Posted: Thu 8th Sep 2022
Being technically excellent in your own niche and specialism, unfortunately, isn’t always enough to thrive.
Why? Because being so embroiled in the daily activities of running a business – such as completing admin tasks, managing staff, and responding to issues – leaves you with little time to focus solely on the commercial side of things.
This is a common theme that I see all too often with business owners I work with, and so if this sounds familiar, you are not alone.
As part of my business coaching, I look at ways to increase business leads, conversion, the average number of sales, and the average value of each purchase by 10%, as this is proven to provide a 54% increase in turnover.
Below, I share some simple and straightforward strategies to help make your business more profitable.
Often an overlooked business tool, collating and recording an accurate client database is crucial to any business, no matter how big or small.
The way in which you do this isn’t important and there is a multitude of options out there to suit any budget - whether it be a simple Excel spreadsheet or a tailored customer relationship management (CRM) programme.
Most importantly, it needs to be kept up-to-date, allowing you the opportunity to target past, present and potential clients.
Any and every encounter with a client – prospective or current – should be noted on the database. Whether that be an attendee at a seminar or networking event, someone who showed an interest in your services, or those who visit the website and download resources you have available.
Be sure to capture all relevant details – name, contact information and services used or interested in using. This will help you to send them communications specifically created around what they are likely to use or are interested in.
It’s important to note, however, that if you’re marketing to clients, you must provide an opportunity for them to opt-out.
Also, it’s paramount to keep yourself updated with the latest GDPR and data protection rules to ensure you always use the information safely, ethically and responsibly.
The way in which you communicate with clients, prospective and current, can impact how they view your business, your brand and whether they choose to purchase your goods or services.
Getting the balance perfected is tricky – you need to reach out enough that you’re on their mind, but not too much that it seems desperate or pressured.
There are a variety of ways to engage with your clients, whether that be via text, phone, email or post. And, ask them what their preference is and update your database.
There’s no point spending time, money and effort on sending leaflets in the post if they’re going to be discarded as junk. This research, and an element of test and measure, will be crucial in getting it right for your business and your audience.
Thinking outside of the box will also help to validate the authenticity of your business and strengthen the rapport between yourself and your clients.
For example, you may wish to send something extra to a client for their birthday – whether that be a personalised card, a gift, or a discount for using your services.
Offer added value
People love value for money. So, you need to be offering more than just the goods or services that your client is purchasing.
Ideally, you need to be offering more, or better, than your competitors to allow you to stand out from the crowd. It could be a monthly e-newsletter that’s sent to their inbox, downloadable resources on your website, or video insights on your social media platforms – all focused on providing real added value.
People buy from people too, which is why you need to be trusted and liked. Often, people seek recommendations from their friends, family, or peers, so positive experiences should lead to new connections.
Juicing this further, you could ask for referrals to post on your website or social media feeds, to further expand your credibility checkers for would-be clients.
Adopting these small changes will help in defining the purpose of who you’re targeting, why you’re targeting them, and the solution or product you are able to offer.
Even the most minor of changes, if done correctly and deliberately, can all help to make positive changes to how you position yourself and your business to potential clients – in turn, boosting leads, conversion rates, and clients.