Marketing has reached a point of inflection. We have started to shift from building creative and delivering impressions to influencing growth. To help accelerate the mindset shift from creative delivery to growth catalysts it’s helpful to consider the causes of business growth. There are four main growth levers for any business. Armed with this information, we can begin to use the tools of our trade to influence the levers for growth. The first step to delivering growth is understanding the ways a business can grow. With this knowledge, we can choose the right set of strategies and tactics to pull those growth levers and move a business forward.
Grow Your Number of New Clients
The most obvious way to grow your business is to increase the number of customers you serve. Although client retention is vital for salon and barbershop business survival and stability, new customer acquisition is the best way you can drive growth in your business. Use your current clients to bring you new ones! Maybe this growth lever means you identify new customers for services you already provide; maybe this means you carve out a niche and then advertise to a new set of clients entirely.
Retain Your Current Customers
Your current customer base is the best asset your business has because they already know your brand, they know your products, and they can appreciate your service. It’s difficult to keep growing your business if your current customers don’t renew. Whatever size your business is, the key to achieving customer retention is to establish a centralized database that is able to retain information about each individual in your customer pool. With this corporate knowledge of your customers, you can choose tools and tactics to build, measure, and monitor activations focused on customer retention.
Increase the Frequency of Bookings
In general, this growth lever is based on the idea that your business will serve people multiple times. The goal of marketing tactics that pull this lever is to shorten the time between bookings. You can increase revenue by accelerating the path to booking, or the time between bookings. Businesses can achieve that by preserving their product and service qualities, as well as their reputation. The real hustle of marketing doesn’t begin and end with creating leads or making bookings, it’s how you keep up with these expectations. It’s important to underpromise and overdeliver!
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