Growing Your Business
Know your market A good place to start would be taking a fresh look at your market. Begin with your customers; a survey will not only highlight any areas of your business that may need improving, such as customer service, but it will also indicate what other products or services they may need that you may be able to provide. Next, research your local competitors. Identify what they are they doing
successfully and any potential ways in which you can make yourself stand out from the crowd. Additionally, regularly reviewing your prices and checking them against your competitors can be an effective and easy way of increasing your sales. Finally, take stock of your suppliers – are you getting the best service for
the best price?
‘You must actively ask each satisfied customer if they know of anyone else who would be interested in your business and follow up on any leads’
The biggest challenge for any business owner is transforming your venture from an initial idea for a great product or service into a successful, profitable business. But what steps should you take, and where should you begin?
Taking steps towards
Feature
Improve your product… or develop a new one Your customer feedback may highlight ways in which your product or service could be improved – or you may discover a gap in the market that you could fill with a new product altogether. By improving your existing product, you can commit to the needs of
your customers by making changes based on their feedback. By developing a new product or service, you will be able to sell more to
your existing customers as well as secure new business, spread fixed costs (such as premises or machinery/labour) across a range of products and diversify your business, so you are less reliant on certain customers or markets.
Utilise your existing market You may think that finding new customers will be the key to successfully growing your business when in the simplest way to increase your sales is to sell more of your products or services to the customers who are already buying them. It is easier (and most cost-effective) to increase sales among your existing
customers than it is to persuade new ones to buy from you, but you will need to keep detailed records of your customer in order to maximise your sales technique. By keeping such a record, you can work out who are the one-off customers and who might consider buying more and who has stopped buying from you and what you could do to win them back. However, you can also ask your existing customers for referrals – but
don’t rely on word of mouth to grow your business. Rather than sitting back and waiting for your existing customers to spread the word about your great product or service, you must actively ask each satisfied customer if they know of anyone else who would be interested in your business and follow up on any leads.
Extend your reach When you are ready to branch out and attract new customers, there are several routes that you can take. If you sell a product, explore making it available in new areas, both
nationally and internationally. Reaching new markets in the UK will require you to develop relationships with retailers, wholesalers and distributors, while exporting will require an in-depth understanding of foreign markets. However, a lot of help is available to exporters and the Department for International Trade (DIT) is a great resource to utilise. Alternatively, you can look to sell your product or service online. This
has many advantages such as helping to reduce costs, improving efficiency and productivity and fostering better communicate with your customers and suppliers. However, there may be some new costs involved, such as software, hosting and training, and you must also make sure you are compliant with data protection laws. Increasing your marketing activity is a great way to extend your
pool of potential customers. You don’t necessarily need to invest in expensive marketing campaigns – free marketing channels, such as social media, can be an extremely easy way of getting your brand name out there.
growth April 2018 CHAMBERLINK 57
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