Sunday, May 22, 2011

4 Ways To Profitably Grow Your Brand

Unless you see your business as a hobby you want to see profitable growth each year for your brand or brands.

This can be seen as an area of difficulty for a service based business especially if you offer all your services based on your time.

A small business owner emailed me about this last week and so I thought I would share four of the ways.

Some of these may be obvious, some you may not have thought of.

Reduce your service offerings

This just means getting rid of those services that are not as profitable as others.  This allows you to concentrate on growing the ones that are and customers who have a need and desire for them.

By doing this you are focused and not using your time on those services that deliver less to you business.

Get rid of some customers

Unless there is a strategic reason for keeping them then sometimes it helps to not work with certain customers or types of customers.

The reason is it is difficult to grow your brand profitably if your pool of customers are those that will only by once. Ideally you want customers who can purchase a range of your services or buy your services on a regular basis.

For example if one of your services is developing brand identities, then focusing on business that sell products under different brand names offers more opportunity than focusing on businesses that offer a number of services under one brand name.

Increase your service offerings

This can be by way of packaging up your services up and deliver them in another way.  Some personal training businesses do this well via an online training package.

It could also be which I have mentioned before, working out over a year what your customers' needs are and developing services that you can offer over the year instead of on a project basis.

Ignore your preferences

Sometimes you need to get out of your comfort zone to grow your brand profitably and that is not always easy. Even though you may know what your customers should do or need doesn't always translate to them having the desire for it now or in the future.

This means you need to be willing to be objective about your brand and what you offer and make changes if necessary. One way to do this is to be aware of the trends in your market and the impact of these trends on your customers' needs and desires.

Thanks to Susan Oakes / Marketing for Business Success Pty Ltd


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