If you are like most of us, you surely want more business. Sometimes we over-think our marketing strategies, worry too much about employees, and complicate our product lines in order to grow our business fast enough. While it sounds simplistic, there are four major ways to create a more valuable business fast.
Increase the Number of Your Customers
Any business that is not performing needs, first of all, to get out and look for more customers. Your business can start to grow fast if you spend more time per day on the sales process. Use most of your time refining how you sell or be out there getting face-to-face with your potential customers. If you are running a new business, devote about 80 percent of your day to connecting with your potential customers. But if your business is already established, consider spending at least 30 percent of your day on it.
When you are at it, however, focus more on getting qualified leads and converting them into customers. Think about it. If you spend most of your time on matters that seem important at the moment but doesn’t really focus on qualifying more leads, can that save your business? Get these three aspects of your business running efficiently and more business opportunities will come your way.
Get Your Customers to Purchase More Frequently
As you increase the number of your customers, work on increasing the number of times they return to give do business with you. This is the most critical part of your marketing strategy. Studies show that it costs up to six times more to win a new customer than it does to have your current customers buy again. Do the following to encourage repeat sales:
- Motivate your existing customers to come back to you again and again
- Know your best customers and meeting their unique needs
- Provide great customer service
- Constantly refine your customer service strategy
- Make your customers feel valued and motivated to keep returning
- Use your customers’ comments to improve their experience.
Increase Your Transaction Value
The need to increase the average sales value may appear obvious but only a few businesses realize its significance. Increase your average sales value by cross-selling and up-selling. In each of these ways, you encourage your customers to buy more. Do this in a dynamic fashion so that it happens every time and adds value to the customers. You can also increase your sales transaction value by increasing your prices. There is a direct relationship between your price, your volume, your fixed costs, and your variable costs. Use them to determine how and when you should raise your prices.
Increase the Effectiveness of All Your Processes
This fourth way to grow your business focuses on improving the quality of all the processes in your business. For you to improve the processes, develop functions, systems as well as manuals and then focus on building your business on the functions instead of individuals in any particular roles. Your business systems should clearly spell out how every business task is to be carried out, ensures easy handovers and effective training and delegation. If, for any reason, you build your business around specific people rather than the functions they can perform, be prepared to deal with issues pertaining to overcoming stunted growth.
Offering quality training is critical for improving all your business processes. Systems should clearly spell out how every business task should be carried out and provide easy-to-understand ways of ensuring all employees are well trained. When the systems are in place, you will be able to work on your business and not in it. Putting yourself responsible for handling the day-to-day tasks in your business will most likely only slow your growth.
See your business as a series of processes because that’s what exactly it is. Always keep an eye on your current performance to be to know and understand your strengths, weaknesses, opportunities, and threats and know how you can best meet your specific business objectives.