The Most Important Part Of Growing A Business No One Talks About
Growing a business is hard! it’s a tough reality every prospective or existing entrepreneur will eventually have to come to terms with.
You’d have long nights, spend lesser time with family & friends, be mostly broke, will doubt yourself a lot, will be frustrated by almost everything, and may eventually still not get rich.
But while these trying times may form the foundation of your eventual success, a highly persistent, intelligent, and focused entrepreneur will come to realise that tough times don’t come to stay, but rather, to pass.
Your failures will teach you the key elements that make up a successful business. How getting a lot of front-end sales are critical to building your customer base, and many other things you did wrong that’s kept your business from breaking even.
Knowing this, what then is the most important part of growing a business that very few people talk about? What should you do to ensure you can build a company that will stand the test of time? And how do you go about it all?
The one thing that’s too important to growing a successful business that very few people ever talk about is “building a repeatable sales process”.
Most articles, books, and even public speakers largely talk about how acquiring a large mass of customers will determine the success of a business. But while this is partly true, these customers are usually acquired at a very low cost and mostly at a loss to the business involved, which drives a new question:
“How then does your business break-even, even if it’s acquiring a whole lot of customers at a loss?”.
The answer lies not in an accelerated customer acquisition process, but in the business’s ability to build a highly converting sales funnel that will ensure most of the customers come back to buy even higher-priced items over and over again.
Here, the quality, not the number of customers, must be an important target in your marketing strategy, and the ability to come up with an optimum selling strategy to turn those initial customers into higher-paying repeat customers will determine the success of your business on the long run.
So how then do you create a repeatable sales process that works for any business?
While what works and doesn’t will vary per business, I’ve listed three key elements to creating a repeatable sales process that works for many types of businesses. They are:
1). Segment Your Customers:
The first thing is to know your customers well. Study what they each ask for, what they eventually purchase, and what they might still return to buy.
Every customer is unique, and so must the category you put them in. A customer who buys maternity products is entirely different from one who purchases video games, and even within the segment of customers who purchase the same items, they do so for different reasons.
By segmenting your customers, you can know how to better target your repeatable sales process on them, and improve the chances of each coming back to make a new and even higher-valued purchase.
2). Initiate A Conversation:
After breaking your customers into groups, you should go ahead to send them messages over time. These messages should be uniquely tailored to every group, so as to increase the chances of them staying in touch with your brand.
You can do this by sending useful product tips, advice, and trends to them periodically with respect to their individual behaviours.
You should also ask your customers for reviews and suggestions on how they feel you can improve your products and/or services towards them.
By doing this, you keep your business on their minds and position yourself as the first call-to-action when they need a brand that sells items that solves their problems.
3). Offer Attractive Incentives:
Once you’ve built a high level of trust with your customers through delivering quality first-time products and successfully initiating and maintaining a conversation with them, you can then go ahead to offer great incentives on even more expensive products that’d solve the problems your initial conversation has made you understand about their unique segments.
At this stage, all the product information should be kept simple, short, and straight to the point. The customer should spot no hard sell, but should rather feel your recommendations are based on how much you care about solving their problems.
What are your thoughts on these 3 step repeatable sales process that works for many types of businesses? Let me know by leaving a comment below.
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