Business Growth Strategies: The #1 Key to Business Success

business growth strategies, marketingIn upcoming posts I would like to share with you 5 business growth strategies that will guarantee business success. Actually, there are ONLY 5 basic strategies for business growth that we can consider. As you read each strategy be thinking about how you can improve on it within your business! The first strategy that will lead to business success is Keep the Customers You Have. Always remember that your number one marketing priority is to market to your existing customers.

Why do I say this is the #1 key to business growth?

Because it is 6-8 times less expensive to keep a customer than to acquire a new one! Your current customers already trust you. They are already comfortable doing business with you. And, let’s face it, your good customers are your competitors’ best prospects! Your best customers are the prospects they want! To truly have business success we must watch our ego. We must not neglect our loyal friends who already spend money with us while chasing after strangers! Predictable revenue streams and profits come from the long term relationship and repeat business of our loyal customers.

Spend a significant amount of time on this for business growth!

By spending time, effort, and resources on current customers, it is possible to see as much as 80% of future growth coming from these loyal relationships. So take time to think about their wants and needs. Look for ways that you can bring additional value to them. Ask questions like:
  • How are we doing?
  • What other needs do you have?
  • How can we improve our value to you?
Communicate often with them. Leverage social media (e.g. Facebook, Twitter, LinkedIn) to enhance customer service and connection. Know your attrition rate and always be working to improve it. Make retaining customers your top business growth strategy and you might find an increasing flow of word-of-mouth business success!

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2 Responses to “Business Growth Strategies: The #1 Key to Business Success”

  1. Glenn says:

    Becky, you are absolutely right! Sincere appreciation is powerful and it truly will set you apart! Thanks for sharing this!

  2. Becky says:

    This is so true. When was the last time anyone you do business with actually reached out just to say “thank-you”? Business owners can set themselves apart from the competition just by showing appreciation to the clients they already have. And the simple act of saying “thank-you” will win those customers for life.