No-one can take away from the fact that building a new business is hard work and a long-haul endeavor. The best and most long-lasting businesses aren’t based on making a quick buck, they’re focused on genuinely seeking to build a brand and solve a problem for your customers. Although, it can often feel like there’s no light at the end of the tunnel with all the juggling and admin you have to do, often covering the roles of Finance, Marketing, Personnel, Product Development and Business Strategy, all at the same time.
Having said all of that, there are a few things you can do to help scale up your business much quicker, which will greatly improve your bottom line, and are worth integrating from the outset.
Here are five ways to give you a flavor.
1. Automate your sales channel Automating sales sounds like the dream right? The best way to do this is though a sales funnel.
A sales funnel is a series of steps that lead prospective customers into buying your product. They can involve informative articles with calls-to-action, email newsletters, value-add products or free trials. In any case they can help you automate the sale end of your business, once you put the processes in place.
2. Manage customers through a database
In the early days of business, manually processing and tracking customer transactions may seem doable but as you grow it will quickly become unmanageable and take up valuable time.
A customer management system or CMS is designed to allow you to do that more seamlessly and efficiently. There are plenty on the market to choose from and some combine a number of functions like marketing tools and accounting as well.
3. Use competitive intelligence Researching the competition should be an instrumental part of your strategy. That will tell you what you’re up against but also where their strategy is working so that you can emulate parts of it. Some sites like Similar Web or Adbeat can allow you to lean in and really find out what your competition is doing, giving you a head start in adopting a plan that is absolute fire.
4. Cash in on existing customers Acquiring new customers is far more resource intensive than selling up to existing ones. A loyalty program is one way of getting repeat customers and increasing sales. Loyalty programs can also help you get new customers who are attracted to the incentives these might bring. It’s a great way of seeing your sales increase.
Diversify, and we mean this in every sense of the word. You can cash in on your existing customers by diversifying your business and offering more. You can also help to catch customers you’re missing. The best way to do this is to analyze the industry you’re in and the demographic that buys into it, including everything from foreign markets to distribution channels. Enough research should unveil many more opportunities.
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Related Resource: 5 Ways for Scaling Your Kelowna Business