I get asked all the time about how to quickly and easily grow a company. My short answer is that there are NO silver bullets! It doesn’t matter what business you are in, there’s no single way to jump your sales overnight. And there’s really no way at all to do it effortlessly.
That said, if you want tried and true ways to grow literally any business on planet, read on…
Here’s a list of my personal 10 favorites that work in literally every situation I’ve ever been in. And by the way, that ranges from advanced business solutions to manure farmer (Yes, I’ve actually coached a manure farmer). I’ve used this in all situations and they flat-out work!
Mike’s top 10 ways to grow any company
- Reach out to past leads that didn’t close and see if they are now ready to buy. – Most sales are lost for lack of follow-up.
- Reach out to current customers and see if they could use an upgrade or cross sell them into another product or service. What if every one of your customers purchased just 10% more from you?
- Ask everyone, past clients, current clients, people who don’t close in a demo; for a REFERRAL! People will give you referrals if you ask. Even if it doesn’t work more than 10 or 20% of the time, that’s better than 0% which is what I bet most of you reading this are getting right now.
- Increase your prices. If you are worth it, charge more. Cheap = you get what you pay for.
- Review your promotions and discounts to find ways of adding value instead of just giving discounts. I recently reduced the cost of a promotion for a client from $15 to $9 (a savings of $6 per sale). We reduced the plain cash discount to $5 cash off and a product that cost him $4 but had a perceived value of $10 (still a $15 value to the customer). Doesn’t sound like much until you hear that he sells 200 of these deals per month. That equals 200 sales times $6 or $1,200 per month/$14,400 per year.
- Review your marketing to see what’s working and what isn’t. Cut what isn’t working and redirect those funds to what is.
- Pick up the phone and call all your customers just to see how they are doing. You will be amazed at how many will refer business or let you in on a need they have (that you can help with) if you just communicate with them regularly.
- Invest 1 hour a week honing your sales skills, presentation/demo, etc. Get better at closing!
- Implement a multi-touch sales and marketing system so that every lead gets “touched” a minimum of 20 times before you give up on it.
- Be authentic! – It’s not enough to be funny, cute, or original. People want to see how real you are. Show a real side to who you are and what your company is about and more people will buy.
For more strategies and tips on how to grow your business, email me at firstname.lastname@example.org
Have an interesting tip or strategy you want to share? Send them in. I’d love to share with the world!