I’m going to get straight to the point … If you haven’t got a clear plan to grow your business; you’re fooling yourself to think that you’re going to achieve your goals (assuming you have some) just by opening your doors.
It doesn’t take very long to get some clarity so I wanted to give you a framework that has worked for many of my clients and if you’re willing to apply it, it’ll work for you.
Now, you’ve heard that the only way to grow a business is boiled down to four key things:
- More from existing customers
- New customers
- Increase margins
- Increase frequency
That’s all well and good – now what? How do you actually do it? Well, here’s a simple yet effective approach to keep your business growing this year which is a little more detailed than the miraculous insight above.
G – Generate leads!
There are so many ways to generate leads in business and I’m a firm believer in starting with what you already have – customers, friends, family, and connections. Make a list of who you know. Your social media contacts are a great place to start. Not sure about social media? You could be missing out on a massive lead generation strategy, particularly LinkedIn.
You need to have a constant and consistent focus on generating leads. Ask for referrals from everyone you know, even people you meet! Think about alliance partners that have databases and how you might be able to align with them – Almost every industry has an association or interest group of some kind. Could this be a source of leads for you?
I could keep going, however, make a start with those around you and those that are easily accessible. You also don’t need to have a massive list. You need a list that is massively qualified.
R – Repeat customers!
Research from Bain & Company confirmed what I’ve been saying for a long time – it’s 10 times more expensive to get new customers than to retain existing ones. Therefore start nurturing relationships with your existing customers.
If you have the belief that your customers will just keep coming back because they need you, you’re in for a shock. And if you think your customers care about you, you’re in for another shock!
Most businesses I’m a customer of treat me with indifference, and I can tell you that at some point, that indifference is going to make me walk. On the other hand, the business that treats me as an important part of their existence is likely to keep me for a long time. And it pays!
Many times, when I work with a business I ask the question, “How many customers do you have?” In 95% of cases I get a blank stare. This isn’t good enough!
Not only do you not know how many customers you have, you probably don’t know anything about them. And don’t bother with high level motherhood statements to justify this fact.
Get to know your existing customers and start interacting with them to keep them coming back! If you won’t I know your competitors will!
And don’t forget – existing customers are cheaper to keep than to find new ones!
O – Observing your market!
It surprises me how many business owners and business professionals put their heads in the sand and think they exist in a vacuum. NEWS FLASH!!!!!! Your products and services might be unique for now, but if you’re not monitoring your environment you run a very real risk of being taken out by a competitor or something else.
You need to be observing your competitors constantly. Seek information on them. Check out their website. Monitor media to see who’s making noise in your marketplace.
Monitor consumer behaviour – in other words, how many times they buy, how much they’re spending, what they’re buying, how many they’re buying, and how they’re buying it. This information can be invaluable to your overall decision making and planning. It can highlight positive and negative trends that you might need to address.
Observe your suppliers businesses and have a conversation with them about their businesses. They may just provide some insights further up the value chain that could have a ripple effect on you.
And then there are new entrants and technology changes. What’s changing in your industry? Do you know? Subscribe to industry forums and stay abreast of key trends and announcements. There might be a new player in town or a new way of doing business that could be an opportunity or a threat!
W – Winning new customers!
Winning new customers is tough no matter what you’re selling. There I said it – selling!
Yes, whether you like it or not you’re in sales and without sales your out of business – period!
Get better at selling. There are books, courses, interest groups, forums, and coaches (like me for example) that help you develop the necessary skill and confidence to be better at winning new customers.
When your perception on what it means to sell is right, everything becomes easier.
Remember, it does take time to develop a relationship with a prospect and depending on your product or service, there may be a level of trust that needs to be developed first.
I recently went through a book by Warren Greshes called “The Best Damn Sales Book Ever” (this is not a paid endorsement). I purchased the audio book and I’m so glad I did. Warren narrated it himself and I have to say I was inspired! If you’ve been in sales for a while, you’ll know you need all the inspiration you can get. This is a great start and gives you a great list of things to make you better at winning new customers.
My tip is look at how you can serve the true needs of the customer and then look to your products and services and recommend the best one for the job. That’s selling with integrity!
I – Interesting products and services!
How different are your products and services from your competitors. And, if your response to this is “I don’t have competitors” then it won’t be long before you do.
Customers are constantly on the look out for something new and fresh to solve their challenges
Do you have something unique? Do you have something better. When all is said and done, customers are looking for service, convenience, quality and value (thanks again Warren for the reminder) so look at your products and services and make enhancements so that you can compete on these aspects rather than price.
N – Novel delivery!
The best example I can give you of this is one I tell everyone. It relates to a situation I experienced in an Apple store one Saturday morning.
I had recently purchased an Apple MacBook Pro and popped into an Apple store in a large shopping centre near home. I had my kids with me and the store was packed with shoppers. All of a sudden out of nowhere, every employee erupted in applause, cheers, and whistles! It startled the kids and me too!
I turned around and saw someone walking out of the store and all attention was directed at them. The store was celebrating this customer’s purchase. This person clearly liked the attention and proceeded to hold the box above his head in some “Rocky” style victory salute as he departed the store!
I thought to myself – how much did it cost to do that? Answer – nothing! How impactful was that? Answer – incredibly!
I’m not suggesting for a moment that you need to go nuts every time someone buys from you. All I’m suggesting is that you look at your delivery and customer experience during and post purchase and tweak it to be a little more interesting than “thank you – have a nice day!”
G – Giving back!
Anyone that knows me knows that when it comes to my view on dealing with people, you have to look after them!
Almost every business relies on people (employees or contractors) to get things done. Every business has customers, and every business operates in a community of some kind.
No matter what your experience has been in the past, you need to look after people and they’ll look after you.
If you’re making killer profits, share some with the people that helped you generate them. If you’ve had long standing customers that are loyal and just keep coming back time and time again, reward them in some way or thank them with something special – not a discount!
Finally, if you want to really stand out in your community, get involved. Attend community events and forums, speak to local representatives and offer to contribute some of your time, expertise or products and services to those that need it most.
The most successful people in the world know that contribution back to their people, customers, and community goes a long way to maintaining a sustainable business over time!
So, here’s my simple approach to stay focused on growing your business this year. Put your plan together and get on with it!
Build massive momentum!
