How to Grow your Small Business

Grow Your Customer Base
1. Increasing your lead or inquiry generation
  - Referral systems.
  - Acquire customers by "Break-even Up Front" and "Profit on the Back-End".
  - Guarantee purchases through risk reversal.
  - Host/beneficiary relationships.
  - Advertise.
  - Use direct mail.
  - Use telemarketing.
  - Run special events or information nights.
  - Acquire qualified lists.
  - Develop a unique selling proposition.
  - Increase the perceived value of your product/service through better customer education.
  - Use public relations.
2. Increasing your customer retention rate
  - Deliver higher -than -expected Levels of Service.
  - Communicate frequently with your customers to “ nurture” them.
3. Increasing your conversion from inquiry to sale
  - Increase sales skill levels of your staff.
  - Qualify leads up front.
  - Make irresistible offers.
  - Educate your customers by giving “reasons why”.
Increase the Average Transaction Value
- Improve your team’s selling techniques to "Up-Sell" and "Cross-Sell".
- Use Point-Of-Sale Promotions.
- Package Complementary Products and Services together.
- Increase your Pricing and hence your Margins.
- Change the Profile of your products or services to be more “Up Market”.
- Offer Greater/Larger Units of Purchase
Increase the Transaction Frequency
- Develop "Back-End Products" that you can go back to your customers with.
- Communicate personally with your customers (by telephone, letter, etc.) to maintain a positive relationship.
- Endorse other people’s products to your list.
- Run special events such as “Closed Door Sales”, limited pre-releases, etc.
- Implement Price Inducements for frequency.