The target market seems to narrow during challenging economic times and crises. As a business owner, it is essential to recognize these changes, work on strategies for its growth, and increase sales. The current condition of the US and world economies will not just be the predictable result. Likely, a business that has been adversely affected by the global marketplace will not prosper in either good or bad times. And, your business success is entirely dependent on the strategies you make and implement.
To minimize company risk, you need to diversify. The current economic situation offers a great opportunity. For those that have the clarity, resolve and focus on making business growth possible. Therefore, in this article, I will try to explain the four simple business growth strategies for the overall success of any business.
Strategy 1. Implement your new customer acquisition plan.
All too often, small businesses rely on old forms of growth strategies for acquiring new customers. Even if you’re more deliberate about your marketing, you’ve never defined this as a clear, consistent business growth plan. From internet marketing to print advertising to traditional mail, you spend a lot of money to acquire new customers.
The traditional approach carries more risk than potential gain. Successful companies that use these tactics have learned the value of customer/prospect follow-up. These companies get long-term word-of-mouth as their leads, referrals, and repeat business stream into their sales teams.
Instead of picking up new prospects, incorporate a follow-up system to your current customer base. You’ll constantly be putting your best service foot forward with every interested buyer. Unfortunately, if you put any energy into this area, the response rate will be far less than you expect. A customer relationship is worth investing your energy in.
Strategy 2. Work your existing customer base.
Your existing customer base is a low-cost way to add additional revenue. Instead of spending large sums on advertising, sell more products, add value or refer your current customers to your company. These businesses benefit your bottom line substantially and are an excellent growth strategy. There are hidden revenue sources in your customer base that you most likely do not know.
The only additional cost to your customer base is the payment of previous customers. Let’s assume you increase the value of your products or services by some amount. Please don’t underestimate your current customers and give them more value. Customers turn into your advertising agents when you make the value for your account.
Strategy 3. Personalize your sales and marketing approach.
Do not build a cookie-cutter sales and marketing plan. Avoid creating a shotgun approach with your marketing and sales tactics. Be more specific. A professional copywriter can help you create a clear and compelling message. Instead of depending on the “Fishers and Barclays” approach, build your piece of artwork (plan). Look at your current Customer or Prospect List (step two). Use the Fishers and Barclays templates of traditional print messages.
Instead of limiting ads to the local newspaper, local radio, or community website, focus your message on your target prospects. Instead of introducing your new possibilities to your company, share your blog, social application, or video with the world. The internet will help you gain a much wider audience by being an expert in a niche that touches them. People will trust you more if they know that you understand their particular challenge.
Strategy 4. Do not just put dreams in your business plan.
How many of you are sitting in your business planning meeting, turning out enormous plans for the day? You are making your business plans so you can justify your salary. Yet, the plan is not yours. This plan lists income statements, balance sheets, balance sheet changes, cash flow statements, profit and loss statements. These statements and their progression compared to the years in your business are not your business plan. You should moreover focus on making realistic business plans and growth strategies rather than emotional or hypothetical ones.