Inaction is the death of any business. Without taking regular action every single day to grow your business, inaction will cause your business to become stagnant. Clients will disappear, your sales funnel will be empty, and your revenue will dip to zero in a heartbeat.
Let’s avoid this scenario! Here are five action tasks that will lead to increased income and business growth.
1. Email Your Customers Regularly.
Contrary to popular belief, email marketing is not dead. It’s the easiest way to stay in touch with customers and prospects because it requires less effort than other types of newsletters or social media posts. You can use this medium for a variety of purposes like letting them know about your new offerings or recommending an affiliate product that pays you commissions.
2. Focus on Customer Service.
You will never please everyone but you may as well try your best. Inevitably customers will contact you with questions or refund requests so be prepared to answer these requests in a timely manner. Stick to your rules about refunds but never disregard or disrespect a customer. Negative online reviews are easier to find than positive ones.
3. Raise Your Rates.
When was your last rate increase? Are your prices competitive with the current market of coaches of your caliber? Can your ideal client still afford your new rates? Be confident that your expertise is worth that new rate and break the new carefully to your current clientele so they don’t jump ship.
4. Repackage Your Offerings.
Don’t reinvent the wheel. Simply take your older content – books, programs, blog posts, etc. – and create new bundles or create an entirely new product. The information or products should obviously be related in topic to appeal to the most people and be sure to price it accordingly.
5. Create a New Offering for Old Clients.
People buy from those they know, like, and trust, so open up that old client list and create an exclusive offer just for them. Make the offer sexy, exclusive, and time-sensitive to get quick action results.
How Do I Know What to Offer?
This is an age-old question of many people and business owners and it boils down to knowing your target audience. How do they want their information presented? What are the hot topics in their industry? What struggles do they have every day? The simplest way to know what they want is to simply ask them.
Another reason people don’t know what to offer is that they don’t have a plan, either for their business or who they want to help. Writing a business plan with action steps is imperative for business growth.
Hey Paul, as someone just developing a business, I will certainly keep these 5 action tasks in mind. I must say I am a bit challenged with the one about raising my rates. Perhaps I need to work on my mindset to get to that point of view. 😁
Glad to hear that Florence! Good luck on your business.
Great list Paul. The one thing that we had problems with was raising our rates. I loved our business so much and at times it didn’t seem like work because of the love we had for it. But eventually even the customers told us we needed to get in line with the times. Starting back in the late ’60’s it was hard to charge our clients more since my mindset was still 40 years prior.
There is still time to change, Martha!
Thank you for saying that email marketing still has a place in the marketing toolbox. There is a lot of room for creativity through email marketing – from the subject line to the information inside. I’m a big believer in it -especially over social media (although we can’t get away from that either).
I am at the beginning of starting a business, but I will keep all of these things in mind. I have a long way to go!
Enjoy your journey as you venture forward! Good Luck!