Have you thought about how to grow your business? Whether your goal is to leap digital to bricks and growing your business while continuing to offer exceptional service to current clients can feel like an impossible balancing act. If you’re serious about supercharging your business’s growth, it all comes down to perfecting your go-to-marketinh firm.
We at Bud Nation Agency provide you with a clear understanding of your audience, and smart segmentation to deliver the right message to the right prospect at the right moment. It also doesn’t hurt to get creative with your messaging strategies to capture new leads. Do you know what your clients expect from you? The Vancouver, Canada based marketing firm shares their marketing strategies that can work well for your business growth.
Create client profile segments While the broader audience in your ideal client profile will share many similar traits, it’s still possible to get more specific by segmenting this audience. For example, one natural division could be existing clients versus prospective clients versus former clients.
Your marketing messages will differ depending on your relationship with these individuals, even if the audience as a whole still falls under your ideal client profile. While all these segments may be valuable to your business, targeting the lowest hanging fruit first will build recurring revenue and help finance your future expansion efforts.
Be realistic about your capital needs In an ideal world, we’d all be sitting on a pot of gold that could finance our business expansion plans. In reality, of course, many small business owners do bootstrap their startup– and also forgo any real salary or benefits to get the business off the ground. If you’re a bricks and mortar business seeking to expand, you’ll need an influx of capital to fund this expansion. Since very few small business owners have the capital on hand that’s necessary to build a new storefront or upgrade machinery, a small business loan can help bridge this gap.
Maximize your cash flow The first thing you’ll want to do is look for unnecessary expenses and eliminate them. Next, make sure your invoicing and payment process is efficient so you’re getting paid for your work and you’re able to create a cash flow reserve for any unexpected expenses
that may come your way.
Reach out to existing clients Existing clients are the ones who already love your business and can help give your business the boost you’re looking for. They just need a little attention, or enticing. Send out a discount offer to entice them to buy again, upsell them on a product or service they would like based on their past purchases.
Ask for referrals We know referrals are powerful. Our Client Service Expectations Study confirmed it even more. Sixty-two percent of people receive a recommendation from someone they know when they’re searching for a service-based small business provider. Getting referrals can be one of the most effective strategies for acquiring new clients and growing your business. All you have to do is ask for them. Easier said than done, right? Get tips and strategies to help you ask clients for referrals in this referral guide.
Measure, analyze and pivot How do you know if your expansion strategy is working? Yes, your monthly cash flow forecast will help you know if you’re in the green or red, but these numbers only tell part of the story. Keeping a close eye on performance KPIs including your gross profit margin (GPM) as a percentage of sales, your drop-off rate, your revenue growth rate, your inventory turnover, your accounts payable turnover, and your relative market share.