In today’s episode I thought it was a great time now we’re getting back to a new normality in business after the lockdown earlier this year to revisit my previous video called “How to grow your business during a recession”.
Now in that video I talked about how to get through the initial sharp shock of your business entering a recession, and today we’re going to look in my forthcoming episodes what you can do to kick start your business growth and your income!
I’m Lauryn Bradley, author of Grow Your Tribe. And I’m a business strategist and I show women in business smart ways to escape the 'feast or famine' trap by working smarter, not harder.
So, you want to increase your revenue, but we all know the economy is pretty unstable right now and you want to be sure you’re making the right forward plans and taking solid decisions, but where do you get started?
Even without the Covid-19 pandemic on your hands there’s quite a few moving pieces involved in taking your business into a new growth phase, so it can feel like an overwhelming task to get started. And I’ve always found that getting organised and building a manageable plan of action has helped me to better navigate and overcome overwhelm.
Ok, so let’s get started on areas you should be turning your attentions to when you start to grow your business. And the first one that I’m just going to focus on in this first video in the series is pretty obvious, but it’s easily missed so we’re going to start there and that’s by:
And what that means is, keeping hold of the customers you already have in tucked your pocket right now. And that’s because it’s a smart move; it’s much less effort and cheaper to retain an existing customer than to go out to secure a new one. But, to grow your business in a pandemic it’s not going to be enough to just offer your existing clients a great customer service, you need to get smart and work towards building strong, long-lasting relationships.
And, if you’re a B-2-B business you’ll want to build strong collaborative relationships with your customers as well. Remember, if you’re a b-2-b business you’re stronger when you’re standing together, and this is something you’ll also see me actively doing in the coming months in my own business collaborations with clients.
Ok, so let’s dive into some ways you can increase connection and retention with existing customers. Remember, if you’re running a recurring revenue subscription, or any type of membership program then retention is going to be really important to get on top of, but in this video I’m going to cover some of the more basic things you can easily do whichever type of business you run.
And these could be those who have been loyal to your business since the outset, or those who are the most engaged, or might even be influencers. Think about who they are, how you want to connect with your VIPs and then offer them special promotions, extra content or perhaps even exclusive access to you, or a private members area.
I prefer to work by building strong relationships and connections with my clients and in turn, they get value from me and they’re more likely to help me to further expand my relationships with others.
Now, this isn’t something I generally do right now but those who run them have some great results. Set your audience a challenge on social media and see what they come back with. Think about a creative task that's fun for them and gives them value.
You can offer incentives to increase participation or create a system of rewards and prizes for the best results. And you’ll increase engagement even further if you ask your participating customers to decide on the winner!
Don’t forget your email subscriber list is probably your most important asset when you’re growing your business. It’s a very fast and direct way to reach out to your existing customers.
So, focus on building an email list and send your subscribers regular mails with helpful exclusive content they can use to continue to solve their problems, or answer their questions.
The secret here is to find the happy medium on how frequently they’d like to hear from you. I find asking my customers is usually the best way to find out! I tend to be quite conservative with how frequently I send emails, and my clients know that when I send an email, I have something valuable to say so I maintain a great open rate.
I like to give my clients an opportunity to interact with me and get to know me through my Café Connect networking sessions. It’s fun and brings me closer to my clients.
So, the content of your events could be set up as informal Q&A sessions, presentations, or product feedback sessions.
And you want to think about how you can create an app that solves a simple problem, or helps your customers achieve or DO something. And this is a great way to deepen your relationships with them because it gets them to interact with you through their device.
I think this is going to get you off to a great start with creating your own customer retention strategies but, there’s lots more you can do to work with your existing customers to grow your business and take it to the next level.
And in my next episode, I’m going to show you how you can grow your business by going the extra mile for your existing customers, so I’ll see you then!
xo, Lauryn Bradley.
Tips and tricks alone won't help you to grow your business - but they can certainly go a long way! Watch every week as I share my smart business strategies to grow your business; by boosting productivity, increasing your revenue, understand your customers and selling without selling!
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After feeling drained dancing to Facebook's tune I began yearning for intimate and authentic conversations with entrepreneurs who, like me, want to scale their business without the challenges of being seen on an algorithm driven platform.
Working as a solo, introvert entrepreneur life can feel lonely so I wanted to build a community of not just business connections, but a network of cheerleaders who have each others backs.
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