With only four in ten small businesses surviving more than five years, it’s important for business owners to focus on continuous profitable growth. If you’re surviving the strain and running well, but you want to take it to the next level, this article is for you.
Truly Understand your Customers’ Needs
Ask yourself critically, do you really understand what each of your customers wants from you? You should continually consider your customer needs as it can be easy to get lost particularly when you’ve been working with a customer for a long time and lose track of what you initially set out to achieve. If you haven’t done it for a while, check in with customers and find out how happy they are with your service. If you don’t do this, your competitors may!
Understand your Sales Challenges
The first step to achieving business growth is understanding the sales challenges your business is facing. Are you struggling to get leads, close calls successfully or increase traffic to your website? You might be great at getting work but struggle to get face to face meetings with potential clients. When you know what your biggest challenges are, focus on improving them.
Customer Relationship Management
How well are you managing the relationships with your customers and prospects? It is critical to collect as much relevant data as possible about your existing customers and use this to help provide the best service possible and to understand when and why your customers buy more, buy less or even stop buying completely. You will also need this data to help you implement any client retention strategies you may have.
Whilst it is important to minimise the amount of customer attrition, is also important to stimulate organic sales growth. This will to a large degree be influenced by your ability to build trusted and valued relationships with your customers.
Understand your Market and Competitors
It is critical that you not only understand what is important to your customers but you also understand how you perform against these criteria compared to your competitors. This may also highlight how you can differentiate yourself in a positive way in the eyes of your customers.
Get your Messaging Right
For a business to grow, you need to have an active and growing marketing funnel. If you are struggling to fill your funnel, it could be down to your messaging.
Based on what you know about your customers, make sure your messaging is on point!
Achieving growth should always be at the forefront of your mind in any business and leading from the top is essential.
There is nothing you can’t achieve without a bit of support and nurturing. At Catalyst we provide targeted coaching services for business leaders to get to the top of their game and achieve outstanding growth in their business. Get in touch to find out more.