When you first opened your doors for business, you were probably excited about the opportunity ahead. You had researched the market, talked to advisors, investigated financing, and made your dream come true.
Now it’s time to keep sales growth strong by taking the next step (or two) toward small business survival.
Nothing will pull your sales and business down quicker than hanging onto underperformers. This goes for your products and services as well as the members of your team. It may be difficult to eliminate the people and things that you are bonded to emotionally; however, you can’t allow them to become an albatross around your neck.
Conduct an honest evaluation of what you offer in the way of products and services. If something does not provide you a good return on investment (ROI), it’s time to eliminate it. And if anyone on your team – sales or otherwise – doesn’t meet performance expectations, don’t ignore the situation any longer.
Naturally, one of the primary ways to attract customers is to offer something no one else offers (niche marketing). Take for instance, the growth of Catfish Alley, a southern-style restaurant in Las Vegas.
The Las Vegas Review-Journal article, “From single Las Vegas location, Catfish Alley angles to become national chain,” tells how this one-location, mom-and-pop operation recently added a second location and has future hopes of national expansion. They differentiated themselves by offering catfish in the desert. By focusing their efforts on this niche market, they cornered it and drove sales growth.
Another way to differentiate your business is by offering a distinctive voice. Consider all the fast-food burger chains around the world. They offer similar fare, yet they each have something unique about them, such as the Golden Arches of McDonald’s or the Styrofoam ball head of Jack.
You might even consider differentiating your business through low cost and high quality. However, you decide to differentiate, it is important to stand out.
Another way to keep sales growth strong is to consider what else you can do. Expand into new neighborhoods, expand your offerings, or change how you offer your product. For instance, consider Microsoft.
While Apple focuses primarily on their own chain of retail stores, Microsoft uses channel sales to fuel their bottom line. What would the impact be if Microsoft were to add their own brick-and-mortar stores?
Growing sales is about making choices, like getting the sales and marketing help you need from a qualified professional. That’s where we come in. Contact us now to see how we can help you define the best path to stronger sales growth.