If your business is not growing, it is dying. If you want to grow your business you need to focus on that growth to make it happen.
A big reason for this is not all customers will always be your customer. They might be a customer for 12 months, 1 month, or only once. For this reason you need to keep your business growing.
If you have 1000 customers, and every month 20 cancel, you will have no business after 50 months. The 20 that cancel is a 2% churn rate.
How do you grow your business? Here are 9 different ways:
- Know your customer: Understanding the wants and needs of your customers is extremely important. What drives them? What are their goals? Frustrations? Knowing your customer and speaking their language helps you communicate better and make more sales.
- Offer products and services people want: Just because you like it, does not mean the market likes it. Offer products and services the market wants. The late Garry Halbert asked a MBA class if they could choose ONE big advantage for a take-away business what would it be. People said location, product, price, etc. Garty asked for one thing … a hungry crowd.
- Offer great service: Service is engineered and delivered. Whether it is a product or a service, we are in the experience economy.
- Ask for referrals: If you can pay for one customer, and get another customer for free your business will grow faster. Asking for referrals is key function in any type of business. If you never ask, you will never get.
- Nurture leads: Have a nurturing process in place. Not everyone is ready to buy now. Educate and offer opportunities for people to buy.
- Nurture current clients: Do not forget about your current clients. When you grow your business many times we only think of new leads and new sales. It costs 7 to 25 times less to have a current customer buy something compared to finding a new one.
- Add more value: Increasing the value of your offering is another way to grow you business. People buy value. The more value you offer, the more sales you will make.
- Use social media: There are so many social media platforms you can use. Some are free, some need a lot of work, some you need to pay to reach people. Your customers are using these media platforms. You need to be where your customers attention is.
- Give back: How are you making the world a better place? This is giving back to the community or something you care about.
There you have 9 ideas to grow your business. Do not wait. Make a list, decide on what needs to be done, and do it. Get it done. Implement.
How will you use a sales funnel to grow your business? Here are 9 ways to use a sales funnel to grow your business.
People are not always ready to buy. This means, building a sales funnel will help people get to know your business.
- You can offer a lead magnet, then a “trip-wire” (a great offer), followed by your core offer and profit maximiser.
- Focused promotions: If you send someone to your website they have a lot of links and buttons to click. A sales funnel has a lot less distractions.
- Grow your database: Give away something for free. This is a lead magnet and it helps grow your business.
- Have up-sells and down-sells in your sales funnel. This can generate more sales for you.
- A sales funnels helps you think differently about your products and services.
- Find where the gaps are in your sales processes.
- Get better conversions. This means more sales from the same advertising budget.
- Work on your business and not in your business.
- Automate your marketing and sales.
Sales funnels helps you create more and better promotions offering a measurable way to improve sales and track results.Johan Mouton
Once you have implemented these growth tactics, measure and see what is working, what needs to be tweaked or changed.
There is not one thing to do; it is more often than not, a lot of small things that make a big difference.
Need help with growing your business? Have a look at my growth hacking service. This is ideal for businesses who are investing in marketing, have a sales team and who wants better results from their sales and marketing.