All-too-often in business, we come up against a question that seemingly has no right answer. We analyze it. We research it. We come up with countless hypotheticals to attempt to understand it. Then we realize the answer was right in front of us the entire time. The solution was so basic, so fundamental, that our minds skipped right over it to find a more complicated and convoluted answer. This unfortunately common phenomenon is called Occam’s Razor. The simplest answer is generally the correct one. Attempting to reinvigorate your business can appear as a daunting task, but when utilizing this concept of Occam’s Razor, generating revenue not only seem doable, it seems necessary. That’s why I have listed below a few simple things you can do to inject fresh life into your business and thus your livelihood:
Take inventory of past clients.
For instance, one lady who had a business for a long time was beginning to see revenue plateau, and subsequently decline considerably. She was struggling to acquire new clients, had difficulty bringing in more revenue, and had seemingly moved through her customer base. Revenue was falling, and she felt she had exhausted her options. In a last ditch attempt of desperation before her doors closed for good, she reached out to a business coach. His question for her, “How many people have you served over the years?”
After combing through her past clients, she realized there were well over 600 names of satisfied customers that were a one-and-done type deal. So, she reached out, got in touch, and renewed a professional relationship with those who were interested. Soon, she had resurrected relations and created a long-term profitable relationship with numerous clients. Thus, her doors remained open and her business not only survived, but thrived.
Call Clients (Not Email)
Seriously. Pick up the phone and give them a ring. In today’s environment of technological immersion, speaking on the phone seems almost archaic. Dialing clients has become borderline taboo in many industries. However, this superficial perception of traditional sales could not be further from the truth. Speaking with clients and customers on the phone fosters a personal relationship (yes, personal, not professional) that goes beyond the detached tone of emails and mass newsletters. Create a bonafide friendship with those who pay for your service or product, and reap the benefits of another increasingly archaic concept, customer loyalty.
Offer Customers a Bonus
While this may not appear to be the most capitalistic manner of optimizing revenue, it certainly makes a tremendous difference. By the way, I mean offer a bonus with no strings attached; and make it known that this is indeed a bonus, not just an inherent part of your product or service. If customers truly believe they are receiving an added benefit to your service or product, they will feel valued and will, in turn, make it worth your while over the long-run. Although it has largely been speculated that humans are, at the primal level, selfish and greedy beings, there has been recent research conducted that suggests the very opposite, that we are, in fact, altruistic and generous creatures who take great pride in helping others. Personally, I would prefer to believe the latter, but if you don’t want to take my word for it, take the Harvard Business Review’s. Generous acts are reciprocated with kindness, and kindness in this case means money, money over a long-term sustainable client relationship.
It’s easy to get caught up in complex marketing strategies, automated lead generation, and convoluted formulas, but you don’t need to. Take a step back and remember: the right answer is usually the simplest one.