How to Grow Your Business
10 STEPS TO HELP YOU TAKE YOUR BUSINESS
TO THE NEXT LEVEL
If you’re ready to grow your business, this guide will help. It offers ten strategies you can use to take your business to the next level.
Here’s what’s inside.
Step 1: Offer new products/services
One way to grow your business is to offer a new product or service that your existing customers will buy or that will bring in new clients.
Identify potential products or services that enhance what you have and that your customers have indicated they’d be interested in buying from you. Any new product needs to complement what you already sell, not be a substitute, otherwise there will be no growth in sales.
Many businesses need new products and services to keep ahead of the competition and to keep up with the evolving market. In addition, technology is moving so fast that often there are opportunities to add to your sales growth by identifying how you can change what you sell through the internet. For example, most major grocery chains now offer online ordering and delivery, which means some customers may never actually set foot in a store.
Before committing to a new product or service.
Check financial feasibility
Make sure there’s a market for the product and that you can actually create it. Diversifying into new products is a medium- to high- risk growth strategy because new products and services cost time and money to source or develop.
Develop a prototype
Invest time and money in research and development to create a prototype product (or a template service) to present to your customers.
Protect intellectual property
Be sure to protect your intellectual property (IP) for any new product you develop. IP is a valuable asset and worth protecting by registering it with the Intellectual Property Office. Work with a qualified lawyer to protect your IP properly – and to make sure you’re not breaching anyone else’s.
Step 2: Nurture customer relationships
Growing your business requires you to maintain your current customer relationships while also appealing to new customers. It doesn’t help you to focus solely on one group at the expense of the other. Find a way to sell more to your existing clients while bringing in new customers.
Sell more to your existing customers
Your existing customers already know and trust your business. You don’t have to convince them again of the reasons to buy from you – you’ve already established your reputation. They’re also predisposed to buy from you as they would likely rather buy from someone, they know than go through the process of shopping around for someone new.
It doesn’t take a lot to sell to existing customers. You could:
• Implement new ways for customers to buy from you, such as online ordering
• Introduce your existing customers to products or services they haven’t yet purchased (known as cross-sell)
• Promote a more expensive version of the product or service they have purchased (known as up-sell)
• Offer them a complementary product or service
• Determine when customers need to re-order from you and send reminders
• Encourage them to book multiple appointments ahead of time
• Offer a slight discount for paying in full up-front for a set amount of services.
Ways to engage existing customers
Connect using your database!
Good customer relationship management software (CRM) enables you to keep track of customer interactions and manage customer communications.
Use your database to add value to your customer relationships, by sending a monthly or quarterly high-value newsletter filled with the latest news, tips and industry events.
Advise customers of special offers or share product and service profiles.
Spot opportunities using accounting software
Your accounting software can identify your best customers. Generated reports show you which customers spend the most money, which customers haven’t bought for six months, and which ones are the most profitable. Tailor your sales campaigns to engage those customers with specific, customized offers.
Ask your customers what they want
Find out what customers are interested in buying from your business.
Ask questions like:
• What will make you buy more often?
• What will make you spend more?
• What can we do to keep your business?
• What else would you like us to offer?
Anticipate customer needs
Imagine knowing exactly when a customer is going to run out of your product – and being right there to sell it to them again. Use your accounting software to analyze customer purchase transactions – for example, you may discover that one customer places an order every six weeks, while another customer buys every three weeks. Use this information to send reminders or offer special deals.
Run a loyalty programme
Customers today expect more attention and increased benefits – you can give them both with a customer loyalty programmed. There are many different types of programmers: some reward with points or travel miles, some reward with discounts on future purchases, and others offer free products or services based on spending thresholds. You can even offer unique experiences as part of your loyalty programme, such as a VIP event or weekend getaway package.
You’ll find numerous loyalty programme providers online. You can create your own custom loyalty programme or select a turnkey solution to implement immediately.
Nurture your social media channels
If you’re not already on social media, it’s time to start. Social media is an inexpensive method of engaging your customers. Ask your customers which channels they prefer (Facebook, LinkedIn, Twitter, Instagram) and share interesting, engaging content on those channels.
Step 3: Update your business model
Step 4: Increase your profit margin
Step 5: Grow staff expertise and management leadership abilities
Step 6: Amplify your capability
Step 7: Increase your cash reserves
Step 8: Buy another business
Step 9: Export your goods or services
Step 10: Expand online
READ MUCH MORE INSIDE…
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