5 Ways to grow your small business

5 Ways to grow your small business

2020 was a very difficult financial year for a lot of businesses. To stem the transmission of the coronavirus, the US government imposed lockdowns, which forced people to stay home and a lot of establishments to close doors. In fact, 92% of small businesses had to reinvent themselves just to survive.

Fortunately, with the massive vaccination rollout enabling life to slowly get back to normal, 2021 is shaping up to be a more promising year for companies, giving you plenty of opportunities to grow your small business. Here are five things you can do to move your company forward.

1. Leverage a customer relationship management (CRM) system

Moving leads from initial contact all the way to closing can get quite confusing when you’re managing multiple people in different stages of the sales pipeline. This is why you should use a CRM system.

A CRM system helps you keep track of where you are in converting leads into customers by consolidating all customer data from your company’s various communication channels (e.g., email, telephone, website, live chat). This allows you to easily access their up-to-date contact details and all of their questions, requests, purchases, and preferences.

By having an organized system for managing customer data, you’ll be able to tailor-fit your client interactions, which can bolster your cross-selling, upselling, and customer retention efforts.

2. Nurture one-time customers

Even after closing a sale, you should still find ways to stay in touch with the customer. You can email newsletters or text them to inform them of promos ahead of time. Better yet, send them birthday greetings and other personalized messages to keep your business top of mind and encourage clients to work with you again.

3. Have a deeper understanding of your bread-and-butter customers

It may be tempting to target new customers to grow your business but it’s best to secure your bread-and-butter customers (i.e., people who account for the bulk of your sales) first. After all, it’s easier and less costly to sell to an existing customer than a new one. In fact, the cost of acquiring a new customer grew more than 50% over the last five years.

To connect with your bread-and-butter customers, you must be able to appeal to their aspirations and pain points. Start by looking at your customer data. Are there common characteristics, such as age, gender, and income, that stand out? Try to spend time with your bread-and-butter customers so you can observe them using your offerings and get to know them better. This will allow you to define their interests, hobbies, ambitions, values, emotional triggers, spending attitudes, lifestyle choices, and other psychographic information.

By profiling your bread-and-butter customers, you’ll be able to develop a marketing strategy that directly caters to their needs, which will more likely generate more sales than a generic one.

4. Create a loyalty program

A cost-efficient way to boost your profits is rewarding your bread-and-butter and other loyal customers since they spend 67% more than new ones and even share their positive experiences with family and friends.

To reward them, you can implement a simple points-based program where frequent customers earn points, which they can use to redeem a freebie, discount, or an exclusive treatment (e.g., early access to sales and deals). For example, they get a free dessert after buying five cups of coffee.

You can also try programs that offer greater rewards as they move up the different loyalty levels (e.g., bronze-silver-gold memberships). So the more they buy from you, the better the rewards they’ll get.

5. Invest in automation and/or outsourcing

If your employees are too busy doing repetitive tasks, they might not have enough time to devote to your company’s growth strategies. Free up their time by automating time-consuming work processes, such as invoicing and answering customer queries. For example, you can leverage chatbots that can handle frequently asked questions. With automation, you’ll be able to accomplish more tasks in less time since computers work consistently and efficiently.

You can also consider outsourcing parts of your operations. For example, rather than expecting your most tech-savvy employee to handle tech support, partner with a managed IT services provider like Athens Micro that can do that and so much more. By outsourcing certain tasks to experts, you’ll receive exceptional service and also have time to focus on growing your business.

When you work with the IT experts of Athens Micro, we’ll eliminate all of your IT worries and equip your staff with the tools they need to support your company’s growth. Schedule your FREE consultation with us today.

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