As a business owner, you’re probably always looking for ways to increase sales and revenue. Sometimes you might easily scale your business up, while other times you need to get clever to push your business growth forward.
Today, we are going to explore 5 ideas to help you grow your business. However, as with any new business promotion idea, it’s a good idea to remember. . .
The Vector Principle.
- You can expand the sales of existing services or products to new customers and clients, or
- You can expand your product and service offerings to existing customers and clients.
- However, if you offer new products and services to new prospects, you’ll run into all the problems associated with starting a new business.
You’ve been warned <g>. Now, let’s take a look at some ideas for expanding your business:
A) Expand your offering of products or services.
If you own a resume service, you might grow revenue by offering information products, ebooks, and video training courses. You may be able to simply reformat your existing information for various media and thereby increase sales.
Or if you sell a physical product, you could offer training classes on how to use the product, or offer a service related to it.
B) Expand your customer base through partnerships.
An example would be a public relations or marketing firm forming a strategic alliance with a design company to begin offering graphics and websites.
Another would be if you owned a carpet cleaning business and you investigated partnering with a maid service. You could develop a relationship where you would provide the carpet cleaning for all of the houses where the maid service performed work.
C) Offer service agreements to support the products and services that you sell.
A design firm that creates client websites could offer a service contract or agreement that generates additional income and supports their customers better. They could become the one stop shop for new purchases and for service of existing websites.
D) Offer an referral incentive program.
An example of this would be a car dealership that offers a car buyer a $250 check if they refer any of their friends to purchase a new car from their dealership. This incentive encourages current customers to refer their friends and their network to become new customers of yours. This is an effective way to bolster sales.
E) Pick up the phone.
Building your business can be as simple as letting your existing customers know that you’re now offering new products or services, or, if you’re the hardy type that recognizes that sales is a simply numbers game, picking up the phone and calling a list of new prospects to offer them your existing products and services.
Staying in touch by phone works! In today’s market, we are all inundated with email solicitations. A prospect once told me over lunch that the main reason that he was seeing me instead of the dozens of others seeking his business, was that I called him on the phone instead of just relying on email promotions. Perhaps this is a good point for all of us to remember.
If you enjoyed this article, you may also want to check out these others:
How To Build Your Brand Online Using a Smart Social Media Strategy
How To Get More Business Using LinkedIn
Using Social Media to Position Yourself as The Go To Expert
How To Establish Yourself As A Thought Leader In Your Industry
Increase Your Credibility by Increasing Your Visibility
This article is published by Will Sherwood | The Sherwood Group |Website Design | Graphic Design | Marketing Communications: The Sherwood Group has over 30 years of experience working with all sorts of companies, small and large. Our clients range from entrepreneurs to Fortune 500 firms, in nearly every business sector, from across the street to around the world (and yes, even Europe, China, and South America). Our goal is to create advertising, graphic design, website design, and marketing communication that still looks fresh and relevant 10-15 years later. Our mission is to stir your imagination and leave your competition shaken and wondering, Now what do we do?” We are located in Myrtle Beach, South Carolina.
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