unning a successful business isn’t easy. In addition to the day-to-day essentials, every business owner needs to make time to accomplish the most important tasks: finding new leads, and converting them into viable revenue sources.
Here are five things every business owner can do to help a business large or small – grow.
For instance: an insightful business will understand who the ideal customer is. This goes beyond simple demographics.
Answer questions like these:
• Why did the customer choose your business rather than your competitors?
• What emotional connection does the customer have with your brand?
• What is the customer’s lifestyle and broader interests?
The best sources of information to answer these questions will be the business’ most loyal and longstanding customers. Talking to these clients is an excellent starting point in finding out just what it is that makes your business special. This, in turn, can start the business down the road to sustainable growth.
A business’ most important numbers are the ones that paint a more detailed picture than just income vs. expenditures.
You should have a clear picture of the more granular opportunities for growth. For example:
• What is a customer’s lifetime value to your business?
• What is a new sale’s acquisition budget?
• What is your business’ new lead conversion rate?
Understanding the real numerical value of a customer to a business – what it costs to acquire and retain each customer – is just one way that the numbers can contribute to your business’ growth. The more hard data there is for each aspect of the business, the more realistic it will be to plot for, and benefit from, real growth.
A key component to business growth is to take the extra step to make every customer interaction that much more special.
Let your customers know they are heard and valued. Answer their questions. Don’t make them jump through hoops to find resolutions.
The better your customer service, the more forgiving customers will be. They may even be willing to recommend your business to others, leading to grassroots growth.