The current global economic situation set the rhythm of business closure, mergers and acquisitions. The competition is fiercer than ever combines with the fact that 70% of small businesses will fail in their first five years of operation.
While most companies still struggle and grow in this economic climate. The company has created a complete strategy for the business success, and marketing is always the important part of business growth. Marketing is everything for every company, by an appropriate planning, execution and monitoring tailored to the company’s aims, growth come without breaking a sweat.
There are many ways to grow a business, most of which can be very complicated and expensive for small businesses. In short, there are three ways to grow a business.
- Generate more clients or customers
- Increase the number of purchases of customer / client
- Increase the value of each customer / client
(1) The way of generating prospect are many : press, media, word-of-mouth, social media, email marketing, etc. The effectiveness of each depends on how many marketing pillars the company use. To aim of generating more prospects must be converting them to the actual customers cause what is the point of letting people know about your business without capturing their needs to purchase? Of course, it feels like inviting everyone to dinner without entertainment. Simply by integrating a company’s USP into all marketing activities, will help increase the conversion rate of prospects to customers.
(2) By increasing the number of each customer purchases is the sales strategy most companies have found success in, particularly in the food industry and retail industry. In retail, this is called “link selling”, whereby, a customer decides to buy one item, but other products are introduced to the customers that go in hand with the initial purchase. The food industry is expert in this, gone are the days where you go to McDonalds for a burger, but now, it is recommended to buy a meal that consist of fries and a drink instead.
(3) The third way, which I think is more important is to increase in the value of each customer. The business owners need to see their customer as a lifetime customers. Analyzing the products or services that being offered your customers is a way to measure the value of every customer.
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