There are only 5 key business building strategies™ for any business. Yes we understand that all businesses have some differences but the key that we must really acknowledge and understand is fundamentally every business has very common traits. When we look at growing a business here are the 5 key strategies.
1. Get more customers and keep existing customers of the type you want.
This is very important as business grows when we get more customers, guest, clients, patients or whatever else we call our customers. The other very important thing is that we must make sure that we are getting new customers of the type we want. There is no point getting new customers that just consume our time, don’t want to pay and complain all the time. So we must get customers of the type you want. One strategy to do this is to segment your customer list and then ask you’re A grade, gold, or best customers how can they help you get more people like them. They will typically be happy to help you.
2. Get them to come back more often.
Most of us in business don’t know this but it costs ‘6 times more’ to get a new customer/client or patient to deal with us than it costs for an existing customer to deal with us. This is because we spend time, money and energy to get more people to deal with us. To do that we have to earn their trust and that as we know could take some time. That is why the best people to go to are our existing customers as over the years we have built that trust.
3. Increase the value of each transaction.
A great way to help your customers is by asking questions and having a process to ensure they get everything they need from dealing with your business. That in turn will lead to customers spending more with you as they get the results they desire.
4. Improve the effectiveness of each process on the business.
Most people in business do not put in place systems so they can solve their customers problems. No matter the business we are in we are in the business of solving problems, minimizing risk, getting people to achieve what they want to achieve. If we can do this, people will want to deal with us more frequently and their transaction value will over time increase. Systems ensure consistency and reduction in risk for the customer and in turn an increase in trust.
5. Build a committed team.
This is very important as if you do not have a team that is focused and committed the business will just sputter along and never really hit into overdrive. You must have people on board with the right attitude and desire to look after the customer and in turn achieve their own objectives as well. You can train people up with the skills that they need but you cant train attitude. They must have that.
A business will grow much faster if you can have 1, 2 and 3 above working consistently and the only way that can happen is if 4 and 5 are in place.
The next Global Business Camp will be held at the QT Gold Coast on the 30th July to the 1st of August. Pencil it in now and visit the GBC website to find out more and register.
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