In your efforts to grow your business, be careful not to miss one of the most obvious sources of income: your existing customers. Organic growth is, surprisingly, one the easiest ways to grow your company and increase profits. In this sense, the word “organic” relates more to business growth through existing channels and has less to do with growing crops with cow manure. Unless you are actually an organic farmer, organic business growth is a less smelly, more cost-effective way to grow.
Marketing to existing customers is significantly cheaper than attempting to generate new sales, but that is not to say you should neglect the latter altogether. The point is to put sufficient effort into external growth, but not to neglect the relationship you have with the customers who are already giving you money or those who have given you money in the past. If they have done it once, they are more likely to do it again, right? Here’s how you can push for organic growth in a few simple steps:
- Focus on long-term. Existing, repeat customers are valuable, and they should be made to feel valued and important. By offering discounts, membership benefits and other perks, you can emphasize that your business doesn’t just want customers, you want lifetime customers. While it may be costly in the beginning, a lifetime customer is incredibly profitable in the long term.
- Focus on customer needs. Good customer service goes beyond being nice and helpful. Customer service must also mean meeting customer needs and appealing to each one individually. A one-size-fits-all approach is rarely effective, and if you want lifetime customers, you must target specific needs and wants.
- Focus on customer loyalty. Existing customers are already buying your product, so you don’t need to throw a lot of sales pitches in their faces. Instead, focus on solutions and meeting needs, creating relationships and establishing loyalty. Take care of existing customers, and they will remain loyal to your business and your band.
New customers are great, but make sure you are focusing on all available avenues for growth. By growing organically, you can increase profits and stimulate new growth for a fraction of the cost and time investment.
By Meagan Kerlin for Vertu Marketing LLC