𝗙𝗶𝗻𝗱 𝗬𝗼𝘂𝗿 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗣𝗮𝘁𝗵
Updated: Oct 2, 2021
There are many paths to grow your business. Here are many ideas you can apply or amplify to increase revenues.
· Many founders anchor their prices to their costs of creation. However, consider raising your price based on value to customers.
· Pricing is a negotiation. Determine what is important to you and your customers to find the right mix where both sides benefit.
· As a startup, it's tempting to use low prices to attract customers. Increasing rates is scary but forces selling on value, not on price.
Finding and engaging the right customers is crucial:
· Identify your ideal customer profile. Once you know their needs, message how your business solves their problems.
· Connect your customers, e.g. build a networking group to share ideas around industry and personal development.
· Communicate your full offerings and give a sample to show its benefits, e.g. limited access to a new product.
· Ask directly for referrals. Explain your desire to grow and offer talking points to share. Most advocates are happy to help.
Once you find the right customers, help that relationship grow:
· Ask customers regularly how things are going and what can be better. This prevents big problems and opens upsell opportunities.
· Respond quickly to issues. Knowing you are addressing their concerns matters as much as solving the problem.
· Charge for work outside of scope. You may hesitate to push clients, but remember a valuable relationship is mutual.
Invest in ways to increase market share:
· Collaborate with complimentary companies for chances to co-market and cross-sell.
· Expand thoughtfully into other areas, industries, or demographics, e.g. rely on existing clients for introductions versus starting cold.
· Spend across multiple channels to reach more people, such as social media, influencer marketing, and public relations.
Know you are doing and rely on data to make informed decisions:
· Look beyond the metric of deals-won by focusing on the behaviors and activities which impact outcomes.
· Build an incentive structure that encourages performance aligned with company goals.
· Review big wins and losses emphasizing learning, not judgement, to keep improving and to solve scalability issues.
· Encourage new ideas. Reward suggestions which directly increase revenues with public recognition or even a bonus.
· Discover what attracted customers, what they value, and what problems they’re looking to solve.
· Speak with departing customers to learn what was missing and to ask if you can occasionally contact them about updates.
· Designate someone to own applying what you learn into action.
There is more than one path to success. Be smart about growth and test paths to reach your vision.
To learn more on these topics, consider these posts on:
Public Relations: www.webuildscalegrow.com/post/fd3bad6a
Value Prop: www.webuildscalegrow.com/post/8ca47864
Growth Mindset: www.webuildscalegrow.com/post/5c07b7fc