Springtime provides a great opportunity for new growth in many areas, including your business. That’s why we’re encouraging small-business owners to take some time this March to set their businesses up for success.
Evaluate Your Lead Sources
Where do you get most of your leads? Are they good-quality leads? What percentage of leads actually go on to purchase from you? You should be asking all these questions and more! The answers help you evaluate the quality of your lead generation strategy before tweaking it to best promote new growth.
But what should you do if your current lead generation strategy leaves something to be desired? Well, you can do a few things to improve your odds when it comes to growing your prospect pool. HubSpot recommends adjusting your lead campaign’s call to action to be more direct and attractive. They also recommend optimizing landing pages, copy, and other elements of your ads. These all play a role in captivating your audience.
While these tips are helpful, see what would work best for your specific industry. In that case, it would be best to get feedback from your peers. How do they best reach out to potential leads? Then integrate that feedback into your new growth strategy.
Nurture Existing Relationships
If you’re not spending time connecting with your customers, you are missing out on a huge opportunity for new growth. It’s estimated that increasing the number of loyal customers by just 5% can increase profit per customer by 25%–100%. Think of what an impact that could make on your business! Dedicate your time and resources to a nurture campaign that helps improve customer retention! This could be just the thing you need to see that level of new growth.
So, spend some time thinking about what nurture campaign strategy would be the most compelling for customers in your field. You can get feedback from staff and clients to see what they would most appreciate. Then format your new growth efforts around that.
Reactivations provide a hidden gold mine for new growth often overlooked by business owners. After all, it’s 4.8 times cheaper to sell to a preexisting lead than a new prospect. Often entrepreneurs assume that if a client no longer partners with their business, they are no longer interested. This may sometimes be the case — perhaps the client moved away or no longer needs your services. But former customers are often open to reigniting their relationship with a business if they are properly motivated to do so.
So, take some time to reach out to those former customers with a great offer tailored to your needs and see what happens! You might be surprised at the new growth that can stem from reigniting old relationships.
Remember, new growth doesn’t always require an expensive ad campaign or a large investment. Sometimes it just requires a bit of tweaking. And that bit of effort will ensure you’re providing the highest value possible to prospects, clients, and former customers.