Having a business is a challenging venture, and acquiring new customers can be difficult, expensive, or not even feasible. These factors cause companies to grow their revenue organically through their existing customer base. Below are several tips to help with organic growth.
It's difficult for business owners to look past the present, but looking into the future can yield great results. Knowing what a client or customer is worth over time can bring in more revenue. People will remember if they had a good experience, or a bad experience, with a company, and that can determine how much value each patron has. Also, this information will allow the business owner to help retain customers. When customers are retained longer, the more value they have.
When a business acquires a customer, that person is already buying from them. At this point, it's important to build a relationship with that person by giving them value and offering solutions to problems. Trying to get customers to buy constantly only makes them go elsewhere. Hosting events, giving discounts, and sharing recipes can be a great way to get patrons to interact with a business and develop loyalty.
Using a general approach to all customers is a mistake many business owners make. Each customer has different needs and expectations that need to be addressed when they visit your store or restaurant. Target existing customers in such a way that makes them feel special, and use relevant marketing messages that will cause increased loyalty, longevity, and revenue in the long run.
When a business stops evolving, it dies. A savvy business owner knows that their business needs to keep up with the times to stay relevant and competitive. A customer knows when a business is slipping up in regards to this, and they may look elsewhere to get what they need. Staying ahead of the curve and anticipating change is key.
The Marimba Phenomenon is referencing a company that had inferior software despite its overwhelming publicity. The products of the company became better over time, but consumers refused to purchase the newer products due to the over-hyped products of years passed. The moral of the story is, never market your products or services as something they're not. A smart business owner knows to over deliver. Giving customers more than what they expected at a great value makes the difference between a good business and a great one.