Yahoo Finance Want to take your small business to the next level? These tips may help
Running a small business is no small feat. Between managing day-to-day operations, keeping customers happy, and staying nimble in a marketplace constantly disrupted by new tech, it can feel impossible for entrepreneurs to carve out time to focus on long-term growth.
But just because it may feel impossible doesn’t mean it is. TD’s small business banking tools and resources can offer valuable insights that can help you strategize new ways of growing your company. From ideas about retaining current customers to suggestions on attracting new business, we’ve put together additional tips for business owners looking to level up.
Turn your customers into your biggest fans
Whether you’re a product or service business, happy customers can create great word-of- mouth and business referral growth.
Here are a few tactics you can use to boost customer satisfaction and increase retention:
Launch a rewards program
Rewards programs may incentivize repeat purchases for your biggest and most frequent buyers. They also could help make customers feel valued while keeping your brand top of mind. The program doesn’t have to be especially complicated—even something as simple as a “Buy 10, get 1 free” deal can help encourage customers to keep coming back.
Make feedback a priority
Asking for customer feedback can be a win-win: your customers may enjoy feeling like their opinions are being valued, while their responses can help you identify potential issues. Consider soliciting feedback via formal surveys, or less formal conversations between you and your customers.
Make your VIPs feel extra-special
It’s often said that it’s easier to sell more to your current customers than it is to find new ones. Offering your best customers VIP perks and discounts may be a great way to boost growth. Small gestures of appreciation — such as invitations to product launches, discounts on bulk orders, or even just taking the time to get on the phone and see how you can help make their lives easier — can add up over time, and can help your best customers feel their business is being valued.
Find new customers through focused outreach
Fueling growth often means attracting new customers. And while new growth initiatives may take time and energy to set up in the short term, you might find the extra effort is worth it in the long run.
Looking for ideas? These are just a few strategic outreach and marketing techniques to keep in mind:
Run referral promotions
Having happy customers recommend your products or services to others can be an excellent marketing tool—referrals often lead to higher conversion rates than other traditional marketing efforts. As a result, a referral program could be a great way to incentivize word-of-mouth, by rewarding existing customers for telling others about your business.
Create relevant content to drive traffic to your website
Content is (still) king for those looking to build their business. That said, while organic search traffic remains an excellent driver of leads for businesses of all types, SEO experts typically recommend prioritizing content quality over quantity. One way you can do this is by creating niche content built around popular search terms that are relevant to your specific business or industry.
Tip: You can help encourage searchers to become potential customers by offering a strong call to action (or CTA) within your content. Possible options include: offering discounts for newsletter signups or encouraging users to take advantage of a sale or promotion.
The same goes for social media content. Getting active on social media may help increase your presence and brand awareness online. In addition to interacting with current customers, you can also use these sites to target new ones via paid promotion.
Nurture your email list
Newsletters can be a helpful tool to provide customers value. Consider sending exclusive offers, limited-time discounts and invites to webinars, events or product launches to your newsletter subscribers. And, if you find you’re getting more unsubscribe requests than sales, it may be time to revisit your newsletter strategy.
Identify new ways to sell your products and services
Experimenting with new distribution channels like online marketplaces and subscription offers can potentially drive revenue by giving customers another way to buy your product or service. And with the power of the internet behind you, there may be untapped revenue streams out there.
Here are a few ideas to help get you started:
Consider a subscription program
Subscription programs don’t just provide recurring revenue and guaranteed sales, they can also help you lower churn at the same time. Consider offering tiered plans that cater to different budget levels to give your customers even more opportunities to purchase.
Build an online sales channel
Looking to take your brick-and-mortar business online? Consider selling your wares through an existing online retailer or creating your own e-commerce website. The internet helps break down geographic barriers, allowing you to better connect with customers from all over.
Develop add-ons, bundles and ancillary products around your biggest sellers
You may also want to look at your existing best sellers to see if there are any upsells, expanded offerings or other products you can develop around your best-performing categories or customer segments. Going deeper into what your customers want most can be a great opportunity to uncover new products to sell.
Trust TD for your small business banking needs
The Small Business Banking Team knows that no two small businesses are the same. That’s why they offer personalized banking services specifically tailored to your business’ unique needs. TD’s Small Business Banking Specialists can help educate you on your options when it comes to grants, loans, and other financial services and products, so you can make the decision that’s best for you and your business.
