Growth is a prerequisite for business success. In today's rapidly changing business environment, most companies need to grow just to stay in place. They need to expand market share, seek out related and new market opportunities, and constantly pursue new customers just to stay even over the long haul.
To grow successfully, businesses need to build upon their success with current customer and grow outward from there. As such, the five steps to business growth are:
1. Satisfy Your Current Customers: The first step for business growth is to exceed the expectations of current customers. This reduces your customer turnover (churn), which means that you no longer have to find new customers just to replace current customers that have stopped buying from you due to poor service.
2. Increase Your Market Share in Your Current Market Space: Increase your overall market share with your current product line in your current market space. Satisfying your current customers strengthens your brand and proves that you live up to your brand promise.
3. Work with Current Customers to Determine New Product and Service Opportunities: Your best customers realize that you are an excellent and reliable supplier. Especially, with B2B (business-to-business) customers, these good customers will often invite you to help them in other related parts of their business where they may be having issues. They may also want your help to refine current products and services or to solve new problems that they may be facing. Pursue these potential opportunities aggressively, as they will bind you closer to these best customers and point the way to new product and service offerings that can then be offered to your entire customer base.
4. Pursue Market Opportunities Already Under Your Nose: Be easy to do business with and open to the potential customers that are contacting you today. In addition, follow up with and learn more about the newest customers that are buying from you. Why do they now need your products and services?
5. Actively Pursue New Products and Market Opportunities: This is the proactive part of growth and business development. It includes seeking out growing and profitable markets, solving customer's problems, and finding new market niches where your company can have a sustainable competitive advantage.
Read the original article on David Shedd's Blog. Copyright 2019.