Ways to Grow a Business
Building a company is no easy task. TCU offers suggestions on how to keep your business on a trajectory to success.
It is not easy to build a business that’s successful. Growth takes time and effort. The key, however, is to take the steps to keep moving forward.
Here are some tips to consider if you wish to see your enterprise flourish.
Provide great customer service
Make sure your customer service is exceptional and superior to that of your competitors. Go the extra mile to make your customers feel special.
According to a study by NewVoiceMedia, 51 percent of customers will not go back to a business after a bad service experience. It takes several positive service experiences to make up for one negative one. When people have more pleasant experiences, they are more likely to refer others to you.
Nurture existing customers
Encourage loyalty to your business by letting your clients know they’re appreciated. Stay in touch with them via social media and let your most loyal customers be the first to know about promotional events and discounts.
Social media has created a way for people to constantly update and share content. According to J.D. Power and Associates, 67 percent of consumers have used a company’s social media channel for customer service.
Also, put yourself in your customers’ shoes and ask yourself what common issues they’ll likely face daily. Once you have a list of topics, you can start to draft content that offers solutions. Once your clients come to expect your prompt assistance, they will develop deeper loyalty because of the investment you make in them.
Attend networking events
Building relationships with a wide range of people, including investors, peers, employees, and of course customers is essential. Networking can also help you connect with like-minded people and get in touch with important influencers in your field.
Also, your business can benefit from holding its own event. In addition to developing a personal connection with your clients, people attending your events can build relationships with each other. There’s power in seeing other people who support the same brand and feel like they’re part of an exclusive group.
Give back to the community
Sponsorships or supporting community events or projects also attracts new business. Community involvement shows your customers and prospective clients that you care about more than the bottom line. If you demonstrate to customers that you share their values, they are more likely to have a positive attitude toward your company.
Also consider selecting a nonprofit and giving back a percentage of sales to reach more customers. Clients will see a meaningful impact behind their purchases, making them more likely to return to your business.
Figure out what works, then do more of that
In the competitive business world, you need to pay special attention to how and where your customers are coming from. List the features and benefits that set you apart, decide what need is being specifically met by your product or service, identify aspects of your business that your competitors cannot imitate, and then communicate what sets your business apart.
Just like any new skill, growing a business takes time. But committing yourself to developing relationships, adding value, growing loyalty, being consistent and above all offering a quality product offers the best chance for success.
All information presented on this page is for educational purposes only and doesn’t constitute tax, legal, or accounting advice. It is to be considered as general information, not recommendations. Please consult with an attorney or tax professional for guidance.