JUMP-START YOUR BUSINESS GROWTH

SEVEN WAYS TO KICK-START YOUR BUSINESS INTO HIGH GEAR!

We would all like to grow our businesses by 25, 50, or even 100% over the next 12 months but few companies do. As we reported in our last News Post, there are some exceptions ... “nearly half of Profit 100’s top ranked companies had sales of less than $12 million, but growth of up to 1,000%.” To help you join the ranks of these high achievers, we’ve identified 7 Ways you can boost your sales explosively, and at relatively low cost so that revenue growth will translate right to the bottom line.

1. USE THE NEW TECHNOLOGY
Promoting and selling your business on the Internet allows you to reach a large number of prospective customers and at a fraction of the cost of traditional media such as Newsprint, Radio, TV and Direct Mail. Here are the key fundamentals and not only can they all be implemented quickly but you don’t require specialized knowledge or training to implement them. Many experts you might decide to hire are reasonably priced.

Web Site: Regardless of your business and industry, you need a website to 1) give your customers compelling reasons to buy from or do business with you and 2) provide information on your company, products and services, as well as how to Contact you. These days you can have a high impact, attention-grabbing web site designed and hosted for less than the cost of a full page Ad in a major Daily newspaper.

Email News Blasts and Promotional Specials: This is a highly effective, low cost way to keep in touch with existing customers and prospects and to maintain the relationship. Your e-blasts should provide links to your company web site as well as any related sites. Blogs and Newsletters: Sending out a regular Blog or Newsletter is one more way to build your customer relationships and keep your company’s name top-of-mind with prospects who haven’t bought yet. Whatever the frequency, the news, and any promotional offers should focus on customer benefits rather than ‘important internal events’ within the company.

Search Engine Optimization: Getting your high impact, wow-the-customer website up and running is great, but you need to make sure it draws traffic, especially new prospects who will buy from you. This is where Search Engine Optimization (SEO) comes into play. You can teach yourself the basic principles by simply researching it on the internet at sites like http://tinyurl.com/d6kx83 or speak to a web designer or SEO specialist. Their rates are usually very reasonable and typically the increase in visitors and sales more than pays for itself!

2. CREATE A GREAT CUSTOMER EXPERIENCE
There are many ways to do this but you need to know what’s worked, so rule number 1 is “measure the results”. Whether by using Tally Sheets, Customer Comment cards or investing in Customer Relationship Management (CRM) software, such as Siebel or Avaya, this will tell you what you’re doing right and should expand on. Here’s a short list of strategies that work:
i. Treat every customer like a VIP and thank them for their business - hire, reward and keep employees who think this way ii. Offer discounts and promotional offers to customers who register with you iii. Contests are a natural, as they appeal to most people. iv. Create a Rewards or Loyalty program that provides additional discounts or special offers to your repeat customers. Air Miles, Neiman-Marcus in the US and Shoppers’ Drug Mart in Canada are great examples of how well these work, but they work just as well for small companies.

3. EXPLOIT YOUR MARKET NICHE – FIND NEW ONES
There’s a well proven rule of thumb.. “it costs five times as much to get a new customer as to get more business from an existing one.” Keeping this in mind, it makes sense to mine your core market, in which you are well established and have built a good customer base. But once you’ve leveraged this niche, look for new ones where your type of products, services and skills are a natural fit. Kim Gordon, in her article 'Niche to Expand', gives a perfect example of this.. “when consulting with Marada Industries Inc., an auto parts manufacturer exploring expansion opportunities, I conducted idea generation sessions with employees from the plant, where we discovered the company could use its equipment and expertise to make everything from bed frames to hospital gurneys”.

4. LOOK FOR NEW SALES CHANNELS
If you think you have “maxed out” using your current sales strategy and programs, for example selling products on the internet, it’s time to seriously examine alternatives. There are many, but in our example and for many others, these could be very viable options. i. Use Sales Reps ii. Develop a catalog and sell via direct mail and/or telemarketing iii. Open a store-front location iv. If you already have one, add new locations.

5. DEVELOP STRONG AWARENESS
A great web site, even with effective SEO won’t give you the full exposure your business needs to be really competitive. Even the most ambitious internet marketers admit that what will really make the difference is “you and your employees”. So, you need to get out there and be seen and heard in as many places and ways as possible. Here are some of the obvious ones: i. Network at Chambers of Commerce, Trade Shows, United Way and Service Organizations ii. Speak at local Events or Host them Yourself – for example the Board of Trade “After Hours Networking” get-togethers. iii. Sponsor local Charities or Community events.

6. SELL SMARTER – PICK LOW HANGING FRUIT
If you have ‘Created a Great Customer Experience’ there are several opportunities you have opened up to increase your sales at little or no additional cost. In my work with two large Retailers selling to customers across North America I found that i. Multi-product selling (cross selling) was one of the easiest ways to significantly increase sales, often by as much as 50%. One of these was a Promotional Products company and when confirming the sale of 250 branded pens to a customer (as give-aways) the sales person would ask... “what about matching diaries to go with those… they’re a perfect complement, how many would you like?” ii. “Up-selling” involves persuading the customer to trade up to a better quality, more expensive product. In the case of the second company, which sells Cruises on the major Cruise lines to destinations around the World, the sales person would advise the customer of the superior comfort and convenience of opting for a better cabin. The vast majority of customers were happy they upgraded.

7. POST-SALE FOLOW UP
There is nothing as reinforcing or more likely to guarantee a repeat sale as thanking customers for their business. A thank you phone call, especially for high ticket purchases, such as in the “Cruise company example”, a card, or even a gift or discount coupon will ensure that the positive impression you’ve created with your customers becomes a lasting one. It is also a proven, sure-fire way to get referrals and further boost your sales.

Phil Richardson, President
BizGrowth Coaching Inc.