As the owner of a service-based business, you may find it more difficult to grow than product-based companies because increasing your profits often includes getting more customers which equals putting in more time. With already packed days, this can seem near impossible and make you wonder whether you’ll ever be able to expand as much as you’d like.
However, the good news is that there are still many different ways to grow a service-based business that don’t involve you having to pack more things into your busy schedule. With that in mind, here are three options to consider in 2019.
Build a Stronger Referral Process
When it comes to marketing, many business owners tend to think about the various ways they can acquire new customers. Yet, research tells us that it is our current customer base that can often provide better business growth results.
For instance, data collected by ReferralCandy reveals that four out of five consumer purchases involve word of mouth recommendations, increasing marketing effectivity by as much as 54 percent. Additionally, almost one-half (49 percent) of consumers trust family and friends referrals.
So, if you don’t already have a strong referral process, creating one in 2019 can help you grow your service-based business substantially. This can be accomplished by sending follow-up emails asking for referrals to anyone who could potentially benefit from your service or by providing current customers with links to review-based websites so they can post their positive referrals online.
Create a High-Performing How-To Course
It’s not uncommon for service-based entrepreneurs to supplement their income by creating how-to courses that their clients can purchase online. However, this type of passive income stream doesn’t always bring in the amount of revenue business owners expect. How do you make yours more high-performing?
“One of the biggest lessons for me was the difference between information and transformation,” says service-based business consultant Russell Ruffino, founder of Clients on Demand. What Ruffino is referencing is that, while your how-to course needs to provide information, more importantly, it also has to inspire the audience to take action based on what they’ve learned.
According to Ruffino, the key to developing this type of transformative course is to price it high, work with a smaller number of clients, and treat each one like a VIP. This is the same method he uses in his business, which is likely why Ruffino’s Crunchbase rating is among one of the highest.
Find an Underserved Niche
Part of what sets a business apart from its competitors is its ability to do something that no other company does. With that in mind, you can really build your business this year by finding an underserved niche that wants your services but is currently unable to receive them.
In Business Models For Dummies, author Jim Muehlhausen explains that you can find the underserved markets in your field by considering your own personal experiences to identify a particular segment of the population not currently receiving your type of services. Friends and relatives are good sources for this as well.
Another option is to hire a professional to help you find a niche market that is currently being ignored. By conducting a bit of research in this area, he or she will be able to tell you which individuals may have a greater need for your services.
Doing all three of these things—building a stronger referral process, creating a high-performing how-to course, and finding an underserved niche—can help you grow your business this year and for years to come. Now all you have to do is put each of these suggestions into action so that, come December, you are in a better position than you are right now.
