Customer referrals can be an effective way to tap into your current customer base and explore new revenue streams.
One question that I get asked a lot from clients (apart from ‘create me an awesome logo or website) is “How can I grow my business”….
When it comes to increasing your business growth, I have included 5 Ways to Grow Your Business that you should consider!
1. Turn your customers into salespeople.
Customer referrals can be an effective way to tap into your current customer base and explore new revenue streams. By setting up a simple “Rewards for Referrals” program, this will entice your customers to spread the word about the amazing work you do. For example, Lethal Graphics offer $250 cash reward for all successful referrals. Word of mouth still remains the biggest form of advertising today. If you are referred by a friend or family member to use a particular service, you are more likely to contact that business to enquire about their product or service. So work out how you can get your customers to become a walking / talking billboard for your business.
2. Learn how to delegate.
Delegation is the manager’s key to efficiency, and benefits all. In other words, in order to scale the business and increase growth, a CEO needs to learn how to delegate so he or she can focus on the company’s bigger picture issues.
3. Develop new products.
Innovative companies understand that in order to grow, they must continue to develop new products and services. Your new corporate motto should be ‘innovate or die.’ What product or services do you offer? Think about how you can expand those categories to offer more to your customers and stand out from your competitors.
4. Penetrate new markets.
Today, only about one percent of small businesses export overseas. Does your business offer a service or product that could benefit from exporting overseas? If that idea completely scares you, what about approaching business owners in similar industries about a joint venture? Setting up a joint venture with another business can offer a lot more value to your product or services, which again will help your business stand above your competitors.
5. Learn how to automate.
If too much of your time is being spent on tasks that could be automated, it pays to figure out a technological solution. Technology can empower your organization, helping you improve efficiencies and even expand operations. But to use that technology well, you must balance your needs with the realities of how you do business. That means understanding not only which technology to invest in, but also how it will affect your operations and how to maximize your returns on that investment.