What Are The Top Growth Strategies that Any Business Can Use?
In this article, I will discuss how you can grow your business in the next 90 days using marketing growth strategies that are going to bring leads to you.
I’m really excited for this article because whether you are just starting out in business or you are already a business owner, with a small business or established company and you are looking for ways to bring in a constant flow of leads, grow your business and increase your yearly turnover, this will apply to you – and I love coaching this topic!
I will share with you some of the growth strategies that I implemented when I had just started my business, which allowed me to attract new customers, grow my income and reinvest that money to get even more out of my business.
I will cover eight key growth strategies that I have tried, tested – growth strategies that have successfully brought me a return on investment in my own business.
When I was initially starting my business, I looked at my marketing budget and I didn’t have a lot in savings due to paying off multiple study and University debts. I was therefore left with a tight budget. I had to be creative with what I invested in and make sure it would bring me a return on investment in the form of new business.
The first of the growth strategies I will cover is workshops. Workshops are a low-investment method of bringing in good quality leads. When I started coaching, I would pay $100 for a room hire in a University building and I would bring in leads on the topics that I had studied and learned myself such as psychology, mindset, and how to live a more effortless life by being your real self.
On average, I would have 10-12 people in the room and I would close 2-3 clients from each workshop. My average price for a course of coaching back then was around $800 so from a $100 spend I would bring in a minimum of $1700 return.
When I was starting out this gave me confidence as I wanted a small intimate group setting which would enable me to demonstrate my growth component in the session and show people what I had learned and could therefore help others with.
If you are just starting out in business, workshops are a great idea to showcase your products or services. People love learning and are always looking for a new way to think. If you are in a service-based company whether it is fitness, health, lifestyle, education; workshops are a very easy return on investment.If you offer a free sample in the workshop, this will come back to you magnified.
Let’s say for example you have a candle business. You could offer a candle making workshop and show how you make your candles so uniquely.
If you have knowledge and you are marketing to a particular audience, don’t be worried that giving away your secrets of success will deter people from buying from you.
People want a “done-for-you” solution. Yes, the odd few will try to take your knowledge and implement it themselves but actually when they try to, it can be very daunting. Therefore, most people want a solution that is already done for them and ready to use.
When people find something that they enjoy, they will always tell someone about it. Word of mouth is one of the strongest marketing tools at your disposal. In my own business, make it really easy for my clients to share information about what I do.
For example, I reward my clients when they refer me to new business. When I started offering this referral incentive to my clients, I started getting 10-15 referrals a week. For a consultant, this is a really good amount of new leads coming in.
Because the people who were sharing my information to others and telling them about my services already knew me and loved what I did for them, the leads were already warm by the time they got to me.
They were targeted customers, brought to me by my own happy customers. They had already established an element of trust and expectation of my standard of service from my existing customers who had referred me to them.
This was so much easier than finding someone who had never heard of me or what I do before and putting them into my marketing funnel to nurture them on my services. Make sure your business is easy to share; on your website, social media, perhaps with referral cards and loyalty programs.
In my business, if a client refers someone to me, I will give that client one free hour of my time for their needs, as a thank you. It is important to simply reward your clients for referrals rather than become pushy and force people to refer you as an agenda to get new business this way.
3. Lead generation companies
When my business became more efficient and I had more automated services in place such as email marketing and lead funnels, I wanted to free up my time even more as well as wanting my leads to be better quality leads. I was approached by a company who said that they work with coaches and that they can bring me warm, qualified leads as part of my marketing strategy.
I decided to try it and from this company, I was receiving 10-15 qualified leads and although I didn’t close every lead, I was exposed to a lot of people who were able to refer me to other businesses and clients who needed my services and coaching.
This made my life a lot easier as it freed up my time in marketing my business. I personally don’t want to spend my time marketing as well as closing the sale and doing the mindset work once the client converts to me. I wanted to focus on what I do best.
If you are in the same position and would like to free up your time marketing by receiving qualified leads from a third party company, do a Google search on these businesses based on your specific niche and try it for yourself.
4. Lead lists
Before I started my business, I worked in the corporate industry. At one company, I worked with a particular product that did not have a need in the marketplace and therefore was difficult to achieve market penetration. Meaning, I had to go into a company (at the time the audience was legal firms) and obliterate any objections that the companies had learned around anything similar that I was selling. I then needed to educate the lead on how the product could benefit them when they had no need or desire.
I then had to implement the product into their business and get all their staff trained on the product. This was much harder to sell than a product that people are already hungry for and believe in the benefits. I used to download business lists of lawyers and accountants.
I knew I could spend eight hours per day calling people and getting either leads or rejections; or I could send them an email first with an alternative suggestion for them to run a particular business process in their own business.
For anyone who responded to me saying that they might be interested in this alternative option; I would approach with a call first.
Start with a list of your target market. Send them an email initially asking a simple question and for whoever replies, you know to prioritise these with a follow up.
5. Sales Funnels
I both like, and dislike sales funnels. One benefit can be that it is automated so it takes the human component out of your marketing and cuts down the physical work. It also encourages market development and establishes a strong foundation for your sales process.
I personally however like having a 1:1 customised conversation with my potential clients because everyone I work with has difference needs. Sales funnels do work for my business in the sense that they generate initial interest but I am the one who needs to close the lead. I like this because I enjoy giving the most amount of value throughout the entire process vs making that person feel like a number in my overall business.
If you have a certain product with a very specific niche, sales funnels are excellent. I have seen funnels work in many of my clients’ businesses and they can be an extremely effective way to automate the marketing process and bring warm leads to you to close as new business.
6. Google Search
In my week, there is a time slot every day where I am generating new interest, new leads and new opportunities for my business. Google is one of the best ways to do this. You can jump onto Google, find someone’s website, go to the ‘About’ page, contact the company to find out who the best person is to speak with; send them a lead magnet (i.e. provide some value to attract leads to your business).
I used this approach with a particular successful business that I really wanted as a client. I loved everything that they stand for and the way they run their business and I wanted to coach them to their peak potential.
7. Email List
Building an email list and a database of leads that you can send consistent value to and educate people on your knowledge is an essential step for any business. A lot of people think that if they give away too much to their leads, these potential clients will not want to work with them or purchase from them.
This mentality will not serve you in business. Successful business is about giving as much as you can, without an agenda but rather to show that you have knowledge and you can genuinely help people with a need that they have.
The right people who need the help, will be attracted to this. The people who don’t want the help, can’t afford it right now, aren’t ready etc. won’t be attracted to you and this is a good thing. Sharing value is about showing people that you have knowledge, that you are different and you stand out.
8. Joint Ventures
I coach people in business but also performance. I have a lot of CrossFit athletes who I coach because I’m a performance mindset and lifestyle coach, meaning I can coach every component in life. I understand the brain and behaviours, regardless of what area of life you are working on.
I will never believe that I don’t need any more knowledge. I still on a weekly basis work with a personal trainer, as well as speak to my old coach who taught me about the brain many years ago. I also have a marketing coach for my business.
When I was starting my business, I learned that the key to mastery is to approach people who are successfully doing what you want to do and ask for their help. Simply ask them what is working and what is not working then adopt and implement as much as you can into your own business.
When I was working with coaches they would invite me to some of their workshops to talk about who I am, what I do etc. and a lot of their clients would want to work with me.
This made me realise that I wanted to start joint ventures with all the people who work in close alignment with what I do.
By looking at their customer base, my database and cross-referencing who we both could help it was a no-brainer.
If you are around lots of different business who do lots of different things, you can utilise each other to service more clients. This allows you to get clients on a bigger scale by nurturing multiple databases.
How can you further add value to someone else’s client?
For example, my previous marketing coach was working with a lot of clients around making their business more visible and showing their brand. I noticed that a lot of her clients in her workshop were not able to market their brand because they were fearful to be seen in the marketplace.
I then realised that my ability to remove fears around being seen and exposed would perfectly complement this marketing coach’s knowledge on how to be seen in the market. We therefore were able to collaborate and do a joint venture on helping the clients together.
Try one venture at a time and if it works for your business, repeat on a larger scale. If it doesn’t work as well, try something else.
As I have previously mentioned, if you have the following four things mastered in your business, you have a recipe for success.
Firstly, your ability to market yourself, secondly, sell your service, thirdly, share your knowledge and lastly leverage your time effectively.
Marketing effort is an essential building block of any business.
If you understand marketing and you get a solid marketing strategy established in your business, it becomes really easy to see results from your growth strategies.
Sales to me, is the most important skill to have in your business but marketing is in close alignment and the two need each other.
If you want to learn more about my sales script for honest sales, or read the Business Success Accelerator to learn more amazing growth strategies, you can download your copy below.
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Felicity Muscat is the Founder of The Institute of Self Mastery which was created to help others fulfil the truest, highest, and most authentic expression of themselves in all areas of life.
If you have tried other approaches that have failed and are ready for change, request a complimentary introductory phone/Skype coaching consultation to help you get started on your journey back to your peak performing empowered and alive self today. To learn more and explore others’ success stories, download Felicity’s eBooks.
Felicity Muscat, former psychologist is now an international self-esteem, self-empowerment, and self-mastery life coach. Felicity is also a relationship and success coach, author of three best-selling books and Level 3 mind resonance coach.