A majority of successful businesses that have seen breakthroughs in their growth and expansion have something in common – they see the big picture and conceptualize how their success will appear like in days to come. In today’s turbulent economy, most businesses are looking for ways to grow whether by finding new, productive ways to have their products sell in the market or broadening their customer base.
There are many avenues you can follow to achieve growth but every business need to evaluate what model or system works for them then determine their own path. If you are looking to grow your business and take it to the next level, here are things you want to do:
Look for New Ways to Sell Products and Services
Rather than ticking to your old ways of selling products, why not find new channels for the products or services. This way, you can diversity your brand while at the same time attracting more customers. Remember that sales channel-vendor relationships can work well if you do them right.
Think of a company like Sprayology in Tinton Falls, N.J., a company that brings you homeopathic and vitamin spray products like ImmunoBooster and AllergEase.
It was founded in 2004 and had positioned itself as a trusted maker of wellness products where it sold its products through day’s spas and hotels that wanted to give their clients a unique way of treating common ailments like hangovers and insomnia.
However, in 2008, like many other businesses, it was hit hard by the economic recession. Ellie Whalen, the co-founder and CEO says things were dreadful, and sales went down more than 30 percent in 2009.
Sprayolody pursued new sales channels while maintaining its image and lifestyle or beauty products. The company had time special in fashion deals like Gilt.com and HauteLook.com something that helps create more awareness about their products.
The CEO even reached out to retail buyers of beauty products who wanted to expand. In 2010, it was testing its sprays in ULTA stores. Recently, it started selling its products through LOOK Boutiques that offers high-end beauty products.
Whalen says that they want to build their retail sales by finding new sales channels for their products.
“One great way to expand your business reach is by actively widening your consumer base,” recommends CEO of AvaCare Medical, Steven Zeldes. “We were able to do this recently by introducing the option of purchase orders for government entities and healthcare facilities. By creating this purchasing option, we added a significant group of purchasers to our demographic.”
Add New Products That Increase Value
You may find that what you have isn’t enough or doesn’t add value, so consider adding new products that increase the value of your brand. This can help generate new sales and at the same time improve the satisfaction of customers.
The Daily Java for example, only supplied espresso machines at the beginning among other coffee-making supplies and mixes to restaurants and coffee houses. However, in 2008, Mike Bacile, the founder decided to come up with some powder-based blends of iced-coffee to clients.
The Dallas-based teahouse and coffee supplier found a food co-packer that supplied drink flavors. In 2010, The Daily Java introduced blended-ice drinks known as Tazza Di Risa.
Mike sent packs of the new products to the existing customers and surprisingly 30 percent of them opted for the new products.
Better Serve Your Customers
Eric Keiles, an entrepreneur together with his business partner discover an avenue for success by reorganizing their company’s sales. Their company Square 2 Marketing was founded in 2002 as a marketing consulting firm. However, it had heavily relied on cold call clients and lead generation done by the sales persons.
They realized that the traditional marketing techniques weren’t working. Between 2004 and 2007, they had the annual revenues remaining flat around $1 million.
One thing that that Keiles discovered is that the markets they were targeting didn’t really need salespersons to do cold calling. Keiles started researching for other sales methods in 2007, and the co-founder Mike Lieberman decided to lay off the salespersons and have the marketing consultants do sales closing without much pressure.
The marketing firm started speaking at conferences, using the Internet, and writing articles or even doing video marketing. Today, Square 2 Marketing has grown its annual sales two fold to reach $2 million.
The Bottom Line
When you put focus on your customer service, you introduce new products or services to add value to your brand, and you rethink the old way of doing things, you can surely grow your business to the next level. The customer behavior is ever changing and technology is influencing how consumers behave.
Unless you move where the customers are and find out what they want, your business will remains stalled. Invest in continuous learning and do away with sales channels that aren’t yielding results.
Sometimes, you don’t need to cold calling to get customers, you don’t need to lower your prices to attract new customers, and you just need to find out what has changed in their buying behavior.
Do they still see you product as of great value to them or should you introduce something new to supplement and back up your old brand.
It’s a matter of realizing what doesn’t work and what works and at the right time. You could spend millions of dollars for a sales marketing technique that doesn’t give results, but only spend a few thousand dollars to bring in a new product and you have your customer base increasing. You also want to set goals and push boundaries so that if you don’t get to where you want to be in 5 years, you can change tactics.
For example, you can have a small team that is paid on profit sharing basis rather than having the traditional commission based payment on specific sales.
When you have this kind of model, you make the marketing team feel part of the brand and not just sales persons. Sometimes, you don’t want to be sellers of something, you want to be manufacturers or makers of something and this makes a big difference in building clientele base and increasing customer satisfaction.