Your business growth means more profits for you now plus hopefully an increased sale price in the future when you decide to eventually sell your business.
In the upcoming months, we plan to post and share blogs with ideas for your business growth.
The 4 key areas are:
I. Increase your customers from existing and the current market
II. Find new markets – with existing products or services
III. Develop new products or services – to open new markets
IV. Improve profit
There are two ways, here is the first area… the best ways to business growth by focusing on your customers.
1. Target your best customers with offers
Know which of the customers produce the most profit for your business or who among them has the most potential for additional sales. Actively engage with these clients to promote the solutions they need.
2. Research what else you can sell
Create online surveys or ask clients directly to find out what other products or services they might be interested in. For example, if you own a convenience store, ask the staff to informally ask customers at your checkout and to jot down notes of what else they would like to be able to buy. Add some of these suggestions to your business line.
3. Investigate creating a customer loyalty scheme
Constructing a loyalty system with points or loyalty cards is a perfect way to encourage more frequent purchases and track your customers’ buying behaviour with the data you collect. For example, if you run a bottle shop, keep a record of your customers so every time they visit, they can gather credit towards a free bottle of wine. This can also help discover new sales opportunities and encourage repeat business.
4. Create a customer database to target offers
Gathering customer data enables you to contact them with special offers, new items, or useful information. For example, if you had your own beauty salon business, you could email discounted services to customers at slower times of the week or month.
5. Train staff on ways to improve sales conversions
Ensure your business has friendly and helpful staff that are well-trained to take advantage of converting enquiries into sales. Run in-house sales meetings or hire a sales consultant.
6. Offer incentives for your employee to sell more
Help your employees on-sell to existing customers by offering incentives. For example, if you operated an adventure tourism business with multiple projects you could offer bonuses for selling certain products or increasing the average sale.
7. Build a community through social media
Start a social media campaign (whichever is most relevant to your business) and talk about your business and its customers to increase the profile of your products and services and encourage additional purchases.
8. Identify any cross-sell opportunities
Create a list of products or services your customers have previously bought and then match complementary items that you could sell to them. Approach them with offers. Always encourage customers to consider purchasing a higher net margin product or service.
9. Review your business plan
Analyse your business growth plan to evaluate and update anything that has recently changed. Check if you’re still on track for your growth objectives and make any necessary adjustments.
Book a 30-minute meeting with us via call at 1300 844 678 or send an email to [email protected] to discuss more of the above ideas and create a tailored business growth action plan with your existing customers – leading to more sales for you and adding more value to your business!
We have a panel of experts in the following areas who could assist you with the growth of your business, please check on the links below to reach out
- Social Media – Tactical Marketing – Adam Benz
- Marketing Growth Consultant – Adam Jackson
- Marketing Print Consultant – John Malley
Let us help you grow your business.