If you’re reading this article right now, that means you have something on your mind. Maybe you need help scaling your business, maybe you’re having trouble hitting your revenue goals.
Whatever the case, you’re in the right place.
Because today I’m going to show you 10 proven strategies that will teach you how to grow your business as much as 500% or more!
Before we get started, I want to set the stage. During the great recession, and with the rise of social media, a New Consumer has emerged with a lot more power than the old days.
It used to be that corporations were in total control as the consumer had few choices and were forced to get in line and wait at the store for whatever they needed, but today the consumer is in total control thanks to technology.
This new consumer is continuously evaluating brands before, during, and after they make a purchase.
In order to increase revenue for your business, you’re going to need to put in place the people, processes, and technology you need in order to win over the hearts and minds of your customers during every stage of the customer experience lifecycle.
If your business isn’t connecting with customers during each step of their journey—the right way—scaling your business is going to be almost impossible.
I’m about to tell you, right now, the proven secrets to scaling your business and increasing sales. Are you ready to start cultivating lasting success?
In order to put the Pareto Principle into action, you need to identify your best customers, but it’s not enough to just find the ones that make 80% of your sales.
You’re going to want to know:
- Who are my most recent customers?
- Who are my most loyal customers?
- Who are my biggest spending customers?
If you can do that, you’ll be able to focus your marketing efforts on this high-value customer segment in order to drive profit.
Everyone wants maximum profit for their business, right?
In Peter Fader’s book, “Customer Centricity”, he says you should focus on the right customers for strategic advantage so that you can invest your time and money where it matters most.
So how do you do it? How do you determine who your best customers are?
It all starts with market segmentation.
Segmentation tools are usually found in most CRM system software platforms, it gives marketers a way to slice and dice their database into different customer segments.
It also provides a quantifiable way to distinguish between your best and worst customers on file.
Here’s some of the different ways you can segment your database.
Geographic Data (Where they are)
Geographic data tells you about where the customer is located.
For example, you may segment your database by city, state, region, etc...
Demographic Data (Who they are)
Demographic data tells you about who the customer is.
For example, you may use a prospect’s contact profile to create segments based on job title, age, and much more...
Behavioral Data (What they are doing)
This type of profiling is more concerned with what the customer is actually doing. It cares only about customer activity.
For example, you may use behavioral data such as website pages visits, email opens, clicks, purchases and much more to segment your customers.
Psychographic Data (Why are they in the market for a product or service)
Psychographic data tells us the “The Why”. Why are your customers in the market in the first place? People do not buy products or services, they buy solutions to their problems.
It’s your job to understand your target customers’ problems and to develop products and services to solve those problems.
By using segmentation, you can profile and target your prospects with much more precision. This means you can stop focusing on how to close a sale, and start focusing on how to make more valuable sales overall.
#3 People, Process, Technology.
The best ways to increase revenue for your business
If you want to increase revenue for your business you’re going to need the right people, processes and technology to do it.
Let me introduce you to my two friends, TOM and COM.
Target Operating Model (TOM)
Your TOM helps you define the processes required to support your “Target” State.
This includes your technology infrastructure, and necessary data and analytics tools that you need to ensure that your business can achieve its objective to increase revenue.
Current Operating Model (COM)
The “Current” State, represents your Current Operating Model (COM) and how your organization is configured today. It’s your As-Is State.
In order to get to your target state you need to take an inventory of what you have today and how much it’s costing you.
Once you complete this checklist you need to make the following decision:
Should I use a whole bunch of different apps, from different vendors, using different databases in order to manage my brand?
Should I use a Unified Platform to save time and money?
#3A You Need To Get Unified
The All-In-One CRM System
How do you get you unifed?
You need to implement an All-In-One CRM System with a complete range of tools already integrated and available at your fingertips.
The platform should unify the following:
- Marketing Automation
- Customer Service
- Help Desk
Why is Being Unified So Important?
One the main challenges businesses are facing today is that their customer data is not unified.
When you use too many apps from different vendors using different databases you end up in what I call “The Integration Hellzone”.
The Integration Hell Zone
Without all of the data from your interactions with customers available and unified, the ability of your analytics to model accurately what’s going on with your performance diminishes into vague estimation.
Some of the side effects of the Integration Hell Zone include:
- Data Silos
- Poor User Adoption
- Poor Employee Morale
- Not Able To Be Customer Centric
- Poor Sales Performance
This has become such a serious problem in the field of business intelligence that there are now entirely separate software packages just for trying to handle data analysis in a useful way across all your different software.
Benefits of An All-In-One Platform
A better way for scaling business
An All-In-One CRM Software Solution has the following benefits:
- Saves Valuable Time
- Eliminates Costly Apps
- Access Better Business Intelligence (BI)
- Higher Return on Investment (ROI)
- Boosts Employee Morale
- And more...
At the end of the day, two of the most powerful value propositions for products or services revolve around saving time and saving money.
An All-In-One CRM Software Platform is a great way to do both of these while giving you access to the tools you need in order to increase your revenue.
Let’s look at what kind of time you can save by using an All-In-One CRM Software Platform.
Let’s assume that you have a small team of 5 employees that need to log into at least 3 other apps a day across sales marketing and customer service throughout the day.
I know for myself it’s much more like 10 minutes because of all the distractions I encounter when I log into different applications, but for this example let’s use only 2 minutes.
As you can see for a small operation an extra 10 hours a month can be a big deal, and if you’re a medium and large organization, it can be a much more significant amount of time lost.
Time is money, and it’s a finite resource. Spending your time wisely is one of the fastest ways to scale your business, increase your revenue, and make your business even better.
If you add in an average salary of, say $25 per/hour, you’re starting to see just how much a Unified Commerce solution can save you.. If you factor in closing a few extra deals a month, it starts to make even more sense.
Whether or not this is right for you, it’s important to know that the movement has already begun!
BRP conducted a Digital Commerce Survey of the top 500 North American retailers and found that, "73% of retailers plan to implement Unified Commerce by the end 2019."
If your competitors are moving towards a better way to do business, it’s time you step forward towards the future, too.
#3B Implement A Virtual Phone System
Ensure that no opportunities fall through the cracks
When you have a Cloud Based Virtual Phone System that works seamlessly with your CRM system, it can feed valuable data to your entire organization and redefine your voice communications.
Features like click to dial, call routing, and voice analytics can have a powerful impact on your overall conversion rates, while also ensuring that your employees are not letting any opportunities fall through the cracks.
#4 Implement Data Driven Buyer Personas
The best way to gain valuable insights about your target consumers
In Conversion XL’s blog post, "How to Build Robust User Personas in Under a Month" they mention that using made up data is one of the biggest flaws in user personas today.
“The power of user personas fades when people don’t trust them or they aren’t based in reality.”
That’s why if you want to increase revenue for your business you’re going to want to use data driven buyer personas.
So…what the heck are data driven buyer personas?
A data driven buyer persona is a persona that is based on real life data that is constantly changing.
In order to do this you need a tool that will allow you to segment your database based on the different segmentation types we described like the ones below.
After you segment your database you need to be able to assign your segments to your persona in order for them to be data driven.
If you’re serious about growing your business and increasing revenue you need to put the time into researching your customers so you can gain valuable insights into your target customers and segment your database properly.
For more on Customer and Data Segmentation, Click Here!
#5 Conduct Qualitative and Quantitative Research
Discover common pitfalls and boons to improve your business
Many businesses assume to know their customer, but in reality they don’t know who they are, what they want, or what pain they’re trying to resolve.
That’s why you need to perform both qualitative and quantitative research. Assumptions often don’t hold up to what really makes customers tick.
Qualitative research is exploratory and it helps you discover information about people’s motivations, thinking, and attitudes.
Qualitative research is almost always the starting point when you seek to discover new problems and opportunities–which will help you do deeper research later.
While this brings depth of understanding to your research questions, it also makes the results harder to analyze and measure.
That’s why it’s best to use qualitative research in conjunction with quantitative research.
Quantitative research helps you measure data by crunching numbers, it’s structured and statistical.
How do you combine these two forms of research?
Let’s say you sell online and want feedback from your site visitors. You can probably already measure several things with quantitative research with closed-ended multiple choice questions.
- How easy was it to use the site?
- How would you rate the variety of products that we offer?
- How did you hear about us?
- How likely are you to recommend us to a friend?
All these questions are closed-ended and easily measurable.
But you also may want to provide a few open-ended, qualitative research questions to find out what you may have overlooked.
- You could use questions like:
- What did you enjoy most about our online store?
- How could we improve your experience?
- Do you have any feedback on the website you think we should be aware of?
If you discover any common themes through these qualitative questions, you can decide to research them more in depth, make changes to your store, and make sure to add quantitative questions about these topics to your new site visitors.
For example, let’s say several people said that their least favorite thing about the store was there was no easy way to get answers to their questions.
Next time, your survey might ask quantitative questions like how satisfied people were were with the customer service on a scale of 1 to 10, or let respondents choose from a list of potential ways that customer service can improve.
These quantitative questions can then help your determine if the original feedback is an isolated problem or if it’s widespread. In essence your quantitative questions are helping you to validate your qualitative research.
#6 Create A “Customer First” Culture
The best way to go about increasing sales is to put your customer first.
If you want to start increasing revenue, you need to understand the importance of the customer experience you deliver.
And it starts with the first people your customers interact with — your employees.
If your employees create a good experience for the customer, chances are they’ll wanna come shop with you again.
The same is true on the flip side. If your employees are being nonchalant with customers, giving them the bare minimum level of service, your oh-so-impressionable customers aren’t going to be coming back anytime soon.
That means everyone in your company — from the CEO to the receptionist — must take customer experience very seriously.
Your business depends on it.
#7 Manage Your Touchpoints
Stay up-to-date with your customers’ experiences
Fortunately, you have the opportunity to shape this experience, but you're not going to be able to do it unless you take an inventory of all your customer touchpoints.
To do this, start with a piece of paper or an excel spreadsheet. Across the top row write the following column headers for the following:
- Before Purchase
- During Purchase
- After Purchase
Next, you want to identify your customer touchpoints by making a list of all the places and times your customers might come into contact with your brand during each of these stages above.
After you have a list of all your touchpoints create another spreadsheet and add sub-steps for each stage in the customer journey and determine where each touchpoint belongs.
- Before Purchase
- Decision (Purchase)
You might be wondering, now what? Keep reading my dear friend.
#8 Ask for Customer Feedback
Create a continuous learning and improvement cycle
Each touchpoint in your organization is an opportunity for engagement that should be tracked, analyzed, and improved whenever possible.
If you want to increase customer loyalty you’ve got to maintain ongoing dialogue with your customers.
You need to Close The Loop on your customer feedback.
A Closed loop feedback initiative empowers employees to reach out to a satisfied or dissatisfied customer and gain insight into the customer’s experience.
The ultimate goal is to develop a continuous learning and improvement cycle that will help you create a customer experience that your competitors can’t match which will put you on the path to increasing revenue for your business.
#9 Product Market Fit
Align your products and services to a problem that people have
If you want to develop new products and services for your customer base to increase revenue you’re going to need to make sure you use a product market fit strategy.
What is product market fit?
It’s all about aligning your products and services to a problem that people have. In essence product market fit is about creating value for your customers based on their needs.
Here’s a definition from Marc Andreesen, who originally described ‘Product/Market Fit’ in his post “The Only Thing That Matters”:
The key takeaway is to not develop products first and then search for demand. Instead, find a problem that has demand for a product or service (the solution) and then develop for that customer segment.
How do you do that?
As I’ve have already mentioned, qualitative and quantitative research is critical to helping you identify the needs, wants and desires of your customers.
You’re going to want to use surveys and interviews to understand your customer so you can make more informed decisions.
#10 Implement Marketing Automation
Automation is how to grow your business the smart way
In today's digital worlds, it's possible for you to build profiles of each individual customer based on how they interact with your site, how they read your marketing materials, or even how they talk to your social media presences.
But what happens when you have hundreds or thousands of contacts? You're not going to be able to manually enter this kind of data. You're going to need to automate this process.
That's where marketing automation comes into play.
Marketing Automation is a set of tools that can help manage these processes automatically: It can react dynamically to a potential customer's demonstrated interest, respond appropriately, and feed the gathered data back to your business in a way that makes it easier to distinguish when the sales team should reach out and make contact.
With a properly implemented marketing automation strategy you can boost your revenue by 2x, 5x, 10x, or more...
Now that you’ve come to the end of this expose on the 10 Proven Secrets To Growing Your Business, you’re probably wondering how you can tackle each of these points efficiently and effectively.
And if there’s anything else you might be missing.
There are many other ways to find out how to close a sale, how to make more sales, convert more leads, create more success with your ideal customers, and so on.
Check out the rest of our blog articles to find out more!