Top Ways to Grow Your Small Business

New customers…is this the only way to grow?

Every business owner from the moment his or her business launches, wants to see it grow. Entrepreneurs spend a lot of time and money trying to figure out how to grow their business, but the first rule of growth that they are missing is that there are only 3 ways a business can actually grow. These 3 ways are to get new customers, get the current customers to do more with you or more often, and to get current customers to spend more with you. Simple as that, these 3 things will make you realize the end goal and from here on you will be able to focus your time and money trying to figure out how to achieve that instead of achieving trying to understand your end goal.

In my opinion, most entrepreneurs end up trying to grow their business simply by looking for more, new customers. This is definitely a way to grow, it is one of the easiest to come to a conclusion with, but at the same time getting new customers is the toughest one of them all. The business owners that end up growing are the ones that use the 2nd and 3rd option mentioned above when growing and here are some of top ways to grow your business based on those last two options:

Figure out your real target: This sounds like a very obvious and simple growth strategy, one that should be already in place, but you would be surprised how many businesses still don’t know who their real target market really is. Understand your exact target market, and then take your marketing and advertising money and focus all of your efforts in obtaining those, and targeting just those people. Remember that you can’t capture everybody, nor should you.

Partner up: Combining your forces and joining up with other companies is always a growth strategy. Not only will you get the expertise of that partnership alliance, but you will also get their target market. A good example of this is real estate agents partnering up with real estate developers. When a new building is being planned for development, the developer will speak to the agent to prepare a sales pitch to potential investors (home buyer). This works out for the developer, as he or she will profit from the property sold, but at the same time the real estate agent receives a new client.

Reward for retention: Why do you think that every gas station out there has a loyalty program, and more and more stores are now developing these loyalty programs to keep customers coming back, but for a reason? It is a simple little marketing initiative that keeps your customers coming back, yes it does end up costing you a penny, but think long run – that customer is coming back to you because you are rewarding them.

Walk the walk: Your customers expect of you what you promote through your ads and marketing campaigns. So if you are promoting that you have the best of the best when it comes to your product, you have to not just talk the talk, but walk the walk and show your customers that it is the best. Stand by your product, even if you have to offer a refund, or an exchange. Your customer, even though they may not be happy at the moment will return in the long-run simply due to the pleasant experience with customer service. Growth occurs when your customers recognize you are behind your products and services a 100%.

Keeping a list: One of the greatest assets a company has is a list of their customers. It is always good to collect your customer’s information such as their mailing address, or their email. This is one of the fastest way you can grow with up-selling, cross-selling and promoting new products, new ideas..etc. Bring your customer back and use them to obtain more sales.

Go the opposite way of your competition: Customers love when somebody is different. Especially in a market full of competitors providing the exact same product or service, the one that stands out usually stands out for a reason – and often ends up being the top brand. This applies to everything you do. It’s even more important in your marketing. Don’t be afraid to be unique.

S-P-E-L-L it out: One way to think of your customers may be a rude way – think of them as an everyday dumb consumer that makes purchases for no reason but “just because”. Think of your customers that way, and place yourself in their shoes. Customers are tired from a long days’ work and, believe it or not, the last thing they’re worried about is your business. Making things overly difficult and complicated is like a force-field blocking your ability to grow. You need to make things almost ridiculously simple for your customers and tell them exactly what to do next: Click here. Call this Number. Redeem This Offer. Put your credit card number into this box, etc.

These are just some ways to grow your business, but remember that growth doesn’t always have to come from new innovative r&d, or new products or services. Growth comes from within. Even consider looking at your books, your expenses and see what you can save on. You’d be surprised how much money every single business owner is throwing away without realizing.