The Number One Key to Business Growth
In the next few posts, I would like to share with you 5 business growth strategies that will guarantee business success. Actually, there are ONLY 5 basic strategies for business growth that we can consider. As you read each strategy be thinking about how you can improve on it within your business!
Your Number One Marketing Priority
The first strategy that will lead to business success is Keep the Customers You Have. Always remember that your number one marketing priority is to market to your existing customers.
Why do I say this is the #1 key to business growth?
Because it is 6-8 times less expensive to keep a customer than to acquire a new one! Your current customers already trust you. They are already comfortable doing business with you. They’ve trusted you enough to buy from you once, maybe multiple times, and they will continue to do so if you’re strategic about your marketing efforts toward them. And, let’s face it; your good customers are your competitors’ best prospects! Your best customers are the prospects they want!
Don’t Neglect Your Best Customers
To truly have business success we must watch our ego. We must not neglect our loyal friends who already spend money with us while chasing after strangers! Predictable revenue streams and profits come from the long term relationship and repeat business of our loyal customers.
Spend a significant amount of time on this for business growth! You want to continue to give your best customers and clients a remarkable customer experience.
By spending time, effort, and resources on current customers, it’s possible to see as much as 80% of future growth coming from these loyal relationships. So take time to think about their wants and needs. Look for ways that you can bring additional value to them. Ask questions like:
- How are we doing?
- What other needs do you have?
- How can we improve our value to you?
- Who do you know that we could help?
Communicate often with them. Leverage social media and email to enhance customer service and connections. Know your attrition rate and always be working to improve it. Make retaining customers your top business growth strategy and you might find an increasing flow of word-of-mouth business success!
Looking for ways to market to your current customers and clients? Contact us today and we can help you create an effective marketing plan that works for you!