Expanding your customer base is the best way to generate new business and improve profit and cash flow in Australia. It is one of the leading business strategies for success. However, it is also a challenging proposition!
Here are 7 practical ways to increase your customer figures and grow your business.
1. Learn about your customers.
Determine your customers’ needs and create services and products accordingly. To gain valuable insights into what your customers need, personalize your offerings. Encourage customers to offer their feedback.
2. Provide stellar customer service.
Many people underestimate the importance of good customer service. When you take an extra step for a customer, that person will remember what you did. They will likely recommend your business to their family, friends, and neighbors. This is one of the easiest business strategies to execute!
The opposite will likely occur as well. Unhappy customers spread their dissatisfaction faster than a wildfire, so always do your best to offer great service.
3. Nurture current customers and search for new prospects.
Implement ways to maintain contact with existing customers. Some proven strategies include:
- Sending e-newsletters
- Offer updates about your business such as the launch of a new product or service
- Let them know about upcoming sales and promotional events
While doing all this, have business strategies in place to expand your customer base. Ensure you always maintain a balance between staying in touch with existing customers and looking for new ones.
For example, if you own a business, consider promoting it in that business in a relevant Business Directory of which there are many and they some are free. For just a few minutes of time you can have a free listing that gives you exposure to numerous private and government organisations that want to utilise your products or services.
4. Leverage social media.
Platforms like LinkedIn, YouTube Twitter, Facebook, and Instagram are powerful tools to get the word out there about your business. It is an excellent way to gain insights into what customers are saying about your business. Also called social listening, it provides important observations about customers’ behaviors, preferences, etc. It can help you identify trends and keywords that will help access your target market. Social media is one of the most dynamic business strategies you can implement because it gives your business a chance to actively build your brand and engage with new customers.
5. Participate in networking events.
Sometimes in business, it’s about whom you know not what you know. Take time out to add contacts to your network. This is an excellent way to engage with industry leaders, experts, and other business owners. Use this opportunity and encourage them to refer customers to your business. Networking is the most under-used business strategies but has great payoffs in the long run.
6. Host events.
What’s the best way to get acquainted with customers and develop relationships? Host an event. Invite both regular and new customers and prompt them to bring their contacts. Perhaps you have a new product or service to launch, or an anniversary or milestone to celebrate. Make it an event.
7. Automate accounting processes.
Ask yourself, how much time do you spend keeping track of expenses, profits, bills, cash flow, etc.? Is it is taking away time from finding new customers and expanding your business? If so, then it’s time to automate your business’s back-end processes. This is one of the easiest business strategies to implement because you can either invest in accounting software or hire an accounting professional.
This will help you with the following:
- Tracking payroll
- Paying utilities
- Monitoring employee attendance
- Filing taxes
- Staying updated with tax rules
- Cash flow
With these 7 business strategies, you can focus on taking your business to new heights.
So, when it comes to your all strategic requirements for your business, Ainsworth Accounting Solutions are here to help you. Contact us today and we’ll be happy to speak with you.
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