustard anymore. It’s like trying to climb Mount Everest with flip-flops on. You need more than that if you want to leave your competitors eating your digital dust.
So, before you start dreaming big, you need to ensure that your online platform is rocking’, your customer service is top-notch, and your products exude unrivaled quality. With a rock-solid foundation based on up-to-date approaches to digital marketing service in Bangalore, the e-commerce world can become your playground.
And the best part is—digital marketing is far more effective than traditional marketing strategies, with a complete package of timely planning, tech-enabled resources & flexible execution.
In fact, data is the ultimate treasure map. Whether you’re a newbie or a seasoned pro, harnessing market data is like having X-ray vision into your competitors’ secret lairs. It lets you analyze their tactics and see if your own strategies are hitting the right target.
Even with time, when your demands grow, a carefully crafted digital marketing strategy backed by solid analytics will enable the future outlooks & stay updated about what’s trending within the e-commerce industry.
- Pay close attention to the survey findings below!
- Unlock the growth hacks & long-term tactics
- Grow more quickly
- Determine the achievements
- Test the effectiveness of the existing strategy
What Insights Have We Got From Facts & Data About Business Scaling?
If we look at last year’s sales revenues, which account for around $360 billion for mobile e-commerce alone , there’s no doubt that brands can supercharge their performance with effective growth hacks.
Let’s assume you’ve established a sound online business model & you’ve reached the desired milestones within a few years.
Then, what’s next?
Do you expect the same demands for your products/service even if you haven’t strategized something unique & repeat the existing tactics? No, it’s not that easy!
Once you hit the breakeven point, shifting your focus towards scaling your business is crucial. You need to go ahead with a full-fledged strategy.
Moreover, scaling involves increasing the size and scope of your operations. To effectively scale, you must understand the factors that drive this growth and change.
Alright, let’s check on some real-time data and get deeper insights into the secret spells behind the success of those big-shot brands.
While working with 300+ brands worldwide on online business establishment & strategies, we have found that –
- 76% of businesses scaled up for long-term growth as we focused on outperforming pre-established benchmarks.
- 95% of businesses benefited when we devised unique marketing strategies modifying their previous goals & tactics.
- Around 32% of businesses witnessed steep growth, expanding to new locations.
- More than 87% of businesses have seen increasing demands & sales volume moving to online marketplaces after the pandemic.
What outcomes have we derived, then?
To scale your business, consistent planning, growth forecasting, and market penetration are a new reality— it’s a forward-thinking approach.
At the same time, we have identified one important finding. More than 78% still thought online business scaling is too complex to deal with, and it’s also technically demanding.
In fact, due to encountering challenges while scaling their businesses with online marketing, almost every respondent recognized the need for professional assistance to bridge their knowledge gap. But, they fail to choose the proper support & effective strategy.
If you want to conquer the treacherous path of hypergrowth and take your business to the next level, operational effectiveness is just the tip of the iceberg. o conquer new heights, you need to whip their employees into shape, bring in some outside experts, and keep your spy-like eyes glued to the competitive landscape and market forecasts.
Catapult Your Online Business With Industry Most-preferable Strategies
While building a house, would you dream of constructing it on a shaky foundation? No, right?
Your brand deserves the same attention to detail. Once you’ve built that solid business base, the sky’s the limit. Let’s check some tried-and-tested scaling hacks for online businesses.
- Reach The Audience With The Products/Services They Need The International Monetary Fund confirms the global inflation rate will drop significantly from 8.8% to a mere 6.5% by this year—which means our consumers will have better purchasing power.
However, considering the dynamic economic landscape, being highly selective with your product offerings is the key to unlocking success.
Some extraordinary approaches to fine-tuning business strategy!
- Take a glance at the previous year’s sales, and let it guide you to better decision-making. If possible, offer adieu to underperforming products/services.
- Step into your customers’ shoes and discover the unique pain points that 2023 has in store for them.
- Dive into the vast sea of customer behavior analysis through keyword research. You can learn about the latest SEO updates to rank your webpage high in SERP for organic leads.
Keep A Close Tab On The Key Metrics
To fuel your business’s growth, monitoring performance is paramount.
Well, you can start with a sales analysis of the last few financial years to gauge scalability, identify internal operational trends, and check whether it denotes healthy growth. Further, map how fast the growth is and pinpoint its drivers.
Indeed, strong sales performance indicates business health, ensuring future growth & long-term success.
Other important growth metrics you must track!
E-commerce Conversion: Identify online/offline shopper preferences and spending patterns.
Product Performance: Highlight top-selling products and explore expansion opportunities.
Lifetime Value & Cost per Acquisition Ratio: Assess marketing effectiveness and customer acquisition costs.
Breakdown Lead Cost: It’s crucial to determine the exact expenses of generating each lead type, ranging from email marketing to phone calls. A generalized cost-per-lead (CPL) approach is insufficient; instead, a precise breakdown is essential to evaluate costs accurately.
Well, insights gained from direct market analytics strengthen investor pitches and boost confidence in technology investments. Here, the ‘set and forget’ approach won’t apply — constant monitoring & tracking KPIs are the keys.
Create The Buzz About Your Brand
As your business gains momentum and attracts a horde of web traffic, it’s time to kick things up a notch and keep the excitement buzzing around your brand.
While many businesses turn to social media for that initial spark of awareness, relying solely on one channel is risky business, especially with the ever-changing Meta algorithm. If you’re aiming for a broader reach and sustainable success, it’s time to follow in the footsteps of leading brands and make a primary investment in the powerhouse of growth—SEO!
Effective SEO isn’t just a fancy buzzword—it’s the real deal!
With the global recession wreaking havoc on paid channels, causing customer acquisition costs (CAC) to soar and putting a strain on marketing budgets, it’s time to shift gears. Say goodbye to the old ways and embrace the power of SEO to turbocharge your business, conquer the market, and leave your competition in the dust!
Are You All Set To Roll Up Unique Strategies?
Whether you find yourself embarking on a thrilling adventure of penetrating new markets or attracting hordes of customers, one thing becomes abundantly clear: scaling your brand is the ultimate game-changer!
If you’re ready with steady planning & strategic mindsets, the future will be promising for your online business.
And as we said earlier, leading brands grow day by day by investing in long-term growth hacks and tech-enabled approaches, marketing tactics, and more.
For budding start-ups, taking care of all such elements simultaneously is another pain. What if we tell you that there’s a seasoned digital marketing agency based in Bangalore offering all-inclusive facilities in digital marketing services? Yes!
We at SeekNEO have been offering scalable solutions for over 13+ years with a strong team for every domain. From e-commerce web development & CMS to final SEO auditing & implementation, our genius minds can help you all.
Plan a winning strategy & let your business scale on its own.