Starting a business is difficult enough.Get expert tips on how to grow your business … [+]
Finding ways to grow your business can be difficult, especially for new entrepreneurs. The best thing you can do is emulate successful people in your industry.
That's exactly what Caleb O'Dowd recommends. O'Dowd is the founder of multichannel marketing. Over the past 19 years, he has generated over $160 million in sales for the companies he owned and operated, earning him the title as one of the leading direct response marketing advertisers in the United States. did.
In his early 20s, O'Dowd moved from Ireland to Miami, Florida, to study with Gary Hulbert, one of America's greatest direct response marketers and the highest-paid copywriter of all time. Over the next decade, O'Dowd became one of the state's leading direct marketers. He is known for creating some of the most profitable webinars of all time, with a recent webinar earning him $20 million in sales.
His success is largely dependent on learning what successful people do and doing it better.
Whether you sell services or products, here are O'Dowd's 5 expert tips to grow your business quickly.
1. Become a relentless student of your competitors.
Research your winning competitors. This creates a blueprint for massive growth and long-term success. The truth is that 18% of small businesses fail in their first year. Only 50% of successful companies are still around after 5 years and 35% after 10 years.
If you don't know why your competitors are winning customers, you won't know how to beat them.
O'Dowd recommends asking:
- What are they doing to succeed? Visit your competitors or hire a secret shopper. Learn exactly what they do to succeed. Examine the entire customer journey. What systems are in place to earn business? Where are they doing it? And what could be improved about what they are doing?
- How do they increase sales? Identify the sales channels used, such as online sales, in-person sales, or a combination of both. Multichannel marketing uses indirect and direct communication channels such as websites, direct mail, email, social media, and brick-and-mortar stores. A customer who interacts with a company on multiple channels spends 3-4 times more than a customer who interacts with a single channel such as a physical store or website.
- Where do they get their customers from? Acquiring a customer costs five times more than retaining an existing customer. Streamlining this process will increase your revenue and help you acquire more quality customers.
- What are they saying or doing to convince those people to buy from them instead of their competitors? Study your competitors' messages. What is their unique selling proposition (USP)? Your USP is what sets you apart from your competitors. Think of your USP as your business card to convert prospects into paying customers.
2. Do what the best people are doing…just do it better.
Do better at what the best companies in your industry are doing to succeed. Doing this will ensure that you are the best in the industry, or at least among the best. O'Dowd recommends identifying the best companies in your industry. Then identify their strengths and weaknesses. Only by knowing where you excel and where you are weak can you develop a competitive advantage.
You want to answer the following questions: Why should I do business with you and not a competitor?
3. Focus on repeat business.
O'Dowd describes marketing as a two-part game. The first half is customer acquisition, or creating new customers and customers. The second half is monetization, or generating repeat business from existing customers and clients.
Profit margins for new customers are lower than for repeat customers. If the customer retention rate is he 5%, the profit will increase he 25-95%. Acquisition costs have already been paid. The more repeat business your marketing efforts generate, the more your overall profits will increase. So, to increase your revenue, focus on repeat business.
4. Build with the exit in mind.
Most new business owners don't build their business with an exit strategy in mind. They are building businesses to be successful and in charge. But what happens if you build a business that's attractive to investors? Build a company that sells. According to O'Dowd, marketable companies include:
- The profit margin is high. Investors want businesses that generate significant income for the owners without the need for active participation by the owners.
- A system is in place to continuously generate new customers. Investors don't want to reinvent the wheel every time they acquire a new customer. They want repeatable and cost-effective customer acquisition plans.
- This company has efficient, competent and reliable staff. First and foremost, investors don't want to buy jobs. They are looking for a team of people to run their daily tasks smoothly so they can enjoy their free time. Investors want a business that can be run and grown by its management team.
- A business must have a strong competitive advantage in the market. Most investors aren't looking for a business that requires them to start from scratch. They want a business that is already successful and profitable.
Once you build a business like this, you'll find that it's a joy to own, but worth a king's ransom when it comes to selling.
5. Give your business a higher purpose.
Find meaning in what you do. Purpose-driven businesses give back to the communities in which they operate. According to a recent Deloitte survey, 64% of Gen Z believe they would pay more for sustainable services. Gen Z wants socially responsible companies. O'Dowd recommends making your actions matter in a powerful and emotional way. He said, “Stand for something more than just serving your customers and paying your bills.”
O'Dowd emphasizes building a salable business with a higher purpose that redefines success beyond profit. This expert advice on growing your business reveals a strategic path to success above your competitors.
