Oct 31, 2020 | Updated: 09:48 PM EDT

Improving Your Potential for Growth

Sep 30, 2020 09:25 PM EDT

Close
Improving Your Potential for Growth
(Photo : Improving Your Potential for Growth)

Small business owners represent two-thirds of the companies in America. And the business owners work really hard; it can take a few years to develop a loyal customer base. 

Unlike large corporations with extra capital that can afford to try new ideas to boost sales, small businesses need to create effective strategies that utilize every cent invested positively. If you're a business owner, you're probably wondering how you can sustain your growth. 

Know Your Customers

One of the best ways to grow your business is to know your customers. Conducting surveys after each purchase or service provided will allow you to make changes that improve business sales. 

Another way to achieve this is the use of platforms that master data management. It improves the customer experience by providing additional and accurate information. The program also lets you identify your customers' needs through access to prior sales, services, and shopping habits. 

Improve Customer Retention

If you have as many customers leaving as you sign on, you won't ever grow your business. If you keep existing consumers happy, it benefits you in multiple ways. 

First, you can expand your loyal base. Second, your loyal base will refer family, friends, and co-workers to your business, giving you free advertisement. Improving customer retention is something you can achieve through excellent service and the development of a loyalty program. 

In some cases, the new emphasis will bring back previous customers helping to improve your base further. 

Older Strategies Still Prove Effective

Sending out letters to a large percentage of the surrounding population is something that still proves effective as a means of acquiring new customers. Today, many businesses opt to send mass mailings through email due to the cost-effectiveness. 

You can acquire listings through specialized companies who sell them or take out the phone book and start entering addresses. 

Maintaining a Presence

Branding your company is essential if you want to stand out among your competitors. You should create a community presence that will allow people to put a face to the name, giving you familiarity and comfort. Setting up a booth at the local fair or events is a great way to achieve it. It gives you a chance to make the case for your business and for potential customers to ask questions and see your products or services offered. 

Keep Customers Updated to Changes

Customers don't want to miss out on promotions or new products and services provided. A monthly newsletter delivered through email lets you get out the information to your loyal base quickly. Using the newsletter to provide valuable information and tips directly connected to your type of business will add a human element and keep your following content. 

Outsourcing

Let's face it, as a small business owner your focus is on bringing in the money. Taking care of the payroll, quarterly taxes and administrative tasks are time-consuming. It prevents you from spending time on marketing and the annual blueprint for the upcoming year. Outsourcing these types of services will free up valuable time and reduce monthly costs. 

Initiate and Re-Build

No one has succeeded at everything they implement. There will be times when you try something and find it's not really working out as you imagine. Thankfully, you can make changes as you go until you perfect it and own it. Maybe the loyalty program isn't creating new sales, or the website doesn't retain potential customers for long enough to achieve a sale. 

A large percentage of small businesses won't make it to their fifth year. If you want to survive, you'll need to find ways to keep customers and simultaneously bring in new business. Keeping a focus on what they want and need from your business and freeing up valuable time to maintain a sharp focus, will help you maintain your business and sustain annual growth. 

Real Time Analytics