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Encompass® Insurance Insights & Articles

5 Tips to Grow Your Business

What are your business goals for this year? Increase sales by 30 percent? Double lifetime customer value? Whatever you have your sights set on, read through these tips to help you turn even the most ambitious growth goals into reality.

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1. Track Your Leads.

A customer relationship management (CRM) platform keeps your qualified leads organized in a single place. You can use a CRM to track your leads as they move through your sales funnel and record each contact you have with them. For example, maybe your lead filled out a form on your website and you sent them a price quote. A platform with an automated workflow will remind you to follow up at certain time intervals. A CRM also acts as a "single source of truth" so everyone on your team can have access to the same information. This helps prevent leads from being ignored for too long or being inundated with too much information from different people.

2. Streamline Social Media.

Social media can be an effective platform for reaching prospective customers, but doing so requires time and expertise. There are a variety of easy-to-use management platforms that can help you streamline day-to-day tasks, such as scheduling posts across multiple social networks. However, you'll still need a clear strategy in place to identify and reach your ideal prospects. If you want to make social media a central piece to customer acquisition, you may benefit from working with an agency or freelancer that has the expertise to help expand your impact.

3. Maximize Current Customer Value.

In addition to acquiring new customers, consider how to increase the lifetime value of your current customer base. These questions may help spark new business ideas:

  • Which customers have unmet needs that your business can fulfill? Identify cross-sell opportunities, then set goals to leverage your products and services that already exist.
  • Do you provide a recurring service to customers? For example, if your business offers a subscription option, gather feedback from ad-hoc customers on why they don't choose the subscription. This can help you potentially adjust your offer or better highlight the value of the subscription.
  • Do you run a referral program? Current customers are an ideal source for referrals and recommendations. Consider offering a loyalty discount to customers who refer a new client. If you already have a referral program, make sure to spread awareness to customers through your interactions over the phone, through email and on social media.

4. Prioritize Customer Experience.

An exceptional customer experience keeps your current customers happy, helping to make your retention efforts easier. But it can also gain you new customers. Eighty-seven percent of customers who receive phenomenal service will tell others about their experience. This boosts your reputation through free, word-of-mouth marketing. Small changes to customer service could have a big impact on your bottom line. Consider areas for improvement, such as reducing response time to calls or proactively following up on concerns to confirm a satisfactory resolution.

5. Get Involved in the Community.

Your customers can probably see that you're passionate about your business. But is there a cause you're also passionate about? Supporting a local cause can be good for business. According to a recent study, 85 percent of companies that are also purpose-driven show positive growth, while 42 percent of non-purpose-led companies have actually seen a drop in revenue. Other benefits of getting more involved in your community include raising your brand awareness, higher employee satisfaction and creating a more positive reputation among consumers. Between volunteering, fundraising and donating, there are so many ways to show that you care about giving back as a small business.

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