By Ben Walker
Logic tells us that in order to grow our business financially we need to focus on sales and revenue. However, this might not be the answer for long-term business growth. One other important indicator of business growth is our customers’ business growth.
Instead of focusing on a transactional business model, concentrating on the customers’ business growth is one of the most important factors in making my business profitable—and it can work for your business too! I help grow my customers’ business by streamlining their workload, which allows them to focus on revenue-generating tasks. This approach helps their business grow, which in turn, helps my business grow.
According to the Small Business Administration, studies report that the cost of retaining an existing customer is only about 10 percent of the acquisition cost, and we all know that the acquisition cost of gaining new clients is very expensive. This is all the more reason for businesses to focus on growing their customer’s business first.
To grow your customer’s business, there are five important strategies to employ:
1. Identify Your Customer’s Business Goals: Once you have these goals and objectives articulated, you can figure out how your business can meet and exceed those goals.
2. Communicate Often: It is imperative that you communicate with your customers on a regular basis to understand how your products or services are (or are not) working for them.
3. Constantly Identify Gaps: Learning what gaps might exist in your customers’ industry to learn where the gaps are and how your business can help “fill them in.”
4. Offer Customer Loyalty Programs: This could be offering a discount on products or services when customers renew or offering guest blogging opportunities and other promotional activities to give them exposure to a larger market. This is another way to show your customer that your business cares about their growth.
5. Perform Outstanding Customer Service: Everyone says they have the best customer service in the industry, but do they really do what it takes to have the best customer service? Our company lives by the motto to deliver more than expected and it pays off. Doing things like answering the phone instead of letting an automated voice answer calls and returning emails promptly ensure your customers are number one.
With regular communication, honesty and systemization, your customers’ businesses can grow, allowing your business to thrive in the long-run.
Ben Walker is the president and owner of Transcription Outsourcing, LLC. Transcription Outsourcing provides transcription services for professionals in the legal, law enforcement and medical industries among other general transcription services. For more information visit www.transcriptionoutsourcing.net.