Debt and Credit

Two biggest mistakes that growing businesses make

Nowadays there is an increasing number of startups and small enterprises in this changing world. If you are reading this, probably you are the one of these highly motivated entrepreneurs, driving the business growth and always looking for the perspectives. Two most common mistakes to avoid for now are the following:

Ignoring tracking ROI and getting into debts

There are many entrepreneurs, who think that their brilliant idea will become well-known by itself and decide not to spend their budgets on marketing and promotion. Others do not know about the strong marketing communications and waste their resources without any goals and vision.

The biggest advantage of leading small business is its flexibility and opportunity to change the business goals and move from channel to channel to find the working one. Maintain constant analysis and assessment of your marketing data and learn how to make conclusions and change the angle of your strategy:

  • How much money do you spend on different channels?
  • What channels are working for your marketing growth?
  • What channels should you avoid when allocating your budget?

When you know answers on these questions, you are lucky to overcome debts and grow your business successfully.

Looking for quantity but not quality of customer database

Many entrepreneurs believe that they own their existing clients and the primary goal, which they should worry about, is to gain the new clients as soon as it is possible. However, the truth is that working on the quality of the relations with the current clients is much cheaper for the business owner than getting new.

Customer relationship management is not only about the quantity. It is mainly about the power of interaction with the current clients of the company. Define your unique personal approach to managing your customers, provide them additional value and improve your overall business relationships with them. Go through your owned business channels (e-mail, corporate website and phone, marketing materials, social media corporate pages and accounts, etc.) and turn them into the channels of interaction with the current and potential clients.

You should remember that every one-time customer could be quickly turned into the loyal client and a passionate follower of your brand, which would make your business stable and attractive as well. As soon as you figure out the particular strategy of relationships with customers, you will be surprised how can word-of-mouth work four your business.