2 Critical Factors That Will Help Grow Your Business’s Bottom Line
Identify and reassess your primary sources of business leads
Today, businesses busy with their day-to-day operations often forget to ask themselves this critical question: “What are the primary sources of my business leads and how long will they last?” This question is important because it will help you identify the main sources which are responsible for most of your current business revenue. It also helps you find out how dependable those sources might be in the coming years. Knowing which of your main sources of revenue generation could fade away in the near future will enable you to prepare ahead of time to reallocate your investment.
It is very important you research and invest in new sources before your current ones fade away, because they are critical to your business success and survival. One good example in this case is the Yellow Pages. For quite a while, Yellow Pages was a primary source of lead generation for many businesses in the United States.
But once search engines like Google and Bing gained popularity among consumers, Yellow Pages quickly dropped in stature as a primary lead source. In fact, due to the low return on investment (ROI) businesses get from Yellow Pages in the last decade, many have relocated their investment from Yellow Page ads to website marketing.
Your next waves of target customers in the current market trend
Besides your current wave of customers, the next waves of customers are also critical to your business success and growth. If you wish to gain market share from new waves of customers in the next 2 to 3 years, you must invest in strategic digital marketing plans that will position your business optimally in front of those customers online.
Although each business type and industry has different ways of serving their customers, one thing we all have in common is the tool customers use to find us in today’s environment, which is the internet. Today, consumers use the internet to find your business online and the next generations of consumers will likely use the internet even more.
With the prices of laptop and mobile devices continuing to decrease while the demand for mobile devices continues to rise, the current market trend is shifting more and more toward web-based communication and commerce. Today, consumers connect to the internet via mobile devices 24-7 and many utilize the internet to get most of their daily tasks done online. From paying bills to depositing checks, from shopping to selling things, from storing to sharing files on the cloud storages, and from working to socializing.
That said, in order to position your business optimally in front of the current and next waves of customers, you need to establish a professional web presence for your business online. Today consumers expect every business to have their own website, and if they can’t find your business online, (especially the next generation of customers) to them your business doesn’t exist, because a majority of them grew up using Search Engines and USB Drives; not Yellow Pages and Floppy Disks.
To attain a constant increase in new customers in the coming years, small businesses should reassess their primary sources of lead generation and reallocate their investment to more sustainable and profitable sources. Businesses should also take time to learn about their next waves of target customers and prepare themselves strategically to ride on top of the market trends that are heading more and more toward web-based communication and commerce. Together, these two strategies will help your business establish a strong position among your competition for years to come. I hope you find this article helpful. If you do, please feel free to share it.