When you first started out in your business or role it was easy to think about ways of expanding and growing your organization – ideas coming thick and fast, nothing to stand in your way – and quick results. When companies and roles are more established, it’s easy to focus on the hard-learned lessons that stumbling blocks along the way have provided – and growth can suffer as a result.
Don’t become complacent, make sure growth stays on the agenda – and harness these world-class tactics to drive your business to new heights…
- Drive up your retention rates
Retaining clients is one of the best and easiest ways toward enormous growth – but it’s a tactic that is painfully neglected by a lot of businesses. Hundreds, if not thousands of customers; you have all their details, they know you, they like your products – they’re walking away. This is the reality for companies who focus entirely on their new sales and marketing strategies without dedicating the resources needed to keep the customers you’ve already worked hard for.
Customer retention can’t be summed up in a few lines; it’s a complex balance of communication, incentives, support, care and tailoring your service to suit – as far as is practical and, ultimately, profitable. Look at how many customers you lose each month or year and ask yourself (or them!) what might have kept their loyalty. Every business has a churn rate of clients, the key to maximizing growth across the board is keeping that number as low as is possible.
- Enter an alliance
It’s easy to think of other companies in your industry or area as just competitors, there to take clients and money away from you and your bottom line. Instead, looking at collaborations and alliances can be a much healthier way to move toward growth.
Do you regularly outsource some element of your workload to another company? Why not talk to them? You might have the killer sales process that they haven’t got the means to implement – so with your efforts, contacts, and workforces combined – you might be able to scale to heights that just wouldn’t be achievable for you individually. It’s normal to be hungry for success – but don’t let greed narrow your options.
- Hire the best people
When it comes to creating a solid bedrock for your company you’re going to want some consistent performers. However, safe hands aren’t always the hands that will lead you toward scaling up an excellent example of this is Vectorcloud who are an IT support company in Glasgow. They continue to grow due to the investment in experienced staff and training.
Look at individuals with proven track records of taking companies to higher heights – perhaps they’ll work for you, maybe they’ll consult for you – whatever the route, this fresh outside energy can come in with increased objectivity and a host of great ideas to take your solid service to the next level.
- Embrace online
We know, you’re already online – website, some marketing and social media, etc. Instead of asking if you’re online – ask if you’re making the most of being online. With the absolute most respect intended, you’re not – neither are 99% of the world’s other businesses.
The Internet presents opportunities for insane levels of growth – talk to some Freelance SEO Consultants about what they could do for you, your product might have to adapt slightly, but with the right deal, you could have your product or company in front of millions of people every day. What do you want? Sales prospects? Completed business? No problem, there are experienced people out there who will take your company into the stratosphere and are happy to be paid on results only.
- Use your knowledge to diversify
Your brand is a product of its own that stands atop your business if you want it to. Here’s what we mean – you’re the best coffee shop in your town, so start a video channel and blog about what you do. You’re an IT service provider – instead of just providing IT services, tell others how they can provide IT support services as successfully as you do. Write a book, provide training, consult with other businesses.
The world is constantly moving toward demanding more ‘value’ – people want more from your product and organization. It can be hard to offer more value than the next person, company or shop, so you need to get thinking about how you can approach what you do from a different angle. Be a business and a resource for your industry – your knowledge is worth more than you’re currently making, apply it more widely and you’ll see incredible growth – sometimes into areas you had never envisaged.
- Look at other markets
While we’re talking diversity, there’s a mass of possibilities that don’t require huge adaptations to your vision of the company. You provide a service to a particular industry, what’s stopping you looking at a new industry and applying your winning formulas in that area? Tunnel vision is the enemy when growth is being discussed – but it’s hard to snap out of.
Ask yourself who else could use your product – if the answer is enormous, then narrow your focus down to industries that have similar requirements to your current customers. If your product is very specifically designed for one type of customer, look at another customer type and get your research and development hat on! “What could we do to our service to make it suitable for x or y…?”
- Go global
Anything involving the word ‘global’ sounds big, doesn’t it? The truth is, it doesn’t have to be. If you’ve got a well-honed company with processes that are working well here – why not look at promoting your service in another English-speaking country? Alternatively, consider what you would need to do to appeal to a non-English speaking country.
Language barriers are one of the stumbling blocks when it comes to global expansion – but the internet’s made bringing that barrier down easier than ever before. Translation of your website and marketing material by a skilled multi-linguist can be done incredibly cost-effectively – as can set up home-based workers in your target location.
Language isn’t your only challenge – but a simple internet search will set you on a path toward gauging how feasible it is to move into selling your service in any particular country.