As much as you might not like it, the business world of today is a very open one. Anyone with an idea and a few stacks of cash can easily found a company that will compete with yours and threaten the growth of your business. However, if you’re looking to always have the edge, take a look at these tips:
Learn the Value of Partnership
It can be really tempting to you to just have yourself do everything, especially in the beginning stages of your business when you have the funds, time, and every other resource at your disposal to actually do so. Although a hands-on approach doesn’t really have any disadvantages, the issues lies in when you realize that you have bitten off far more than you can chew, especially in areas where you lack the necessary experience, expertise, and know-how. It’s not really difficult for you to find good talents to work for you, but the thing is that you have to know where to look as well.
You can easily log on to various website, market-laces, and platforms that will be able to provide you with specialized talents that will be more than adequate to help your business on the continual path to growth and sustainable development. Whether you need someone who specializes simple things such as making cakes, offering personal assistant service to more technical aspects like running a free iPhone backup extractor for your telecoms business, offering legal counsel, etc, freelancing is one of the surest ways to ensure partnership; partnership that will help your business grow.
Focus On Customer Retention
Statistics have actually shown that acquiring new customers is a process that has the ability to cost an organization around five times more than it would take them to retain their existing customers. As a matter of fact, a 2% increase in the level of customer retention is capable of having just about the same effect as reducing the operating and running costs incurred by a company by 10%. To put it another way, if you reduce the rate at which your customers leave and move to competing firms by just a mere 5%, it is possible for your company’s profitability to increase by a rate of between 25% and 130%, although the number exactly also depends on the industry you belong to.
According to statistics brought by the United States Chamber of Commerce and the Small Business Administration
- The average business that is set up in the United States actually loses about 50% of its original customer base every half decade.
- A company is four times more likely to engage in any form of business transaction with an existing customer than an entirely new customer.
- Your company is 60% to 70% likely to make a sale of any kind to an existing customer, while for a new customer, the probability is just between 5% to 20%.
However, customer retention is also not a small step. Your ability to successfully retain a customer is a step that starts from the initial contact that you make with that customer and if you get to interest them, it will have to continue throughout the san of that relationship. Customer retention is a step that never ends, due to the fact that humans are very unpredictable. You will need to continually impress customers so as to be able to guarantee that they’ll be coming ack. One wrong move and they could be gone for good.
Work on our Brand
If you want to create a business that is able t adapt and grow from one scale to another, then it is important that you work on the brand that such a business portrays. You need to understand the importance of building brand equity and establishing a form of emotional connection with each and every customer that you come across. These attachments are what link customers to your brand for life and which spur them to build relationships with you. It is these relationships that will keep your customers with you in the long-run. An emotional attachment is built when a customer is able to relate with your brand. They see something of themselves in you and you are able to resonate with the basest desires in them. that way, even if you’ve got a million pother people doing what you do, they’ll long for that special service; that service that was born out of an attachment.