Drive Fast Growth by Reinvesting in Your Brand – For many online entrepreneurs, they determine their success solely based on whether or not their revenue is increasing each year.
However, it’s not just about how much profit you generate or how well you are able to minimize your expenses, but also how efficient you are in growing your business as a brand.
By funneling some of your earnings back into your business, you’ll be able to experience upgrades that your customers need in order to recognize you as one of the better brands in your niche.
When you hoard your earnings and leave everything just the way it was when you first started out, you set yourself up for future struggles because you won’t remain competitive and your brand will become stagnant.
You have to be willing to evolve with your technology, your time management, and your knowledge so that you have long term viability as a niche leader.
That doesn’t mean you have to spend all of your profits, but you do need to set aside a small amount to splurge on the things you may not have had the funds for when you were a newbie.
Bring Your Business Up to Speed
One thing that can really sabotage how consumers (and affiliates) view you as a brand is if you are using low-tier technology to operate your business. In this industry, things are always moving in a new direction – such as page builders.
If your website looks like it’s a throwback to 1995, it won’t bode well for you as a brand. You want it to not only look good, but function properly as well. If you’re using outdated tools and technology for your website, you’re going to run into all kinds of problems.
Your site may not show up as functional for certain browsers or on mobile gadgets. Even if it’s just a free WordPress theme you are using, it has to be updated to ensure it’s viable for your visitors.
Depending on your initial budget when you started out, you may need to switch from some of the free options you were using to something paid that will remove ads and allow you to grow your brand with more features and capabilities.
A free hosting program, website template or email autoresponder service may have built in ads (which is how you were able to get them free). It’s a good idea to get those removed so that you’re not experiencing link linkage.
With web hosting, upgrading from a lower-tier to a better option can improve your site’s load time and overall performance, depending on what kind of solution you level up to (like a VSP – Virtual Private Server).
Make sure you have better page builders that show off a professional website if your original ones are lackluster. Premium level page builders have better customization, analytics (sometimes), and a more responsive presence.
You may also want to upgrade other areas of your online business. For example, your CRM (Customer Relationship Management) system or other software tools and programs that enhance your customer’s experience could be beneficial.
Reinvest in Something That Will Give You a Competitive Edge
There are other ways you can invest in your online business, too. Sometimes it can be a good idea to go from free item like a keyword tool or SEO tool to a paid version that will provide you with better results, more information and enhanced features.
A basic, free tool can provide you with more insight about your customers, too – such as their preferences and behaviors. The data that you’re able to accumulate through paid tools will serve you well and allow you to better serve the needs of your audience.
Major corporations have entire research and development (R&D) branches of their business, so being able to use tools that can help you remain competitive is an important aspect of operation a successful business.
Other tools you may want to invest in include things like social media management tools such as Hootsuite where you can schedule and manage all of your social marketing from one dashboard.
You may want to reinvest some of your earnings from organic marketing measures into paid options. This can give you more leverage in reaching the exact audience you want to communicate with.
You may want a tool that allows you to build a membership site, like AMember – or one that lets you run your own affiliate program and listings without having to put products on a third party platform.
Maybe you’ve wanted to use tools like Mind Meister, Canva, or SurveyMonkey and to date, you’ve only been able to use the bare minimum on the free options. Now, you can reinvest where it matters most to you and get more from the tools that you use.
Apply Your Leftover Funds to Outsourcing
If you want to better manage your time and give a better representation of your brand ideas to your customers, consider outsourcing. Delegating to professional freelance individuals (or even companies) can greatly benefit both you and your buyers.
Initially, you probably took the do it yourself route with everything – whether or not you had the time and talent to do it. It’s tough being a solo entrepreneur and having to do all of your content creation, graphic design, affiliate recruitment and handle customer service, too.
You can hire people to do all of this for you by reinvesting some of your earnings. This frees up your time, and you’ll be putting forth better content, designs and services to your audience.
By outsourcing, you’re ensuring that as your business grows, you’re not spreading yourself too thin, either – even if you are talented at all of these things. You’ll eventually grow to a place where it’s too much to handle as one person.
And even if you’re good at some things, like writing a blog post or email, you might find that you’re better off hiring a copywriter for your sales letters because they can get them to convert better for you.
Even having a virtual assistant on hand to handle replies to emails, to reach out to prospective affiliates or handle your administrative tasks like queuing up blog posts or emails can be a boost to your business endeavors.
Reinvest in Your Leadership Strategy
Lastly, you may choose to reinvest your earnings into your own knowledge and strategies. As a niche leader, you might need to do things like buy educational materials to help improve your knowledge about the niche so you can share it with your audience.
Or, you may need to buy courses that teach you more about how to be a successful online entrepreneur. Maybe you started off as a newbie having to apply what you learned about SEO (search engine optimization) from reading free blogs or watching YouTube videos.
But as your business begins bringing in profits and you’re ready to scale or improve things, you find a higher-ticket course you’d like to splurge on so that you can be even more competitive in the online marketplace.
It’s fine to get started online using free or very low cost methods. But as you start to gain traction, you’ll realize it’s time to invest in your efforts by redirecting some of those earnings from your bank account back into your business for optimal performance.
For a new perspective on growth, you may want to check out this article.
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