There is a law that applies to growing small business both large and small. The law is that the business either grows or dies. There are no alternatives to it. But this status quo is not acceptable. The failure to grow and mature spells certain death for plants, animals, and yes business.
Your business must grow. Therefore the question is how do you go about growing your small business?
Well, the most obvious way is to get more costumers, sell more products and thus make more money, right? That’s true but there is another source of business growth that is often overlooked. Customer Varieties!
Customers come in at least three varieties;
• Repeat costumers
• First time customers
• And potential customers
Let’s concentrate on the last type, the Potential Customers.
Where do potential customers come from? They come from advertising of course. Advertising does turn your potential customers to first time customers. But there is an even better way of tapping into that potential customer base than advertising. What is that better way, you may ask?
Referrals!
You are more likely to convert a potential customer to a real paying customer when they are being referred to your business.
This is how to go about it.
First you will want to reward your existing customers to refer you and your business to friends and family. The ‘Tell-a-friend’ software is readily available for online businesses and this can achieve this feat. Also coupons that can be given to friends are easily made available to the customers. Coupons will come in the form of discounted products and services and this will be wholly embraced coming from a referred customer, which he can’t get as a non-referred customer.
Don’t overlook businesses that are complimentary to yours for referrals. If you sell sport track suits, then businesses that sell sport services might be willing to refer customers to you if you will refer your customers to them.
Referrals are one of the most overlooked avenues to grow your business. Therefore this article, I think, will make you consider using Referrals seriously to make your small business grow bigger.
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February 4th, 2012|
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