Nine years ago, I created TML Communications to help organizations craft a message and better connect with their communities.
It takes a lot of work to grow a business. But you can influence growth, if you focus on the right information about revenue sources. In addition, as a leader, you must also work to understand why and what to do about it.
In celebration of October as National Women’s Small Business Month, here are a few marketing strategies that can help women-owned businesses thrive and grow in the coming calendar year.
Introduce new products and/or services
As your business grows, you need to identify opportunities to add to your product/service mix.
Raise prices to increase revenue
As your business establishes itself and builds brand recognition, you should periodically take the time to ensure that pricing matches as close as possible to what the market will bear. Of course, it would be impossible to know that if you simply maintain pricing at the same level for too long. As time continues, everything costs more these days, so it’s time to apply that to the price of the products/services you offer.
Lower costs to increase profits
As a business owner or manager, you receive near-constant communication from salespeople looking to add you to their customer list. However, in most cases, you need to resist the urge to engage with these people and focus on improving revenue. Keeping costs low is a key factor in business success and something you should keep an eye on as you build your business.
Invest in marketing strategy and execution
Sometimes you need to spend money to make money. It’s a cliché, but it’s also true. Hiring an external consultant who can objectively identify marketing opportunities, assist with challenges, and help you execute, can help you create new interest in the marketplace in your products/services.
Upsell current clients
Business research has shown it costs money to obtain clients and it is easier to sell current clients on a higher product/service than to obtain new ones. Upselling isn’t easy, but rather it requires a complex mix of (1) understanding the client; (2) educating the client; (3) utilizing data to gain insight into customer behavior; and (4) listening actively.
According to Forbes, acquiring a new customer may cost 5-7 times more than retaining an existing one. On the other hand, your current customers already know how your product/service solves their challenges, and they pay for its value.
Increasing retention rates
After doing all the hard work to obtain a client, and service a client over the term of a contract, it would be best to renew the contract. That is, of course, the goal. If your business can increase its retention rates, while adding new customers, that is a dependable way to build revenue.
Adjacent markets
If your business is working in Philadelphia, primarily or solely with local clientele, you should consider opportunities to offer your products/services in marketing like South Jersey, Delaware, New York, and Washington D.C. This type of expansion, assuming you can effectively handle it, allows you to take a proven business model and add new clients.
Sales won from the competition
In business and life, sometimes you must fight to get what you want. I learned a long time ago that when Starbucks was engaged in national expansion they would often open new stores directly across the street from other coffee shops, including independent cafes and small coffee shops as a strategy to capitalize on high-traffic areas and maximize customer reach.
While it may seem counterintuitive, this direct strategy to confront competitors where they are helped Starbucks cement itself with the brand recognition they have today.
Find opportunities in an expanding market
If you are starting a business today, it would be best to focus on a market where the overall amount of business is increasing. In this type of market, there are always opportunities to add revenue and customers as customers need to find a business to fulfill their growing needs.
It can be difficult to grow any business, which includes those that are women-owned. But with the right strategy, everything can fall into place.
Teresa M. Lundy is the principal and founder of TML Communications, the award-winning strategic public relations, crisis communications, and community engagement firm serving corporations, nonprofit organizations, and government agencies. Follow Teresa on Twitter @TeresaMLundy.
