expand customers for your business: strategies for generating growth

Maya Middlemiss • Oct 17, 2024 • 10 min read

Growth is crucial for business longevity and long-term success. Here are some strategies for e-⁠residents to expand your customer base and boost profits.

Expand customers by getting feedback, testing and validating your product or service

Estonia’s e-Residency programme provides entrepreneurs worldwide with the ability to establish and manage an EU-based company entirely online. For solopreneurs—those who run their businesses independently—this digital identity opens up access to global markets and a suite of online tools. It’s more than just registering a company; it’s a gateway to operating internationally without the usual hurdles. Beyond the gateway, there are ample opportunities to grow your business. We've previously covered different growth strategies on the blog: from the benefits of hiring to funding opportunities or engaging with community. In this article, we're tackling the heart of the matter by offering some strategies on how you can expand customers for your business and thus boost profits.

Why does growth matter for your e-resident business?
Growth starts small, and from where you are right now
Additional strategies to drive your business’ growth
The challenges of managing customer growth
- Evaluating and improving systems
- Maintaining quality and customer satisfaction—whatever happens!
Solopreneurs never had so much scope and opportunity

Why does growth matter for your e-⁠resident business?

Starting a business is a significant achievement, but growing that business is crucial for long-term success. Expanding your customer base and increasing profits help you build a sustainable enterprise that can adapt to market changes.

Focusing on growth boosts sales and also enhances stability, creating new opportunities for impact in your industry. You don’t have to grow a big team, you can grow your margins, your scope, and your market share as a highly successful company-of-one, if you approach it strategically.

As the e-⁠Residency team itself celebrates a decade of successful growth, we offer some practical strategies for e-⁠residents aiming to grow their businesses, with a particular emphasis on solopreneurs. The aim is to leave you with actionable insights to scale at your own pace, and tap into global markets.

Growth starts small, and from where you are right now

Starting your business journey can be overwhelming, especially when the global market offers so many possibilities. A clear focus enables you to allocate resources efficiently, build expertise, and establish a strong reputation within that niche.

Test and validate to prove your concept

Before investing heavily in your product or service, it’s crucial to test your ideas and validate them with real customers. Engage with your target audience through surveys, interviews, or beta testing to gather valuable feedback. By incorporating their input, you can refine your offerings to better align with market demands. Testing and validation reduce the risk of launching a product that doesn’t resonate with customers, saving you time, and helping you to ultimately grow faster.

Even though you're a solopreneur, take a leaf out of the lean startup methodology. Create a minimal version of your offering that includes core features - a minimal viable product or MVP. This prototype allows you to showcase the fundamental value you provide without investing in full-scale development, and get customer feedback. A successful proof of concept can help you attract early adopters and build momentum for your business. It serves as a tangible example of your vision and its potential in the market.

Your early adopters are your best advocates

Word of mouth remains one of the most effective marketing tools available to any business, especially on a tight budget. When a satisfied customer shares their positive experience with others, it builds trust and credibility that traditional advertising often cannot achieve.

So let happy customers be your first growth engine! Create engaging experiences that resonate with customers personally. Focus on moments worth sharing, to amplify organic growth through word of mouth without additional marketing efforts.

Brian Chesky from Airbnb, who knows a thing or two about growth, talks about finding 100 people who love you. Your super fans will end up being so much more important than a broader funnel who sort-of like you. Really hone in on the needs and pain points and motivations of those early customers, and get things right for them any way you can. Chesky went door-to-door to meet the earliest Airbnb hosts to really understand their needs. Through this he could build exactly what they needed, and they turned out to be Airbnb's best cheerleaders.

When you have created something your earliest fans really love, don’t forget to ask them to help you! Simplify the process with easy-to-use referral links or shareable content, and let people know how to help spread the word. Perhaps you can even reward them directly. Then express genuine appreciation to encourage further recommendations.

Strengthen relationships with existing customers

Focusing on your current customers is always more cost-effective than acquiring new ones. By nurturing these relationships, you can increase sales and foster loyalty. And the more people already in your orbit as customers, the better your overall brand awareness.

You could offer complementary products or premium versions of your services. Provide personalised recommendations based on their previous purchases. Create special deals or bundles that add value and encourage additional spending, to upsell your existing customers with attractive offers based on your established relationship.

At the same time, be careful not to expose them to content which would act negatively and undermine this loyalty, such as new customer discounts!

To avoid this, you will need to profile and segment your customers, according to their buyer behaviour. Are they loyal regulars, fence-sitters, prospects..? Be sure to talk to them about what is important to them, wherever they are in their buyer journey.

Stay connected with regular updates, or personalised messages, and only automate your communications in subtle and unobtrusive ways.

Model your ideal future customers

Selling more to those already in your customer base is great, but for sustainable growth, you need to be constantly adding to their number.

It’s helpful to develop detailed profiles of your ideal customers to gain a more in-depth understanding of their needs and preferences. Consider factors like demographics, interests, challenges, and goals.

What motivates them, what are they worried about, what are their frustrations, what problems could your business really solve in their business (or in their life, for B2C!) By knowing who you’re trying to reach, you can tailor your products or services to better meet their expectations.

You can then take that model customer, that avatar of your perfect buyer, and go out and find more of them.

Many marketing platforms offer features to target these lookalike audiences, helping you expand your customer base more effectively, and you can target these customers in your content marketing and social media as well. Solve their problems, answer their questions, calm their concerns—and you will be well on your way to building the essential ‘know, like and trust’ required for them to buy from you.

Growth is simply about scaling this, onwards and upwards.

Expand into new markets

As a business owner, expanding into new markets can unlock significant growth. Here are a few strategies to help you reach new customers and drive your business forward:

Localise your offerings: Adapting your products or services to meet the preferences and requirements of different regions can make a big impact. Consider tailoring your communication style, language, digital content and marketing messages to resonate with international audiences, ensuring a personalised and relevant experience. Partner with local businesses and collaborate with market influencers to gain traction from the local audience.
Target international customers: Take advantage of cross-border functionalities to seamlessly expand beyond your local market. For e-⁠resident entrepreneurs operating within the EU, for example, your business gains access to one of the world’s largest trading blocs, allowing you to build credibility while efficiently entering new regions.
Utilise fintech solutions: Managing international finances can be simple with the right tools. The e-⁠Residency Marketplace offers a variety of fintech services that enable you to invoice and handle transactions in multiple currencies, letting you treat your global clients like locals without hassle.

With the right approach, scaling your business internationally is not only achievable but can also position you for exciting new growth opportunities.

Find business support services to help you grow

You don’t need to do everything alone. Working with a verified service provider will save you time and money.

Find an expert service provider

Additional strategies to drive your business’ growth

Consider exploring the following strategies that can help you expand your reach, enhance customer relationships, and stay competitive in a dynamic market:

Learn and use digital marketing effectively

Optimise Your Website for SEO: Improve your site’s visibility to attract organic traffic. Start a blog, produce videos, or launch a podcast to establish authority in your niche.
Engage on Social Media: Connect with your audience on platforms they frequent to build a loyal community.
Use Social Media Ads: highly targeted advertising options allow you to focus on specific demographics, interests, and locations, across markets, industries and segments.
Invest in Search Engine Marketing (SEM): Consider advertising on search engines to target customers searching for related keywords.

Engage in networking and partnerships

Network and collaborate. Join online communities: Participate in forums and virtual events relevant to your industry.
Collaborate with others: Partner with complementary businesses or influencers to reach new audiences.
Attend industry events: Stay informed about trends and make valuable connections.

Commit to continuous learning

Update your skills: Take online courses or attend webinars to stay current.
Stay informed: Read industry publications and follow thought leaders. Keep up with podcasts and important industry voices.
Adapt to new technologies: Implement tools that can enhance efficiency and customer experience.

Prioritise customer feedback

Collect feedback regularly: Use surveys or direct conversations to understand customer experiences.
Implement changes: Act on feedback to improve your offerings.
Show appreciation: Let customers know their input is valued to build loyalty.

Set clear goals and measure progress

Define Specific Objectives: Establish what you want to achieve with measurable targets.
Use Analytics Tools: Monitor website traffic, sales data, and customer engagement.
Adjust Strategies Accordingly: Be prepared to pivot based on what the data tells you.

Most of these tactics will not bring instant results, and some are difficult to quantify the effect of day by day. However, if you are serious about growing your business, you’ll want to attend to all of these areas habitually, to power your brand awareness, reputation, and position. By equipping your business with the tools and insights needed for significant growth, whatever happens in the external context.

The challenges of managing customer growth

If you deal in digital costs and services particularly, it might sound so far like infinite growth is the natural trajectory, with minimal marginal costs to worry about.

However, as your business grows, you’ll encounter new challenges that weren’t present when you started. Not all aspects of your operations will scale smoothly, and increasing your customer base can put pressure on existing systems. You might face difficulties in meeting higher demand, maintaining quality, or managing your time effectively.

Evaluating and improving systems

To handle growth effectively, assess your current processes and identify areas that may need enhancement. Investing in better systems can help you deliver your products or services more effectively, ensuring customer satisfaction even as demand rises.

Consider automating routine tasks or outsourcing certain functions to manage increased demand without compromising quality. Outsourcing to trusted partners or freelancers can provide specialised skills and additional support without the commitment of full-time staff, and within the Estonian e-⁠Residency ecosystem it's straightforward to find partners and collaborators who share your values.

Maintaining quality and customer satisfaction—whatever happens!

Make sure your systems stay as elastic and scalable as possible, because growth is rarely linear, and sometimes it’s highly unpredictable. You might have a blog post go viral, or a product catch the eye of an influencer, and this can break a small business who is not positioned for growth—a ton of visibility, but then you let customers down, or your hosting service fails.

Above all, sustainable growth requires careful planning and adaptability, even without outside influencer impact. Set realistic goals and milestones to guide your expansion. Monitor your progress and be prepared to adjust your strategies as needed, as you ride that uneven roller coaster to global domination!

Above all, never lose the personal touch that your customers loved in the first place.

Solopreneurs never had so much scope and opportunity

Growing your business as a solopreneur can be both challenging and rewarding. By starting small to establish a strong product-market fit, leveraging the power of word-of-mouth, nurturing relationships with existing customers, and connecting with your ideal audience, you’re laying a solid foundation for future growth.

Remember, e-⁠Residency is more than just a digital identity; it’s a key that unlocks access to global markets and a wealth of resources designed to support your entrepreneurial journey. As an e-⁠resident, you have the unique advantage of operating within a digital ecosystem that encourages innovation, collaboration, and international reach, as well as access to funding and other opportunities.

The tools and support available can help you navigate the complexities of running a business, allowing you to focus on what you do best. So be sure to explore the resources provided by the e-Residency team and the Marketplace of service providers tailored for entrepreneurs like you.

By tapping into these resources, you’re not just growing your business—you’re joining an exciting community of innovators shaping the future of global enterprise. And that’s the best environment for business growth and success you could find anywhere!

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expand customers for your business: strategies for generating growth

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Why does growth matter for your e-⁠resident business?