You’re ready for that next step to grow your business and bring more revenue in. With only ⅔ of businesses making it through the first 2 years, ½ to 5 years and ⅓ to year 10, we want to congratulate you on making it to a point where you want to grow your business. We all know it’s hard work that requires both a substantial amount of invested time and money. During this next step, be prepared to wear many different hates and roll up your sleeves till everything is settled comfortably.
If it’s beginning to feel a tad overwhelming, we have a nice list for you to think about. You’ll need to take things step by step and delegate where you can. The benefit from successfully upgrading your company will be worth all of the time and energy you are pouring into it.
1. It’s definitely time to create a sales funnel.
The first thing you need to do is visualize and construct a clear sales funnel that everyone on your team can refer to. A sales funnel is a process that your company will employ to convert page and media visitors into customers.
Not everyone who enters this “tunnel” will end up becoming customers or clients, but it is your clear tactic to try and make it that way. Though your specific sales funnel may vary, the main purpose and structure will stay the same.
Your sales funnel will have a top, middle and bottom. The first stage of your sales funnel is “awareness.” This is where people become aware of your product or service. The middle of your tunnel is what will differ greatly depending on your service. The middle can look like a website lead, a phone call scheduled, a conversation had over the service on that call and you would ideally close the deal with an Email follow up or during the call.
It’s key to follow up with sales leads quickly and not forget about any future clients or customers or let them wait too long.
2. Just ask for referrals.
The first step to this task is, of course, to have a great product or service. Always bring your best to the table to keep people coming back. Though doing a stellar job may sound like enough reason to garner referrals, it’s not.
You need to ask for referrals to prompt your loyal customers to do it. This is where deals for referring a friend can really help your business and get your customers started on word-of-mouth marketing. If you get a new customer and they tell you through a form that they were referred by one of your customers, you can give that customer 10% or so on your service.
Don’t be afraid to ask your customer or client if they know of anyone else who could benefit from your business. A real interpersonal conversation can go a long way to build your business.
3. Find your niche.
To grow your business you need to be able to tap into your niche market. Yelling at the general public about your product isn’t going to do so well to bring you to new clients. You need to find not only your target market but people whose specific interests can only be satisfied with your business.
Think about the needs of this niche market that are left unmet. This is a fairly easy way to build a loyal audience who will help grow and propel your company to the next level.
4. Loyalty program?
Though you do need to search for new clients to grow your business, you also need to keep customers coming back. It’s more cost efficient to tap into the client base you already have than try to solely find new clients. Don’t ignore your customers and clients after they’ve bought from you once, you want to make them a loyal customer to help your business growth. Don’t expect them to come back to you on their own even if your service is great.
Try a loyalty program to keep customers going to your specific business. If you create a point system to keep people invested in your company, it will pay off. Even large companies like Starbucks have employed this tactic with loyalty point cards that give clients a free drink once they earn enough points through purchases. Not only will it help you keep the audience you have for longer, but it will also attract more people if they have something to look forward to after they purchase from you once.
Loyal clients and customers go a long way for word-of-mouth marketing and future purchases. Don’t forget to listen to and take care of your customers first.
5. Learn what the up and coming tools are.
It’s time to start reading magazine articles and listening to podcasts on topics in your field. You don’t have to blindly try and figure out all the new trends on your own. Just like you searched and found this blog on company growth, you need to look for news on future trends that will affect your specific field.
This will take some time but will give a great payoff. Pay attention to any new technology or methods that you could use to benefit your business.
6. Make use of Email marketing.
Email marketing is a strong digital marketing strategy with an extremely high return on investment rate. Does 4400% ROI sound useful to you? If your digital marketing is lacking in rolling in new customers or bringing old customers back, it’s time to work on your Email marketing strategy.
7. Don’t be afraid to partner. Just do it well.
First, find the right company to work with. You want someone who is easy to work with, trustworthy and that will be as beneficial to you as you will be to them. Do your research and negotiate thoroughly before partnering yourself with anyone.
Secondly, have a clear strategy and goal to your partnership. Partnering can help both companies get their name out to new customers, but don’t wing it. Brainstorm with your team and theirs to maximize both of your potential in your marketing campaign and service.
8. Diversify what you’re offering.
If you are running dry on old customers because they already have your product, it’s time to think of another related item that you can create an offer. You’ll also be able to find new customers if it’s a truly useful item.
When someone likes one product you offer and it has served them well, they will be more likely to purchase another one from you. Bringing fresh ideas and products to the table is one way you can keep your business growing.
Try a brainstorming session with your team to find out what you can come up with. Some of your employees may have nice ideas but are unsure of whether to bring them up to you. Not only should you talk with your employees, but you should also look for ideas from your clients. What do they need that is related to your product?
Company growth doesn’t come easily.
We hope you employ these tips and tricks for growing your company. It won’t happen overnight, but with constant, smart, hard work from day to day you will start seeing the benefits. Take time to tap into your customer base and research new tools to push your company forward.
If you need help growing your business where you want it to be. Our team at Elevare can help you with any of your digital marketing needs. Fill out this form for a free 30-minute consultation!