You don’t have to have a small business to implement basic strategies to help your business grow, as there is always room for improvement and plenty of opportunities you can maximize.
While larger businesses are more likely to have bigger profit margins and top-level strategies in place, sometimes the smaller tasks are neglected which can help improve your enterprise overall. Taking time to review your current processes, and be open to changes can significantly improve and grow your business.
Here are 4 important top tips any large business should implement to see improved operations and huge growth.
#1 Focus on current customers
It is extremely common for large businesses to emphasize driving in new customers, and not paying half as much attention to the customers they already have and as a result, a typical business in America will lose more than 15% of their customers per year.
What many companies don’t realize is that the probability of selling to an existing customer is much higher than selling to a new customer. It has also been estimated that 65% of your business is coming from existing customers. That makes up over half of your business, which is a great example of why large businesses should shift their focus onto their current customers.
Many customers feel neglected when companies offer new deals to new customers while they are stuck paying high rates or ignored via customer support. Take time to gain feedback from your customers to find out exactly what they want, and what relevant changes you can make in your business to increase your retention rate, nurture customers, and offer great customer service.
#2 Outsource to experts
Outsourcing is not just for small businesses. A smart move for large businesses is to outsource certain aspects of their business, which will enable access to high-level skills and expertise while saving costs and moving the business forward. Outsourcing customer service to call centers in the Philippines, for example, can be a great option for you to provide great customer support without having to spend money on training and equipment.
For example, a larger business may choose to outsource its SEO and PPC efforts to a top marketing agency. This is because it can significantly reduce the costs while maximizing the effort and work involved. A marketing agency is fully trained, with several specialists in different areas who can expertly and competently fulfill all marketing duties to a high level. To get the same benefits from a marketing agency, you would need to hire a full marketing department in-house.
#3 Host your own events
Events are a successful way for businesses to stand out from their competitors and build an emotional connection with customers, trust, and community. They are so important in fact, that businesses are now incorporating them into their marketing plans due to their effectiveness in engaging with their audience, and promoting new services and products.
Hosting an event means:
- Increasing brand awareness
- Establishing yourself as a leader in your market
- Connecting with existing and new customers
- A chance to give back to your community
- Showing faces behind the brand and creates a more personal touch
- Gaining insightful and instant feedback
The phenomenon of FOMO (fear of missing out) is an excellent strategy for businesses of all sizes to utilize when planning events. When used with an event, you can sell out tickets, keep your current customers coming back for more, and increase the demand for new customers coming.
#4 Review and refine
When you have a large business, there is usually a lot of work that goes into developing the right strategies that will move you forward and continue to grow. However, it is important to adopt flexibility when it comes to the overall plan. This requires taking a step back, looking at the bigger picture, bringing in different experts, and as a result, reviewing and refining your business plan regularly. The business world is constantly changing and evolving, and more specifically, your industry, customers, and technology will too.
With the COVID-19 pandemic, it has only shown businesses how quickly things can change in an instant, without warning, and often things you would not have been able to foresee. When you adopt a more flexible approach, although it may seem counterintuitive at first, it enables your business to grow at a much faster rate as you have the foundations in place to evolve with the market and stay ahead of your competitors.
Often, it’s not the biggest strategies that enable your business to grow, but going back to basics, and focusing on putting your customers first, serving their best interests, and allowing your business to evolve in new ways can make all the difference.