1. Focus: Target more narrowly and more accurately
The # of buyers will increase when your growth plan delineates more accurate targeting on the 80/20 rule or using a balanced scorecard. You should rank in descending order of where you are going to get the best ROI of spending time servicing this client or customer.
For example: One of our customers, a Sailing company, realized he was totally targeting the wrong market- he was targeting individual sailors, who were in any case habitual buyers, when actually the corporate market was of much higher value. By altering where he spent his funds, he increased sales by 48% in a year
2. Penetrate deeper by reaching deeper into your target segment
You can do this via awareness building advertising and internet marketing campaigns
For example: Once you have targeted well, with the money you save on not spending on the timewasters, you can spend penetrating your chosen market
3. Introduce new added value products/services
As rapidly as possible, I would introduce high value new products that provide the type of added value that customers are prepared to pay more for. This will both grow the # dollars each buyer spends, as well as the % profitability. This becomes “New News” and the offerings increase the frequency of customers returning. Oh, and by the way, you will most likely need to do research among customers as to which of the various products or service ideas are most
- unique
- provide added value
- they are willing to pay more for.
For example, when I worked at Colgate Palmolive’s Innovation Centre in London, we introduced the Colgate Whitening Toothpaste, consumers were prepared to pay way more for the additional whitening benefit, but the cost had not increased anywhere near that. What additional benefits can you add or combine?
4. Grow lifetime customer value
Similarly, introducing products and services that fit each personal life stage or corporate stage over time will grow the customer value over the customers’ “lifetime”. Much more valuable than buying a business with one off sales. You need to get them coming back for more.
So think, what will your buyers be looking for next or as well?
For example: find out when new buying decisions are made and make sure you are in front of them with an offer. What is the next thing or other thing they normally buy with your service or product. Eg if you are selling travel, maybe they also need insurance.
5. Build a portfolio and a brand with a clearly defined USP (Unique Selling Proposition)
No one sees value in buying a business selling exactly the same as everyone else. You will only get market rate as your business will be a commodity. So your plan should include identifying what is better and different about you vs competitors; and which products you should keep, add or lose to stay different in a way that is also meaningful to your market. So yes, you will need research to have a foothold in reality. Most plans leave this out or only do it on a very surface level.
