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Proven ways to grow your business

Article provided by Eezipay Management Systems

Launching your small business is challenging.  Continuing to expand it, once it is established, can be equally difficult. It takes careful strategising and the desire to get creative to generate new business and grow your customer base.

If your business has stopped attracting new customers, consider these proven methods to continue to expand your business:

KYC – Know your customers

Implement quarterly surveys, direct customer service communications, and pay attention to user reviews to gather feedback on your customers’ experiences of your services and products.  Take note of consistent complaints and suggestions and use them to introduce new features and make internal adjustments and improvements.

Focus on customer service

It is easy to lose sight of quality customer service when focusing your efforts on expanding your business.  Of course, customer churn is part of doing business, however you don’t want to compound customers’ departure by offering a poor experience. Focusing on quality customer service can be a direct path for growth.  If your existing customers are treated favourably, they’ll be more likely to leave positive reviews, recommend you to their friends and naturally continue to purchase products and services from your business.

Acquire worth from existing customers

When looking for opportunities to expand your business, its customary to try and attract new customers, but what about your existing ones? You’ve gained their loyalty which means they’re more likely to buy from you again, as well as pay more for new products and added services.

Consider new opportunities to increase the value of your customers.  This could be by adding a new product line that enhances their previous purchases.  Try increasing product and service prices in return for added features, first-hand direction, or improvements that are of value to your customers. Any modifications that increase value for your current customers may be a launch pad to acquiring new ones.

Put the spotlight on your expertise

To continue to influence and grow your customer base, you need to showcase your expertise by finding ways to share your business knowledge and offer it as a free opportunity to facilitate learning and growth.  This includes hosting webinars, sharing resources, and running Q&As through your social media platforms.  Make sure to provide a link to a specific promotional page when hosting an event or providing access to a download.  This will grow your following and over time translate into new customers.

Support your community

By giving back to your community and being socially responsible you will grow your brand and highlight your business values.  Offer sponsorship or donations to non-profit organisations, provide free products or services to institutions you care about, or host community events. You can also focus internally and encourage socially responsible business methods such as giving employees paid time to volunteer their services or procure business supplies from local vendors only. 

Measure and repeat

In your efforts to grow your business, be sure to actively measure and track your success.  It can be simple to make a change without setting goals or having key results in mind to establish a favourable outcome. Without clear goals, a growth exercise can become a detrimental cost to your operation. Be sure to set your goals upfront and if you’re not seeing positive results, do not hesitate to end a project or change direction. There is always the opportunity to perfect your approach and identify the most successful avenue to success. 

When your goals and desired results are being realised, keep on measuring and iterating. A set of webinars and new product offerings may lead to expansion for a period, but that could change if you are not being prudent.

Network

Building a strong network of partnerships in your business community can lead to new customers, employees and even shareholders.  Likewise, it is a positive way to share business trends and industry insights that you might otherwise not have known about.

Be honest and authentic

The saying “If you tell the truth you don’t have to remember anything” is pertinent when it comes to business transactions. If you are honest about your products and services, you won’t have to recall what you have communicated to your customers.  Consumers appreciate honesty and will sing your praises through word-of-mouth to acquaintances who too may be interested in your service offering.  Showing your customers that you are also human will go a long way in retaining their loyalty and attracting more customers to your business.

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