If you’re ready to grow your business, this guide is for you. It offers five strategies you can use to skyrocket your business to the next level.
1. Offer a new service that your existing clients will buy or that will bring in new clients. How has the market changed and is it signaling that a new service would be beneficial now? For example:
- Build a digital product
- Build a course
- Start a podcast that zeros in on the pain points of your clients and provides them with solutions
- Offer a new membership or mastermind.
2. Refine or recreate an existing service or one that you no longer offer. Make it more viable. Extend it, revamp it, simplify it. Ask, how can I make it better and more profitable?
3. Sell more to your existing customers. They already know and trust you and your business. You don’t have to convince them again of the reasons to buy from you since you’ve already established your reputation. Win-win, it saves them time from not having to shop around for someone new.
You could:
- Put in place a new way for clients to buy from you, such as adding a workshop. Why not, as part of your market research, ask them to vote on potential topics?
- Cross-sell your services by introducing existing clients to services they have not yet purchased from you. Segregate your email list by services sold and set up a funnel to coss-sell your services to specific segments of your client list.
- Up-sell your services by promoting a more expensive version of the service they have purchased from you.
- Offer clients a complementary service. For example, offer templates, problem-solving sessions, or other tools that would be of benefit to your clients.
- Determine when clients need to re-order from you and send reminders. For example, if their subscription is about to end be sure to send out a reminder and make it easy for them to extend their subscription period.
- Encourage clients to book several appointments ahead of time.
- Offer a payment plan to make it easier for clients to pay for your services .
- Consider how you package your services. Offer a slight discount for paying in full up-front for a set number or a bundle of services.
4. Find new clients. Does your ideal client profile need tweaking? Is there a second ideal client profile that could be added to your business to extend your client base? Ask, who else might be the ideal client that I haven’t yet included in my lead generation activities?
Other options to consider:
- Set up a referral program for your current clients. This is often overlooked yet easy to put in place
- Set up or optimize your website for search engines (SEO) to drive more traffic
- Engage more on a social media platform you already use or begin engaging on a new platform to build more connections and trust
- Consider new lead generators such as white papers, case studies, quizzes, mini-courses, summits or challenges
- Create a new e-book or a series of e-books as a lead magnet
- Build your profile by speaking at events, and conferences or writing thought leadership articles and blogs
- Extend the number of Joint Venture partnerships you have.
5. Update your business model. Your business model is how you receive income. You may find growth opportunities by changing the way you do business, especially if current demand shifts. For example, as a result of Covid, many businesses changed their business model from running in-person workshops to facilitating them online or selling them as online courses accessible 24/7.
Other examples of business models to consider are:
- Licensing your design or product for others to use. Many business owners have successfully built their business selling PLR products (Private Label Rights).
- Selling your intellectual property for royalties.
- Adding a subscription service or membership.
- Shifting from 1-1 services to 1-many group services.
- Moving from a regional to a national or an international service.
- Developing strategic alliances (think Joint Venture partnerships) to gain shared market advantages.
- Moving from fixed-rate service agreements rather than charging fees by the hour.
Make sure any new business model is substantial in that it creates more revenue than your older way of doing business, and sustainable in that the revenue it creates is long-term. Also, ensure you do your due diligence to confirm the strategy and strategic partner align with your values and how you do business.
That’s it for today.
In part 2, we’ll look at how to increase your profit margin and more, so stay tuned.,