In today’s economy, running a business is a struggle no matter how many resources you have. What you need to have are good skills and a competitive edge. With these in hand, you can turn around the use of limited resources and grow your business infinitely. For those new to the business arena and for those who have been around for some time but are still struggling to get complete grasp on their business, here are the top 5 ways of growing your business without putting a dent on your resources:
- Focus On Your Existing Customers
Reaching out to new potential customers is good but it is difficult, costly and not as effective in increasing sales as focusing on your existing customers. Reach out to your existing customers, make sure that they are completely satisfied with your products and services and that they return to you and you only for future business. Tell them new ways of using your products and services help them out with problems and make sure that you solve any issue whatsoever they are facing with your business.
Ask For Reviews
Existing customers vouching for you is one of the best ways of attracting new customers. It is far better than you making claims for being the best out there. A potential customer will believe a satisfied customer’s opinion far more than your exaggerated advertising claims. Therefore, ask your customers to write reviews for you on your website, your social media profiles and any other industry related review website. Once you have the review, you can make it go viral by sharing it, re-tweeting it and using it in your marketing literature.
Diversify Your Product Portfolio By Offering Complementary Products
This is an excellent way of growing your business. If you are selling a certain product in great demand, you should also try to include complementary products in sale. For example, if you are in the business of selling printers, you can add printer ink and printing pages to your portfolio. After your customer buys the printer from you, he or she will definitely go to someone else for the ink and pages. Why not give them what they want at your shop. It will not cost you a lot but it will most definitely increase your customer’s convenience and satisfaction as well as your profits.
Restrict Your Costs
Increasing sale prices is not the way to go if you are trying to gain a competitive edge. What you need to do is restrict your costs while keeping the sale prices constant in order to increase profits. If you are efficient at containing your costs, you can also forward some of your savings as discounts to your customers and gain a pricing edge over your competitors. Be wary of how you spend each cent and think of ways to reduce your fixed costs.
Find out what your customers exactly want and turn it into your advertising campaign to attract them. Use low cost advertising methods like social media marketing and email marketing as a start. Optimize the benefits of online marketing before making any capital investments in offline marketing.
Follow these 5 ways of growing your business and we guarantee that you will make it to the top in no time!