Two of the greatest challenges that entrepreneurs face are creating an attractive product and obtaining the funding needed to continue operations. One solution is to use the advice and financial input from your early customers to boost business growth. Here are some strategies that can help you accomplish this.
If your company is just starting up, don’t pretend to be a well-established business. Admitting that you are new gives you the opportunity to obtain advice from your customers on how you can improve your products and services and what you should charge for them.
Creating trust with your customers is an important aspect of business growth. A good reputation and connections in the industry will make this task easier. However, if you don’t have these advantages, build your reputation by blogging and providing quality content on LinkedIn and other social media sites.
Heed the Advice of Customers
You may have some effective ideas on how to make your business more profitable, but your customers may have even better ones. Reach out to your customers, find out what they want, and then satisfy those needs and desires. As a result, they will more likely become regulars.
Provide Consulting Services
Customers will generally pay more for your expertise than for your products. Offering consultation services not only earns you extra money, but also provides you with the opportunity to establish deeper, more longer-lasting relationships with your clients.
Offer Annual Contracts
Getting paid upfront for upcoming work provides you with an inexpensive funding source to spur further business growth. This strategy may be even more effective if you offer discounts in return for payments upfront. It enables you to obtain working capital without the need of incurring debt. It also saves you from having to resort to equity financing.
For more advice on using early sales to help stimulate business growth, get in touch with First Source Capital.