In 2012, Twinkie fans taught us an important lesson about marketing: When it comes to company valuation, customer loyalty is king.
10 ways to grow your business
It's a question that companies in all industries, of all sizes ask: what are the best ways for me to grow my business?
And, when you are trying to grow your company, it's easy to put all of your focus on bringing in new leads. However, there are actually a lot of things that you already have in place that can help you increase revenue and profits. While sales are important, your existing employees and customers are an essential key to your successful growth.
Below is a list of 10 ways you can grow your company:
1) Hold regular strategic planning sessions
What do you want your organization to achieve in the next year? Schedule periodic meetings with your team to identify core goals, along with the forces impacting your business the most. Then, set a course to address these areas: set SMART (specific, measurable, attainable, relevant and timely) objectives, and hold specific team members accountable for their execution. Only once a strategic plan is in place can you take effective action.
2) Focus on existing customers
Acquiring a new customer is 5-7x more expensive than selling services to your existing clients—so a simple way to increase company profits is to focus on existing customers. To reduce acquisition expenses, brainstorm new ways to provide existing and past customers with new value and services, and work on lengthening customer retention.
3) Implement multiple ways to generate leads
Consistent acquisition of new customers is crucial to the success of any business, and the importance of proactive lead generation efforts cannot be overstated. Don’t let your company fall into the trap of waiting for sales opportunities to land on your desk.
4) Develop a systematic sales process
Creating a standardized sales system that everyone can follow is the fastest way to improve overall marketing results and bring in new revenue. Develop a pre-defined, step-by-step set of interactions that your salespeople will take prospects through in order to qualify and convert them.
5) Orient your business around a common core purpose
Your ability to prosper as a company is not about what you sell, it’s about what you believe. A company’s core purpose is its collective reason for being, and it will motivate you and your employees to excel at work every day.
6) Live and breathe your company’s core values
If you can’t remember the last time your corporate values were referenced in conversation, your employees probably aren’t using them to guide their actions. Your company values should act as a constant compass, informing every decision you make.
7) Hire and nurture A+ players
It’s no secret that a company’s success stems directly from its people. Build a recruiting and hiring process that consistently attracts great talent, whose skills and personalities align with company culture.
8) Create an engaged workplace
Engaged employees are more productive and motivated—they produce higher quality work, take fewer sick days, and stay with your company longer. In addition to overcommunicating your purpose and values, create an engaged workforce by supporting your people and fueling their daily progress with goals and feedback.
9) Write a marketing plan
Outline what annual marketing results you’d like to achieve, and how you plan to get there. Use your marketing plan to identify your key marketing objectives and build a strategic framework around them.
10) Set a marketing budget
Once you’ve built out a marketing plan and identified the goals you’d like to achieve, establish a marketing budget based on your industry, company size, and growth stage. Any company with aggressive growth plans should see marketing as a very high priority.
If you’re able to implement these tips consistently, your company will be perfectly positioned for fantastic and sustainable growth.
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