A service business is an enterprise or organization, consisting of a master team of professionals who provide service to benefit their customers. Such businesses like banks, airlines, law firms, movie theatres, and delivery companies rely heavily on customer satisfaction and they aim to provide the best customer experience.
If you are looking for ways to grow your very own service business, read on because this is just the article for you!
What Makes Service Businesses And Its Growth Important?
The service industry makes up to 40% of the businesses on a global scale and an estimate of 49% of the world’s population work in the service sector. Those are pretty huge numbers but even if we ignore that, service businesses play major roles to assist people daily.
The growth of service businesses is crucial to a country’s economy as it often makes a major contribution to its GDP.
Other than that, growth drives the survival of a business. It controls work performance, profits, and fund investments and helps in the gain of assets.
11 Tips To Rocket The Growth Of Your Service Business
Now that we have established what a service business is and why service businesses and their growth is important, we will be adding the cherry on top by telling you how to ensure rapid growth for your service enterprise.
Below is a list of 11 tips made just for that purpose :
- Get down to managing the business – for real
- Set business goals and know your target customers
- Build-up trust with customers
- Set up a customer management team
- Be competitive – research the competition
- Use seasonal discounts, membership discounts, and offers
- Partner up with other businesses
- Use the internet to your advantage
- Use email marketing
- Learn and use SEO strategies
- Use marketing strategies
How do you get down to managing the business – for real?
The development of a business depends a great deal on its management. Management of a service business varies from the management of a manufacturing business.
Yet it all comes down to a commitment factor. To manage a business, you first have to commit yourself to it as you would to your spouse and put in effort towards its growth like you would while raising your child.
You have to understand the exact type of business service you are in. You have to have a clear idea of your budget and the structuring for your service costs. Once you have done that you have to carry out more cost-effective operations.
While the budget and costing are important, it might deter you from testing new services to add to your business which is crucial for business growth. So you have to have a plan for developing new services and take some risks. You have to make sensible decisions for the benefit of your company and think about how those decisions may work in the long run.
Set your business goals and know your targeted customers
To start a business and not setting a goal is like setting out to go to a house without knowing the address. The end where you get lost is rather inevitable. So set your business goals and plan your next steps accordingly.
Service businesses exist to help customers. Thus knowing who your targeted customers are is very important. Interact with your customers. You can use the Lean Startup method to work closely with your clients and build services based on their problems.
Now the question is how do you know your customers if you are just thinking of starting your business?
To resolve this dilemma you can create a dummy customer and use your imagination to think of what service that customer might be interested in getting from your business. Think from the perspective of a customer and work with that.
Build-up trust, build-up your business
One of the foundation pillars of growing your business is building up trust – especially when your business runs on service.
You will not attract customers if you cannot gain their trust. Testimonials and reviews from previous clients would work wonders for building the trust of other potential customers.
You can establish a review program where your customers have to fill in a short form about what service they got and what feedback they have. Mention that you appreciate criticisms and suggestions since your work revolves around customer experience.
Trust also relies on word of the mouth and thus make sure your staff is well-disciplined and well-mannered.
Dedicate a professional team just for the customers
As we have mentioned before, the service business depends on satisfying customers – giving them the best possible customer experience. This might get a bit chaotic for random staff members to handle and you may end up getting bad reviews. That is why a professional team dedicated solely to the customers is necessary.
Members of such a team should have a good understanding of customer psychology and also have some knowledge of marketing and have good communication skills because customers would be directly interacting with them. Patience is also a very necessary trait and would help to avoid issues when a customer is being difficult.
Be competitive – research your competition
Striving to be on the top of the ladder is necessary to fuel motivation. Being motivated will help you keep the grind going and hence it’ll help your business grow.
Similar businesses in your area or with similar popularity can prove to become competitions. While they can take away some of your valuable customers, they’ll also ignite your competitive streak and drive you to make positive changes in your services. Keep an eye on them to generate new ideas for your business and also learn from their mistakes.
You can also create a good relationship with them; because as they say: ” Keep your friends close and enemies closer “.
Use seasonal discounts, membership discounts, and offers to your Service Business
While profit is a must to keep your service business up and running, everybody loves getting a discount.
One thing you will notice throughout your life is that you can go about your whole life ignoring a certain shop or service company, yet, the day they put up a sign in red announcing a discount of some sort, you will notice it. Even if you do not purchase the product or service, your eyes will hit the sign even if for once.
Use that notion of human psychology to your advantage to lure in customers. You can do seasonal discounts or festive discounts etc for some of your popular services and see how the customers come in.
Membership programs, loyalty programs, and other offers also help to grow your business just the way discounts do. Maybe provide a free service on a customer’s second or third visit, maybe out up buy one get one free offer every once in a while. Just attract people’s attention!
Partner-up with other businesses and profit
The saying ” power in numbers ” is true to the business industry as well.
You can grow your service business by using wisely planned partnerships as well. This will help attract customers and benefit both your business and the business you are partnering up with.
For instance, if you own a business that provides dry cleaning services, you can partner up with a new clothing store and put up offers especially for that specific shop’s customers such as a one-time offer of cleaning a dress for free that was purchased from that shop.
This will encourage that shop’s customer to dry clean at your outlet and also encourage your customers to buy something from that shop.
Use the internet to your advantage
It’s 2021! The era of the internet.
Since the covid pandemic hit the world in early 2020, surveys show a huge surge of businesses operating online in the past year, and even without a pandemic dangling over everyone’s head, expanding your business over to the virtual world will help you benefit a lot.
You can use platforms like Facebook, Twitter, and Instagram to open up pages for your business and grow through advertising yourself on the internet, keeping active communication with your audience, and building up your online presence.
If you haven’t already hired a professional content writing team who specializes in writing about your exact business niche for advertising your services and business, hire one now and task them with handling anything that has to be written for publicizing your business.
Another important way of making your presence valid in the internet world is by having your own business website. To open such a website you can invest in a content management system like WordPress.
To use WordPress you would need two things :
- A web hosting account
- A domain name
Website hosting is a medium of activating your website online. It creates a space for you to store your files and without it, your website would not work.
A domain name is like your brand name and the type of business that you run combined together. For example, WordPress.org is a domain name.
You can buy both a web hosting account and a domain name using Bluehost – an official WordPress recommended hosting provider.
Email marketing works wonders
Just like discounts, partnering up, building an online presence, Email marketing is a sure way of bringing in customers.
Make an email list and create a newsletter program. All these works wonder at bringing in new clients as well as keep your loyal customers updated about your services and lure them to try out more of your services. A recent study shows that email marketing has a 14.10% success rate at bringing in new clients.
Use your content writer or team to handle these as well.
Learn SEO stactics and use them to your benefit
SEO means search engine optimization. Using SEO will help you to reach more potential clients via the internet. It changes the algorithms in such a way that is sure to help your website to reach more people.
A content writer or team comes in handy for SEO work as well because writing about your services while keeping SEO tactics in mind and using keywords based on that will help you reach more people. You also need to build something called a sales to funnel that you can use to help convert your audience into paying clients.
Use marketing strategies and see the profit
Last but not least, marketing is another foundation pillar of ensuring your business growth. Having knowledge of marketing and business administration is a huge plus in the business industry.
So, research marketing strategies and put those to work! If you cannot market yourself well, you may not survive in the long run. So hire a marketing team of professionals and market your services in any way you can.
Invest in printing leaflets, posters, brochures, etc. Rent a billboard if you can to market your business and the services you provide. Use existing platforms such as Amazon or eBay as well if it is relevant to market your services.
To conclude about Service Business
If you run a business, you must have a thirst to grow. Just like everything else in the world, the service business industry is also a place that works via survival of the fittest. If you do not keep improving yourself, maintaining and perfecting your work standards and service, someday you will be incurring losses and see your business falling into debt.
Thus use the tips stated above to your advantage and research more growth strategies along the way to see maximum results. Use your funding wisely and take the risk of expanding your business and trying new services. Take the risk of franchising it even. Keep going even if you face a problem.
Hence to conclude, we can make use of the words of Anthony Robbins, an American author, speaker, and philanthropist ;
who said, –” Every problem is a gift – without problems, we would not grow “.