What can you do to get your business across the sustenance level? Read more about these growth strategies below that worth trying:
Hunting for new customers isn't the one and only way to grow your business. The customers who already trusted you and purchased from you are your best bet for increasing your sales, and studies have found that improving customer retention also improves the value of a company.
Customers who have already purchased from you once are more likely to do so again, especially if they have a positive customer service experience. Make sure to capture the contact information and shopping preferences of one-time customers. Then, use that information to set up marketing systems that will convert them into repeat customers.
Ask for Referrals from your Clients
Attracting new customers to your business is never redundant. One way to do that is to ask your current customers for referrals.
These customers are already your target market, which means that people in their social or work circles are likely to share interests, therefore they can be your target market as well.
You cannot sit back though, your clients will not grow your client base solely by spreading the word about your business. You proactively have to ask for referrals. Depending on the type and size of your business, you can:
- Ask satisfied customers if they know anyone else who would be interested in your products or services.
- Incentivize referrals with a discounts
- Encourage customers to share and tag your brand on social media.
Manage your Costs
Increasing your bottom line is key to growing your business. If you expand your share of the market but continue to increase your costs, you will consume all the money and there won't be any left to invest in your business or to make a profit.
So while you're looking for ways to grow, pay close attention to the costs associated with running your business and getting your products or services to customers. Lowering these costs can be an effective way to give your business the cash flow it needs to grow and stabilize. There are two main approaches to cutting costs:
- Liquidating low-earning products or eliminating low-performing services
- Improving your inventory turnover through new marketing and sales tactics
Source: The Balance Small Business