Jai Singh Sadana SpiceJet Shares 6 Powerful Growth Strategies to Increase Revenue

1. Growingasmallbusinessisnoeasyfeatand requiresatremendousamountof perseverance, dedication, focus, and even someluck.Knowinghowtomanageyour growthandensuringyourabilitytodeliver exceptional service to your customers are paramountforlong-termsuccess. While amyriadofstrategiescanenable asmall business to achieve growth, here are several that warrant consideration and implementation. 6PowerfulGrowth Strategiesto IncreaseRevenue

2. #1Align Salesand Marketing

3. The terms sales and marketing are often used interchangeably.However,thesevitalfunctionsprovidevery different—andequallyimportant—contributionstothe companyororganization.Theyare,infact,theYin-Yangthat cultivatecustomers,generatesales,andserveasthefuelfor yourcompany. Marketingisandshould be, viewedasacriticalinvestment for thefinancialsuccessoftheorganization.Saleswithoutan appropriatemarketingfunctionarecostlier,lesseffective,and reducethebottom-line.

4. #2Establisha formalreferral program

5. According to Dale Carnegie, 91 percent of customers wouldgiveareferral,butonly11percentareasked. Creating a formal referral program can allow your customers to help you grow by becoming a brand ambassadorforyourcompany. Dataconclusivelydemonstratesthat customerreferralsareasignificantly effectivebutextremely underutilizedbusinessstrategy.

6. #3 Expandyour offerings

7. Your customers and their needs are always evolving. And, so should your product and service offerings. Being aware of your customers’ long-term needs, research and development or industry trends enable you to anticipate their future needs and position your companytoservicethem.Thisapproach also affords your company the opportunity to be first-to-market and a disruptor.

8. #4 Focuson customer relationships

9. As Per Marketing Metrics, increasing customer retention by five percent can increase profits between 25 and 95 percent.Providingexceptionalcustomer service that creates long-term and loyal customers is a sound strategy to grow your business. Upselling or cross-selling current customers is significantly more effectiveandcost-efficientthansecuring newclients.

10. #5Develop strategic partnerships.

11. Manysmallbusinessownerscanbenefit from strategic partnerships that enable them to service a larger client or business opportunity together. While horror stories abound, careful planning and due diligence can address many issues before they occur. Engaging professional help, including legal, financial, and business experts, to form the partnership is the best approach for profitabilityandlong-termsuccess.

12. #6Becomea recognized thought leader/expert

13. Here’s a surefire way to elevate your reputation, build brand equity and attract ideal customers. Based on your industry and business, creating a blog, podcast, by-lined articles or other contenttoshareyourknowledgecanbe an effective strategy. Even sharing your expertise through speaking engagements, industry panels or other high-profileeventsprovidesanexcellent opportunity to showcase your company andexpertise.

14. Thank You