January 2, 2013

Four Core Activities for Business Growth NOW

In a New Year, we all like to revitalize our businesses and make plans for growth and improvement. This is a great time to look at how you are spending your marketing dollars and what you can do to get more revenue without increasing your budget.

When I go through an opportunity analysis with a client, I look at four main areas where they can see rapid business growth:

  1. Their Unique Selling Proposition (USP) or extra value proposition.
    What this business does better than any competitor.
  2. Integration of the USP into all marketing and business activities.
    The business and all staff have to be “living” the USP in everything they do.
  3. Existing customer database. This is a huge, often-untapped resource
    in any small-to-medium enterprise.
  4. Alliances and partnering. This is a very powerful way to grow.

 

The free, no-obligation opportunity analysis is basically an asset-finding interview, where we discover the many ways that the business is leaving money on the table. Along the way, we often find other problems that can be quickly solved to increase revenue.

As an example, in a retail situation simply asking a browsing customer “What brings you into our store today?” is the opening line for a fruitful dialogue with a prospective customer. Rarely will a customer say “I’m just looking”, but if that is their response, it’s an opening for the sales staff to say “Looking for a really good deal?”. This engages the customer further. If all that results from that contact is a good feeling about your store in the mind of the customer, that’s much better than no interaction at all.

Most small-to-medium enterprises have hidden marketing assets — things they’ve already invested in — that are not being fully utilized to get customers, make sales, or increase revenue. In many cases, it’s jaw dropping for the business owner to see how those assets can be leveraged better to grow the business.

Improved closing ratios, better sales staff performance, no-pressure up-selling or cross-selling, better inquiry follow-up, packaging opportunities, customer referrals — all of these require very little effort but can result in a lot more money coming into the business.

How is your business doing with those four core activities?

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