Thursday, 18 January 2018

Information and commentary for the small business banking industry

What’s behind successful business growth

19 Oct

Once a business is through the start-up phase, it’s important that the business owner doesn’t lose momentum or start resting on their laurels. Start-up is just the first phase. Successful businesses – profitable ones – are those that are always looking for new ways to achieve business growth.

Figuring out how to sell more is always a high priority. When it comes to existing customers, people who are satisfied with a business are open to buying more from it. Plus, it’s usually cheaper and easier to keep an existing customer than to find a new one. So there should be a focus on how to tempt existing customers to visit more often and buy more on each visit.

Acquiring new customers is also key to business growth. By identifying some personal or professional characteristics of existing customers, it’s easier to target similar people knowing they’ll be more interested in what a business has to offer.

If a business owner can get their existing customers to provide referrals – word-of-mouth – they’ll acquire new customers, because people trust what their friends and family tell them more than they do advertising.

Developing new products, entering new markets, expanding distribution channels and updating business models are all key elements to achieving successful business growth as well.

Read the full article at:

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