People often feel if they want to significantly improve income performance they need to make big changes – and have to spend big money. But in reality, this is not the case. In fact, the opposite is true. It is possible to drive income and profit growth without having to make any dramatic changes, or any big investments.
The root cause of this misconception is the view that to grow income a business needs to make more sales. To make more sales means investing more in marketing. It is a frustrating circular argument that often results in doing nothing to change things.
The key to breaking this cycle of stagnation is to change perspective and look at the whole buying cycle, not just one element of it. It is important to look inside the business rather than assuming more income just means looking outside, and attracting more customers. The most effective, and most practical way, to grow income and profits is to consider how you can make more out of what you are already doing. Managing existing opportunities and customer relationships better is an easier, quicker and cheaper way to deliver improved performance.
Each and every buying cycle provides a series of stages and each one provides an opportunity to do more. Small improvements at each stage will have a significant compound effect, without increasing costs or investing vastly to generate more leads.
Can you make your message more compelling to stand out further than your competitors in ever more crowded and noisy markets? The simple test is to ask yourself if it is focused on what you do or what is important to your customers. Your message should engage your target audience and should be relevant to their needs rather than focused on what you do.
Do you capture the details of people who visit your website, or get in contact? Do you follow up with further information? How do you package the benefits you offer over your competition and how do you price your services to establish the best balance between value for your customers and return for your business?
A 5% improvement in each stage of the relationship as it develops from prospect to repeat customer can improve profitability by up to 30%, without the need to spend any more. It sounds simple, and it can be. It just needs a different perspective, focusing on the value of customer relationships rather than the amount of marketing activity undertaken.
If you would like to know more about how to make small, simple changes that can have a big impact on your performance please get in touch on 01823 429339 or visit our website for more information.