Recurring IncomeRecurring income sales
2 min read
7 Ways To Grow Your Service Business
30 second summary:
From increasing profit through pricing, to developing the right mindset and setting service goals, there are proven ways to grow your service business. This article highlights 7 critical success factors proven to deliver greater service business results.
There are 7 critical success factors in order to grow your service business as an installer:
1. Develop the service business mindset
2. Set Service goals
Goals keep us energised and focused on what we are trying to achieve. The great Mohammed Ali said, “What keeps me going are goals”.
3. Increase sales from customers
Your customers are the easiest, most profitable group to whom you can market your business and increase your service sales, as John Romero stressed:
“In marketing I've seen only one strategy that can't miss -- and that is to market to your best customers first, your best prospects second and the rest of the world last.”
4. Retain service contracts
Research shows that 20%-70% of new customers are lost within the first 12 months of acquiring them. All that hard earned effort in winning the new account just goes to waste…
Service contracts can be retained for many years as long as the customer sees he is getting value for money, continues to have a good experience and feels valued as a customer.
5. Generate leads for new accounts
To accelerate growth in service sales you need to develop, test and measure new lead generation methods for winning new customers. There are some smart ways of doing this online through the use of Pay Per Click advertising, which can be challenging but effective, plus there are also traditional offline methods such as telesales, direct mail and traditional sales.
6. Increase profit through pricing
Businesses often underestimate just how much effective pricing management can boost profits. When installers are either faced with a tough economy or have difficulty in winning new customers, one of the first things some do is reduce their prices. This can be a slippery slope
7. Measure service business
The service business is about detail, the most important of which should be measured across the 3 dimensions of service growth, service quality and service efficiency. Goals and improvement activities should be developed for the areas you wish to focus on. This will enable you to manage your growth better.
View the PSI article here - https://bit.ly/2PTvng8
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