If you are looking for alternative ways to grow your business, here are three ways to think about it to help you:
Step 1: Focus on a target customer
As a business owner, we are busy and only have a certain amount of time and money so we want to focus that on the areas that will be most profitable. Find your niche or target audience by asking yourself these three questions
- Who wants or needs my product or service the most?
- Which customers are most profitable?
- Which are easiest to get to based on my access to them?
Now, start concentrating on them your attention on them. Brainstorm the top channels you think you could use get those customers and brainstorm tactics that will entice them to buy your offering.
Step 2: Ideas on how to get new customer
Now that you above your target you need to go and get them. Here are some ideas
- Social Media Publishing and Advertising
- Advertising in media outlets (radio stations, papers and publications)
- Online advertising (e.g. SEO, Google Adwords, Banner Advertising on websites)
- Strategic Alliances/Partnerships
- Trade Shows or Exhibitions
- Speaking Events
- Direct mail
- Outdoor advertising
- Pick up the phone
Step 3: Ideas on how to get current customers to buy more
Now you are getting customers it is time to increase their lifetime value
- Bundles of Products/Services: package your offering into three tiers so that you can price them at good, better and best
- Loyalty schemes: name your loyalty scheme and encourage your customers to buy more by giving them an incentive
- Discounted Price for Higher Volumes: sell a range of your product or services at a lower price point to encourage volume sales
- Temporary Promotions: use an offer that will excite current customers to buy more product
- Excite and Delight: surprise your customers randomly with a gift of some sort that will give them that warm and fuzzy feeling when they think of your brand
- Referrals: give your customers a kick back when they refer you on to a new customer
- Do something different: Offer a new product or service to your customers or repackage your current offering to keep your brand fresh and dynamic
- Ask for feedback: Ask your customer for feedback so that you can identify how to improve the current service and scope new opportunities for additional offerings
- Invite them to exclusive events: host an exclusive event for your customers or invite them to other events and make them feel valued and special
- Create a clear cross-sell and up-sell strategy: have a clear up and cross sell strategy for each of your customers so that you are trading them across your total portfolio
So out of the options above, pick one and concentrate on implementing that strategy of the next month. Let me know about your success!