Has Your Business Quit Growing?
by Business Money Today - June 8, 2009
Businesses hit plateaus. No matter what stage a business is in, it will hit a point where it quits growing. This does not mean that the business is declining - just that it is not growing. The business is not attracting new customers nor are its current customers spending more per visit. So, what is a business to do when this happens, as it surely will?
There are three primary actions that a business can take right away to move beyond this plateau point. These actions do not require additional capital per say and should already be events that business owners are doing but may have let slip a bit. However, getting away from the plateau is just as easy as getting there in the first place.
First: Change. This means looking inside your business for processes, procedures, and products that can be improved. Is your service lacking because you are spending too much in other areas and not enough on satisfying your consumers? Given this down economy, improved customer service can really make your business stand out.
Are you looking for and creating new, better products to meet your customer's needs that both add value to them and increase your revenue? When times change, consumer needs change with them. When consumer needs change, so do their habits. Do your products still meet your customers' needs? Do you need to add features or even subtract features from current products? Can you offer streamlined services or products that still meet basic needs but at lower costs?
There must be hundreds of ways that you can improve your business, internally. Take a few minutes each day and think about: What can be updated, what can be changed, and what needs to be thrown out? Plus, always keep your customers, their habits, their needs, their behaviors in mind while you re-access your offerings.
Second: Marketing, marketing, and marketing. If you are not attracting new customers, it may be related to the message you are putting out to these potential customers. Is your marketing message old? Is it no longer targeted to your customer segment? Is a competitor beating you to the punch? It really does not matter if your product or service has changed - you have to constantly be tweeting your marketing message to keep that top of mind presence in your potential customers' mind. Further, is your marketing letting your current customers know that you have other great product and services that can help them meet other needs? Let them know that you are their one-stop shop for your particular product or service.
Talk to your existing customers. Try to find out what they are seeing related to your company. What keeps bringing them in? Is what works for them in your marketing message to new customers? Further, don't be afraid to ask them for ways to improve what you offer. They understand their needs and the products on the market that either meet those needs or don't. Your current customers are your best source of information on how you can improve.
Moreover, ask them to refer their friends and family to you. Impress upon them that you will go out of your way to provide them with the greatest of experiences. Then, do it.
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Lastly, and closely related to marketing, look at your selling techniques. If you have new potential customers coming to your business but they are not buying, there could be a glitch in your selling efforts. Look at the way you display your products or services. Is there too much or not enough information related to these offerings readily available to your consumers? Are complementary items located next to each other?
Is your sales staff going above and beyond, helping new customers find what they need? Are they asking the right questions and providing the right answers? Are new customers abandoning shopping carts, either online or in stores because the check out process is too long or too hard or it takes too much time to find the product that they are looking for?
Further think about cross-selling or up-selling. A couple of way to accomplish this is to 1) Re-arrange the way your products or services are displayed. Put items that you think your customers may already need next to the ones that they already buy. Amazon does this on their website under the section that states - "Customers who bought this product also purchased .." 2) Train yourself and your staff to recognize when customers buy one product or service they may be interested in a similar product that is complimentary. 3) Try to anticipate a customers future needs. If they are buying this product or service now, what will they need tomorrow or the day after? Many times customers do not even understand that they have a particular need that is not being met. Educate them on their needs (subtly) then demonstrate how your products or services will work the best for them.
If you have hit a plateau in your business it could be that the things you are currently doing are not working any more - even if they worked in the past. Try new actions, see what works. If your new actions don't seem to be doing the trick, try something new until you hit upon what works. Further, as you move forward, keep trying new techniques in marketing, sales, product development, service, etc., this way your business will constantly be improving itself (adapting to your changing business environment) and will be well positioned to avoid any future plateaus. Keep in mind that as the number of small businesses in this country continue to shrink, they leave thousands of customers with no where to turn. This provides one of the greatest opportunities for your business to gain new customers and grow.
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Has Your Business Quit Growing? - Business Money Today