5 Ways to Grow in This Unique Business Climate
Over the last couple of years, you likely had to quickly adapt to learn and thrive in a unique business climate. But now, it’s finally time to focus on growth and creating new opportunities to endure and enjoy all that hard work you’ve put in!
This blog is specifically focused on ways to grow while reflecting on the clear shifts in consumer preferences and best practices to help you create a blueprint for a future-proof fitness, beauty, or wellness business.
No matter your business model, the time for growth is now. Here’s how.
1. Expand your target client
The definition of wellness has transcended beyond just physical fitness. The pandemic has accelerated this trend more than ever before. Buzzworthy aspects of the industry such as mental health, immunity, and wellness services have gained popularity and started intersecting over the last couple of years. Overall interest in health and wellness is increasing with no signs of slowing down, and while some chose to maintain their at-home wellness routines, others have returned to visiting physical locations without looking back.
The best news? There’s now a demand for health, beauty, fitness, and wellness services both online and in-person. I’ve always recommended that business owners be laser-focused on the needs of their target client. Just as the industry has expanded, it’s time to realize that your ideal client may now include a demographic that was underrepresented or ill-nurtured in the past. There’s no time like the present to make this right!
2. Grow customer loyalty and client engagement
Once you’ve managed to get their attention, it’s imperative to keep and retain your customer’s attention and make their goals and outcomes your passion. A satisfied customer does not always equal a loyal customer.
So, how do you ensure customer loyalty? Engagement!
Actively engaging with your customers allows them to build a relationship with your business from their first visit and each time after that. The key to this is authenticity. Clients will develop a deep sense of loyalty, and find no reason to allow themselves to be courted by competing businesses.
More importantly, growing customer loyalty increases revenue. You’ve likely heard that loyal clients are much more likely to recommend your business to other potential customers, but reviews are only one part of the revenue KPI (key performance indicator). In my experience, as both a wellness business owner and a coach/consultant, I’ve found that customers who stay with a business for at least five years bring in a massive increase in both revenue and profit (most importantly!).
Easy client engagement strategies that you can start this month are:
- Tap into personalized communication. Reach out to current and potential customers via email, web chat, text, and social media platforms.
- Listen to customer feedback. Learn about what your customers are really looking for and create a ‘no limits’ approach to making changes accordingly.
- Create an authentic, welcoming community. Help clients go beyond burnout or fizzle—a community that grows is one that naturally and inherently meets needs that go beyond the direct service offered.
- Provide helpful and educational content. Since consumers are asking more from their wellness experiences, it’s time to step up your willingness and ability to thoughtfully integrate togetherness and experiential learning into your existing services and offerings.
3. Maximize conversion by upselling clients more efficiently
While some are more hesitant when it comes to the topic of sales, I’ve found that the most successful businesses understand how to sell with integrity and authority. There’s always a way to do so without being spammy or scammy!
The thing is, people are generally willing to spend more money if they believe in the product's value. When done properly, upselling is one way for your business to increase customer value while also increasing your profit. To implement upselling while maintaining value, consider implementing the following techniques:
- Include everybody. Every business has a target audience that we like to make our priority. Businesses that are sales-savvy know that every single customer needs added value. That means that every client should be offered their best option—and to do that well, there must be a great option that can be offered consistently if not frequently.
- Know your customer. One size does not fit all! Upselling will look different for every customer depending on their wants and needs. Don’t miss out on a potential sale because you’re pushing a product that isn’t relevant to the customer. Providing a personalized experience increases your chance of success.
- Limit the options. Don’t bombard your customer with an endless list of products and services. The last thing you want is for your customer to feel so overwhelmed that they back out of the purchase altogether—and spoiler alert—this happens more often than you may like. Cater your entire sales process to personally benefit the individual customer.
- Create a sense of urgency. Encourage purchasing by offering limited-time deals. This encourages people who are on the fence about making a purchase to do so before the deal expires. The key to this is to develop a strategic communications plan which thinks through every single touch and aspect of how your clients are made aware of your limited special.
4. Add services and offerings that differentiate
Growth within the wellness industry means more and more businesses are popping up every day. One shopping plaza can have two or three stores offering the same services. A google search easily provides customers with hundreds of options in seconds. This puts business owners in a position where you're forced to fight for the attention of customers. The amount of competition can be discouraging at times. Differentiating your business from others will be crucial to your continued growth. Here’s how your business can stand out:
- Offer consulting services. Whether your customer is brand new to your business or they've been a customer for years, everybody could benefit from 1:1 education. Consider adding a new customer consultation to your services as a way of forming personal connections, while educating customers on how you can benefit them. Existing customers can be consulted on how they can gain even greater value within your business.
- Reach out to missed customers. Let customers know that maintaining their business is important to you. Send a quick text or email stating that you’ve noticed their absence in the past few days/weeks. If it's been an extended period of time, don’t be afraid to call and show your concern.
- Give back. Your business is operational because members of the community choose to invest their money with you. It may be time to show your appreciation by investing back in the community! Customers generally care that your commitment to them extends beyond the walls of your business. This can be shown in a host of ways including community-specific offerings and discounts, collaboration with like-minded, non-competitive local businesses, and taking advantage of any opportunity to have a strong, consistent presence within your community.
5. Future-proof your business financially
Administrative tasks are probably the most disliked part of owning a business these days. Thankfully, you have a plethora of options that allow you to delegate mundane, repetitive tasks. Spend more time enjoying your business by setting up automation for these work processes like these:
- Marketing. Send automated emails, text messages, and even web chat alerts that remind customers that you’re resourced to support their needs.
- Advertising. Now is the time to invest in greater visibility! As a sales and marketing expert, I’ve found that the clients who took the leap to strategize their lead generation, customer acquisition, and utilization needs have seen a 304% increase in sales than those who don’t prioritize this need for the business. On the fence? I’m happy to offer a customized view of your specific business. Let’s talk about your business!
- Growth strategy. This is probably the most important and overwhelming to-do for your business. Reduce the tunnel vision and blind spots to find, execute, and measure reliable, actionable intelligence and growth tactics on a regular basis. This is personally my favorite way to support growth-minded business owners because it’s proven and leads to both short and long-term goal attainment!