All businesses are looking for ways to grow. Growth usually comes from selling more products or services. But as a small or medium enterprises in an emerging or developing economy, you often face unique challenges and need to find creative ways to get customers interested in your products or services. The formula for faster business
As a business coach, one of the questions I get asked a lot is, How can I increase my sales? The businesses that ask me this are usually focused on finding ways to attract new customers. But in fact, it makes more sense to master strategies to get more sales from existing customers. Attracting new
Many businesses don’t know who their Most Profitable Customers (MPCs) are. That is a problem, because the Most Profitable Customers are the foundation of any successful business. They are also the best way to achieve faster business growth. Why? Your Most Profitable Customers bring in most of your profits About 80% of your sales comes
How many customers do you lose every year? How many customers leave your business and never return? Depending on the kind of business you have, you may be losing between 10% and 50% of your customers every year. Building customer loyalty is one of the best strategies for any business. Instead of spending huge amounts
Many businesses experience an annual customer turover rate of 10-25%. This means that they lose 10-25% of their customers each year. It also means that they retain 75-90% of their customers. It is hard to say – generally – whether this is good or bad, because the turnover rate varies per industry. However, a lower
If not done right, marketing can be a very big expense. Especially for small business owners. However, this need not be the case. Using some creativity, you can keep your marketing expenses very low or even at zero while still maximising the results you get. In a previous article, I shared 12 highly effective and
You have to spend money to make money. All business owners are familiar with this saying. And it is certainly true when it comes to marketing. Marketing is a key strategy to get new customers and increase sales. But marketing expenses can quickly become very high. If your marketing leads to higher sales and profit,
Why are customers not buying from you? Sometimes, whatever you do, customers just don’t buy from you. It doesn’t matter whether your products or services are of good quality. It doesn’t matter whether you do a lot of marketing. Customers do not come. Or, they leave. Customers only buy when they believe that
The top 10% of your customers spend up to 3x what the rest of your customers spend. The top 20% of your customers are responsible for up to 80% of your total sales. These 2 numbers should convince you how important it is to make sure that the top 20% of your customers are satisfied.
It is normal for a business to lose 10–25% of their customers every year. If you are losing more than that, it is a wake-up call for you to take action. There are 5 main reasons why a customer will turn their back on your business: Your customers no longer need your product or service
In a previous post, I showed you some basic strategies to use to retain customers. If you have mastered the basic strategies, it is time to start using more advanced strategies for customer retention. These advanced strategies are also great if you have a bigger business. Reminder: your starting point needs to be excellent customer
The first question to ask yourself is whether you are selling the products and services that customers want. If not, they may buy 1 or 2 things from you and then never come back. If you are sure that you are selling what customers are looking for, then let’s start by talking about basic customer
