Four key ways to grow your business
Win new customers and improve what you offer to your current customers.
Growing a successful business is not only about winning new customers – it's also about improving what you offer to your current customers. Here are four key ways to grow your business.
There are many ways to increase your prospective new customers, including:
Once you’ve identified your potential new customers, it's time to encourage them to become actual customers. Some ways of maximizing your conversion rate include:
Most prospective new customers don’t become customers immediately. On average, potential new customers come into contact with a business 7-8 times before they buy, according to the Bridge Group, a sales consulting company.
It’s therefore important to follow up regularly – and include new, time-limited offers.
There are several ways to increase the amount each customer spends on each visit. Decide which of these methods are most suitable for your business to implement.
Introduce additional products or services that are related to your core range. For example, if you own a clothing store, you could add belts, bags, hats, and other accessories. Ask customers if there are any other items they'd like to see on sale.
Get to know your customers well and recommend products that an individual customer is likely to be interested in.
The key to up-selling is to add value for your customers. For example, you could explain the features and benefits of a better quality product in order to encourage a customer to buy it instead of a less expensive alternative.
Back-end sales are additional purchases that are related to an initial purchase. So, for example, if someone buys a printer from you, the back-end sales can include ink cartridges, toner, and paper – as well as servicing and repairs. Include as many back-end sales as you can.
There are some strategies you can use to encourage customers to visit your business more often, to get them to spend more money over the course of a year.
Loyalty programs reward customers for regular visits. For example, coffee shop loyalty programs often give a free drink after a certain number of purchases. All types of businesses can invent a loyalty program.
Setting up a loyalty program isn’t difficult or expensive, but it can increase customer satisfaction and lead to higher sales.
Under a continuity program, customers receive and pay for products or services at regular intervals until they cancel.
Customers who need a regular supply of items like diapers or pharmaceuticals would be most likely to join continuity programs, however they can also be applied to other areas if you think creatively.
Organize at least one special event each year and invite all your customers. For example, you could hold a VIP customer evening with free drinks and snacks, and a discount on everything in your store.
Increasing your customer base and raising the average amount spent by each customer are the main keys that unlock business growth.
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