Check out more ways you can grow your business, increase your market share and overall profit. These are tried and tested, simple things any business owner can implement themselves and watch their business soar.
Read on and see for yourself what else you can do to accelerate your business’s growth.
1. Improve your customer service
Businesses with good customer service retain customers and attract new business through word-of-mouth. Even if you think you’re already providing good service, prioritise providing refreshing trainings to your frontline staff at least once a year. Alternatively, hold regular meetings to discuss challenges and issues as they arise.
2. Try out new products
Even if a number of your products are selling well, always be on the lookout for opportunities to expand your product line to satisfy customer demand.
If you’re unsure of how well a product will sell, order a small amount first. Remember to keep your marketing material updated to let customers know about your new offerings.
3. Rejuvenate your marketing material
Holding on to old and outdated marketing material can make your business appear out of touch or even unprofessional. Review your marketing material at least every 12 months.
If you have a limited budget, focus on producing basic material that’s stylish but functional at the same time.
4. Enhance your business with other ideas coming from the industry
Become aware of great strategies and new ways of working from other successful businesses. Think about how you can apply them to your own business.
The best ways to find out about new ideas are to research the latest trends in your industry, subscribe to industry publications, attend conferences, and keep up-to-date with your competitors’ websites.
5. Team up with another business
Collaborating with another business to promote a special deal or offer is a remarkable way to get your business into new markets with a growing number of opportunities. You can also have your business listed on another business’s website, or in an industry directory.
6. Test your marketing ideas
Before you implement a marketing campaign, test it on a limited basis and fine tune it before a full-scale rollout. The easiest way to do this is to target selective customers and see if you receive a response.
Ask your best customers for feedback before implementing any marketing ideas.
7. Make regular customers
Keep a record of your clients’ names and details for future marketing material or special offers. Starting up an e-newsletter is also a good way of keeping in touch with clients. This allows you to have their permission before hitting the ‘send’ button.
8. Consider expansion
Think about whether your current premises will meet your needs over the next five years.
If you’re looking to target new customers, will your current location appeal to your new target market?
Keep an eye out for competitively priced lease arrangements or deals on neighbouring properties that could enable you to expand within your current location.
9. Guarantee your products and services
If you want to build future sales through repeat customers, you need to make it clear that you stand behind your offerings. A good start is to offer a money-back guarantee for any product sold. You can also back up big sales with after-sales support.
10. Pay attention to your customers
Take any feedback from customers seriously. Also, make it an effort to thank them for sharing their thoughts—even if they’re making a complaint.
If you have a regular customer who isn’t happy with a new marketing strategy or product line, make it a point to really listen to what they have to say. There’s a chance that other customers share these concerns.
Don’t hesitate to try new methods of generating growth. Consider the tips that you think can answer to your business’s specific needs and enhance your overall product and/or service.