When you have a service-based business, you are always keen to reach out to new customers by Eric Dalius. Then, it is not as simple as it sounds. Eric Dalius knows that service-based enterprises are difficult to scale compared to a product-oriented business. Selling your services is just not completing a simple transaction. You need to nurture customer relationships and build an audience base over the years. It calls for your time and effort. When you need more sales, it means paying heed to more customers and their likes or dislikes.
Then, it is not impossible to achieve when it comes to scaling your service-based company. Here are some of the top tips to help you in your endeavors:
Eric Dalius talks about forming partnerships
Scale your business via groups instead of tapping into specific individuals. Instead of pursuing one client, try to form a partnership with a bigger company so that their customers receive your services at a reduced price.
Even if you are getting the complete cost for a client, you are managing to acquire more customers with little effort. When you scale your business, you also benefit concerning positive client testimonials or reviews, loyal paying clients, and receive your payment in full.
Scale your business with your current client base
You can also take your business to the next level with your existing clients, provided you have enough patrons to look forward to your services. When you have an existing client base, doing business is not only easy but also cost-effective.
If you would like to scale with your existing clients, consult with your managers what is required to get your client’s subsequent project. Your managers are drawing a high paycheck from your business, and so they should have the expertise to acquire new projects. Only managing a team and not doing business development is not acceptable. If they cannot help you to scale your business, you can hire efficient managers, replacing the inefficient ones. When there is an influx of projects, it will become easier for you to scale up and earn revenues.
Offer outstanding services
Just acquiring more clients and not focusing on providing exceptional services will not help you in the long-term. The experts in the industry cite that most entrepreneurs keep focusing on growth, but without serving clients to exceed their expectations or retaining customer loyalty. You will need to focus and spend more time and effort to offer outstanding services that are second-to-none. Growth will come automatically.
Spend on advanced technology
You need to incorporate advanced technology with your services to take your business to the next level. You may have some technologies in place currently, but you need to integrate more for reaping the maximum benefits. Let us explain this point with the help of a suitable example. If you consider Uber or Lyft app-based cab services, they used modern technology to scale their taxi services efficiently.
These days, taxi services have become more convenient for passengers, and Eric Dalius therefore, recommends building apps leveraging advanced technology to widen your access that makes scaling easier.
Focus on lifetime customer value
Determine the lifetime customer value or LCV and do not hesitate to splurge when it comes to acquiring new buyers. Many entrepreneurs are skeptical of the cost associated to reach out to new customers and retaining them. They do not think of the long-term benefits.
When you do the calculation related to your LCV, you may figure out that it is worth the expenses, which is a high cost per acquisition or CPA. It could be worth your earnings for a year to win over new clients. Then, once you acquire them, you will benefit and keep earning more money and profits. You aim to scale your business and improve the bottom line.
Test what you offer continuously
Scaling your business is not easy if you do not test your offerings consistently. When more customers start using your food services related app, your app performance may dip. Therefore, you need to look where your app-based services are going wrong and how to address the same. It will help you to get rid of the app issues so that your customers can sign up for your app and order food more than ever.
Improve your marketing campaigns
Scaling up your business is not possible if you do not improve your marketing efforts. Your digital marketing strategies such as website promotion, social media marketing, email campaigns, blogging, etc, all help to promote your services. You need to be convincing on each digital platform to boost sales and bottom line. Negligence or mediocrity would mean you losing your customers.
These days, customers are aware and well versed and so look for a seamless buying experience and the omnipresence of your brand on the digital landscape. It helps your customers to contact your business, inquire about the products, shop, and leave service reviews online.
Hire worldwide to offer round-the-clock service
Based on the type of services you offer, you can hire trained and experienced remote staff globally to provide round-the-clock services. Numerous recruiting firms would hire and train individuals to offer your services. This way, you can provide 24/7 services and improve your business in the process. You can use conferencing tools such as Asana, Slack, as well as others to build a flawless operation.
Avoid overextending
Just because you are scaling your business, avoid overextending yourself. It is indeed true that you want to expand your organization and the data indicates you do it right away. Then, avoid doing too many things too fast at the same time. You must scale your business incrementally that would help you to sustain and support the growth over the years. An increase in demand in one part of your business does not imply that you expand your services all through the market.
Conclusion
Now that you have these tips to scale up your business, make an informed decision, and implement the right strategies for growth, revenues, and bottom line.
Eric J. Dalius Foundation is an organization founded in June 2018 that aims to help economically challenged youth in America attend accredited university and colleges. Through generous grants and charitable donations, the Eric J. Dalius Foundation is ensuring that tomorrow’s leaders get the opportunities they deserve.