Growing a business is not easy. It requires time, commitment, and a plan that is devised specifically for your business. However, there are some basic strategies that can help set your business up for success. Here are four strategies you can try implementing today to help double your business income.
Evaluate Your Business
It is time for a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis! What are your business' threats and weaknesses? What are its opportunities and strengths? Place your findings on our Encounter Your Potential SWOT Analysis worksheet (click here to download).
After completing the analysis, use your findings to do the following to help elevate your business to the next level and help you reach your financial goals.
Expand your business's strengths
Resolve its weaknesses
Gauge its opportunities
Decrease its threats
Expand Your Brand Awareness
Brand awareness is the extent to which customers recognize and remember your brand. Ensure your business has a strong logo, brand guidelines, mission and vision, elevator pitch, website, and excellent customer service as consumers value aesthetics and memorable brands that make them feel special. As you create awareness for your brand, more new consumers will visit your site or business social media pages for services or products. If you are stuck on expanding your brand awareness, our team can assist you. Encounter offers branding services made just for you and your developing brand -- learn more here.
Take Advantage of Social Marketing and Organic Searches
From TikTok to Pinterest to LinkedIn, consumers are interacting with businesses on every social media platform. It is important that your business can be found easily. When a potential customer does a quick Google, Instagram, or Facebook search, you want your business to be the first thing they see. You can achieve this by determining which search queries you want Google and other search engines to associate with your brand and business. Doing so will increase the odds that a potential customer will find your business (before finding your competitors) when they are actively searching.
Focus on Your Customer Retention
A robust business income is rooted in customer retention. According to Huffington Post, "the probability of selling to a returning customer is 60-70% while selling to a new customer is only 5-20%." Returning customers increase your revenue faster. Learn why they enjoy your products or services, then capitalize on this knowledge. Also, make sure your employees understand the importance of your company's expectation of excellent customer service. The White House Office of Consumer Affairs says a dissatisfied customer will tell 9 to 15 people about their experience. This statistic exemplifies the importance of asking for suggestions and feedback from customers. The more you know about your business and your target audience, the easier it will be to make effective changes. Remember, a satisfied customer equals more satisfied customers which ultimately helps to expand your business and overall revenue.
Expanding your business can be challenging, but it is doable. It can be a long process, however we are here to help you reach your goals. The Encounter Your Potential team offers you and your business qualified marketing strategists with training and experience helping brands reach their potential. We are a company that gets results. Learn more here.