The current economy seems to be so tight that it does not favor those people in business and many business owners are in need of going a note higher in their businesses. Most of them need something that will help their companies grow, whether it’s finding new ways to sell their products or to broaden their customer base.
There are many potential avenues for achieving growth, and each business needs to assess at its own business model and determine its own path. In order to achieve these, the following tips can be helpful:
Your current and past customers are your first marketing priority. Pay extra attention to the people who have already chosen to do business with you, because they are the ones who are most likely to do business with you in the future!
Did you know that you will have to pay six to eight times more money to attract a new customer than to keep an existing customer? It always makes sense to start your new growth initiative by appealing more to your existing customers. In other words, look for ways to increase customer engagement and customer loyalty
Once you have acquired a customer, the hardest part has already been accomplished. After that, your goal must be to make sure that you serve the customer well. Also, be on the lookout for ways you can serve them more in the days ahead.
Building customer engagement and customer loyalty is a three-part process. First, take the time to identify new needs that you can meet for both your current and past customers. Second, communicate with them. When you find additional ways to add value, let them know that you want to serve them in new ways! Finally, when given the opportunity, carry out your plan with excellence.
Make it your goal to increase the size of the average sale by adding more value. Also, make it your goal to increase the frequency of sales, again by adding more value.
You send a powerful message when you pay attention to the changing needs of your existing customers and then take the initiative to meet those needs. You are telling your customers that you continue to value them and their business. You are conveying your trustworthiness, attentiveness, and reliability. And in return, they will tell you that they want more and more of your services.
How do you differentiate your company from the competitors? You may be surprised to find that your success has less to do with your products or services and more to do with how you treat people!
The best companies in the world get this truth. As a result, they place a major emphasis on the customer experience. They understand that it is not enough to just satisfy their customers. Instead, they find ways to exceed their customers’ expectations. That extra effort is what creates the “Wow!” experience.
As an employer, you can achieve this by following these factors:
Employee Engagement. In the best companies, employees engage and interact with prospects and customers in a manner that is polite, courteous, positive, and caring. They are good listeners. By being attentive, they understand what the customer needs, and they find ways to help that are particularly meaningful to the customer.
Execution. The best companies identify and offer the best solutions to solve the needs of the customer. Then they provide that solution with quality, speed, and excellence.
Problem Recovery. The best companies resolve and fairly compensate the customer for any problems. They have a clear, simple problem resolution process. Then the frontline staff take responsibility to solve the problem in a positive and efficient manner.
Your efforts to engage customers, execute solutions, and resolve problems will create an experience that is different for your customers. When you provide a “Wow!” experience, you are clearly distinguishing yourself from your competitors.
Leadership ability is the lid that determines a person’s level of effectiveness. The lower an individual’s ability to lead, the lower the lid on his potential. The higher the leadership, the greater the effectiveness.
If your business is stuck, your plateau is likely to be a reflection of your leadership ability. You have probably reached your greatest level of current effectiveness as a leader.
The good news is that you can raise your lid! As a matter of fact, you have already begun the process. You see, you must first recognize your limitations (or your lid). If you are exploring the reasons for your business plateau, you are already facing your current limitations. Once you have recognized your lid, you can then take the steps that are necessary to learn and grow as a leader.
The best leaders have recognized their own limitations and have enlisted the help of others to sharpen their skills. Increasing leadership capacity is a common way in which business coaches help owners and managers.
This is the third time I have referenced a marketing solution. The reason I keep coming back to this is because marketing has many facets. Marketing is often THE single system that holds back business growth.
Unfortunately, many business owners do not know where their next sale is coming from. They do not know what marketing tactics will keep them alive, much less what tactics will enable them to grow. They are experts at their products and services, but they do not know much about marketing.
As a business owner, you must develop the mindset that says, that you are in a marketing business. Though there are many different industries, every business owner is in the marketing business. You must become an expert at marketing and create what I call a “marketing engine” for your unique business.
A marketing engine is simply a set of strategies and tactics that consistently deliver a specified number of qualified leads. In other words, you know that if you execute tactic “A” each month, you will reliably produce “X” number of leads each month. All you have to do is start the engine and keep it running!
When you create a marketing engine, you maintain control of your business growth in two ways. First, you will know how to produce new customers. Second, you will have the power to increase the number of customers by simply revving-up your marketing engine.