The first step in being able to develop your business is the diagnosis. This diagnosis can be carried out by yourself or by an independent consultant, but it responds to the same logic: analyze your company and your market to better understand them and identify areas for improvement.
- Who are my clients?
- What is my average basket?
- What are my best-selling products/services?
- What is my catchment area?
- Which product/service earns me the most turnover?
- Which product/service earns me the most margins?
- Breakdown of turnover according to products/services
- Distribution of the margin according to the products/services
- Comparison of your offer with that of the competition
- Comparison of your strengths against those of the competition
- Comparison of your customers with those of the competition
- Comparison of your communication strategy with that of the competition
- But also what are my running costs Etc.
This preliminary step allows you to identify areas for improvement, new products/services to be developed, strengths and weaknesses, missed targets, products/services to be abandoned, packaged offers to be created, etc.
Only once you have done this analysis of your business and your market cans you be more effective in developing a strategy to how to grow your business.
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Implement an improvement strategy
Once the audit has been carried out, you will be able to imagine, formalize and quantify a strategy for improving your business. Sometimes this will mean abandoning certain products/services, creating others, packaging offers to better meet your customers’ expectations and, above all, improving your margin and making additional sales, increasing certain prices, etc.
Also, there is no secret: we do not harvest without sowing. Beyond the solutions that we will see below, you have to invest: in your communication (on the internet, in physical, etc.) , in personnel (commercial for example), in equipment (machines, vehicles, etc.), etc To increase your turnover, you often have to invest!
The development of the activity also requires an improvement in profitability. It is possible that at equal turnover (this is often the case), by optimizing your costs, you can increase your profit, and therefore your profitability.
Target less, target better
In the logic of “less is more “, the objective is to communicate with the targets that you have the best chance of seducing. This requires greater precision in your sales/marketing approach: communicating with the right targets (by email, display, etc.) but also proposing the right offers, those that correspond to your target.
Partnerships can be great ways to grow your business at a lower cost. The idea is to bet on complementarily, the pooling of costs for communication with several people, cross offers, etc. Do not hesitate to consult our sheets on the subject.
Leverage word of mouth
Word of mouth is finally one of the most effective ways to develop your business. Because your satisfied customers are your best ambassadors, you have to rely on them to make yourself known and increase your customer portfolio. Remember to consult our various sheets on the subject!
Growing your business with a loyalty program can be highly effective. Start by understanding your customers’ preferences and needs. Design a rewards system that offers enticing incentives, such as exclusive discounts, freebies, or personalized offers. Promote the program through various channels, including email marketing and social media. Monitor and analyze customer data to tailor your program and make improvements. By nurturing customer loyalty, you can enhance customer retention, increase referrals, and ultimately drive business growth.
Additionally, ensure that your loyalty program is easy to understand and participate in. Simplify the registration process and provide clear instructions for earning and redeeming rewards. Regularly communicate with your loyal customers to keep them engaged and informed about new offers or updates. Encourage customers to provide feedback and actively listen to their suggestions for further program enhancements. By continuously refining your loyalty program based on customer feedback and market trends, you can strengthen customer relationships and foster long-term business growth.