Newsletter: Growing
your business - Does your phone ring
often enough? What's the Magic Bullet?
Does your telephone ring often enough? Do you wish more customers would walk through the door? Could you be doing more to increase sales? How do we create some impact and drive revenue upward?
These are questions we all think about, and for some of us it is everyday ... and for others ... only when the pressure is on.
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In this figure, each pie slice represents a different source of business: Cold Calling Every business will have its own recipe for attracting new business.
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To increase revenue we first need to understand where your business comes from today, then you can decide which segment to try to grow. Typically, "find what works" and then "do more of it".
For example, let's say you have a lot of repeat business. Is there more business available? Begin by finding out what % of customers come back to you regularly. If you don't have a customer list yet, start today. To increase repeat business, come up with new ways to keep in touch with existing clients. Here are a few ideas:
- Send a thank you note (or card)
- When you add a new service or product (or change and existing one) - send an announcement
- Drop by with a coffee or tea
- Send THEM a referral
- Congratulate THEM on an achievement in THEIR business
- Invite them for lunch
- Offer a special or coupon (if applicable)
- Send tips or freebie hints (email / fax / direct mail)
- Invite them to community or business events
- Send them a magazine article or book you have read that might be of interest
- Follow up with the last order by telephone
- Send a promotional gift with your company name on it
Remember that marketing to past customers is much easier and more effective than trying to win over new customers. They know WHO you are, they TRUST your work, and you have PROVEN the outcome.
Once each source of business (in the pie chart above) is strong, additional sales growth can be achieved by adding one or two more marketing elements. Each new strategy will help you to be seen my more prospects. Some elements to consider are community service groups (volunteering), interior signage, vehicle advertising, team sponsorship, coupon direct mail (such as val-pak), bus stops, buses, billboards and more.
There is no magic bullet in advertising & marketing. The key to successful marketing is to have a multi-element approach that has synergy. Develop ways to measure your business growth, and then monitor it. Measure in $$, in %, and in # of new inquires as well as clients.
