Five tips to grow your business

As success plateaus or declines, how will you respond?

Business/ Expertise

Those who advance beyond their failures are confident in their abilities and won’t give up, but where do they go from there? Can they figure out how to scale their business and grow in perpetuity? Too many businesses experience unpredictable revenue, so they bounce up and down from one month to the next. They either do something about it or find something (or someone) to blame, creating a crutch and inhibiting their ability to push past it.

The majority of companies will grow until they get stuck at a certain size. Many factors could attribute to this including demand, market size and competition. So, what’s the action plan once they plateau? Often the problems are much bigger and moving a lot faster than they realize.

Assuming the business model is sound and positioning is strong, the next question is – what can they do right now?

We’ve come up with five tips to help grow your business:

  • Attract New Customers
  • Increase Dwell Time
  • Enhance Experience
  • Improve Engagement
  • Build Loyalty

ATTRACT NEW CUSTOMERS: CREATE DEMAND

A new product or service offering requires awareness and market demand. If the demand for your product already exists, you’ll need to create more demand for your brand. In other words, preference over your competitors. Attracting new customers means defining your distinct benefit and the target segment that’s most likely to buy with better margins and the opportunity to grow. You may also consider new attractive business models, partners, distribution, and technology to enable scalable solutions.

IDEA FROM FLYPAPER

Measure demand anywhere, anytime. Conduct your own market research with the freedom of mobility and capture results digitally with or without access to wifi.

INCREASE DWELL TIME: GARNER INTEREST

We don’t choose to be bored, we’d prefer to learn and be entertained. Our goal is to find something that peaks our interest, whether it’s through channel surfing or walking the aisles of trade show. Instinctively we’re attracted to what’s new, genuine, and relevant. The key is to build on that – share new knowledge through storytelling. Take people through journeys they relate to.

IDEA FROM FLYPAPER

Create leads out of interest – imagine ways to extend visits with a digital tablet providing an enriched and premium experience while building in a lead capture opportunity to nurture.

ENHANCE EXPERIENCE: MAKE IT EASY

By nature, we get accustomed to day-to-day routines and miss out on introducing a new opportunity or innovation. Something as simple as waiting in line can now be reinvented and become a new experience for customers.

IDEA FROM FLYPAPER

Simplify a tedious task. Self-checkouts at the grocery store and self-check-ins at the airport are becoming the norm, but event registrations are typically still in the dark ages with long lines and using printed guest lists. People want an easier experience at their fingertips that’s just a simple click away. Digitized sign-in can be easily scaled to accommodate any event to help your guests get into your venue quickly and it supports automated communications via their text or email preference immediately upon sign-in, throughout their visit and following the event.

IMPROVE ENGAGEMENT: SURPRISE & DELIGHT

Most experiences are ordinary enough for you to run on autopilot, which can be a good thing for UX designers and wayfinding solutions. For everyone else, it’s just another day we can vaguely remember tomorrow. Think about how people view teaching or training scenarios, students aren’t usually excited – the same could be said for a sales call or meeting. Your guard’s up and expectations are low. The good news is this creates an environment where even the smallest change makes an impact.

IDEA FROM FLYPAPER

Make onboarding fun. Think about alternative methods of ramping up a new employee or building the skills of a senior representative. Teaching the skills, procedures and culture of your organization doesn’t have to be limited to reams of reading or lecture-style classrooms. Consider how you might incorporate gamification, role play, or scenarios.

BUILD LOYALTY: BE MEMORABLE

Delivering after-sales value seems like no-brainer to most, but many companies don’t have the luxury of focused roles splitting up responsibilities between lead generation, closing sales, and growing the relationship. The difficulty is prioritizing your customers even when there are newer ones in the funnel. The majority might say you meet their expectations, but what if an improvement could convert that same group into advocates, turning them into repeat or life-long customers.

With the desire to share good experiences with family and friends, plus being so easy to share via social channels, the speed and growth potential of word-of-mouth is greater than ever before. Do something worthy of sharing.

IDEA FROM FLYPAPER

What can you do that would make your customer share the experience you delivered with their family at the dinner table and their followers on the latest social media channel. If you were a hotel that had a self-serve concierge in every room, guests could find a show to see, where to go shopping, and make dinner reservations, all conveniently from the comfort of their own room. Think about ways you might create an opportunity to be memorable just by making a daily task more convenient.

 

BONUS TIP

INCREASE WIN RATE: ALWAYS BE TEACHING

Many believe new sales rely on relationships built on trust – if that were the case, those nice guys would have a 100% win rate.

Communicating a superior value trumps relationship. Demonstrate knowledge and insights your prospect wants but doesn’t have. Teach them something new or previously unrecognized needs about their own business. Challenge their mindset, reframe their current state through a new lens. Make it about them – put the customer first.

Control the conversation from the beginning and help them recognize the cost of the status quo and the benefits of change. Ask questions and understand the pains and pleasures that are a top priority to the customer. You might need to enlighten them of a pain they haven’t felt yet, but you will help them avoid. The best approach is to focus on pleasure, specifically how you’re going to help them. Paint a picture of what life might be like without your solution, steer the conversation toward your value proposition, and provide a solution that’s new to them and executable with you.

IDEA FROM FLYPAPER

Bring your sales aids to life. Create interactive digital materials that help tell your stories through video, personalize in real-time, and access a complete resource library with the tap of a finger.

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