Has Your Small Business Grown Too Big, Too Fast?
A company that grows too big, too fast may seem like a good problem to have, but overly accelerated growth can doom a company as quickly (if not faster) than slow growth. If this doesn’t make sense to you, just picture a child who grows quicker than his parents can keep up with. The mother and father would constantly have to buy new clothes, find bigger beds and make adjustments in their lives to accommodate the rapid growth. If they were unable to do so, the child would certainly suffer as a result.
This is similar to the dilemma small-business owners face when unprecedented success leads to unanticipated expansion. While growth is a great sign of the company’s health and strength, they may be unprepared to handle it, either financially, spatially, time-wise or with manpower. The business owner may have nice profits early on, but a lack of consistency and an inability to meet the increasing demands of customers will become problematic.
Lost in early success, it can be difficult for a business owner to realize when his or her company is growing too big too rapidly. Here are a few tell-tale signs that you may need to slow things down or get some extra help.
- More employees than desks/chairs/computers/equipment available.
- Quantity valued over quality.
- You’re continually operating in crisis mode.
- Customers have been leaving negative reviews and comments.
- Employees appear to be overworked and unhappy.
- You find yourself working all day, every day and are unhappy.
- Vendors can’t keep up with your orders.
- Customers who feel ignored begin to do business elsewhere.
Good Client Relationships Create Loyalty
No matter how big your business gets, you should never lose your connection to your customers. People want to know and trust who they are buying from. The more you’re able to make personal connections with your clients, the more faithful they will become to your company. There are several reasons why every business owner should strive to have loyal, long-term customers.
- Repeat Purchases: For many companies, a large portion of their revenue comes from repeat business. One study found that repeat customers make up 25 – 40 percent of total revenues for most stable organizations. Additionally, the more a customer buys from you, the more likely they are to make subsequent purchases.  After one purchase, customers 27 percent more likely to buy from the same place again. After two purchases, they are 54 percent more likely to make a repeat buys. 
- Word of Mouth: The more a person buys your products or uses your services, the more likely they are to refer you to friends and family members. Word of mouth is the most trusted form of advertising.
- Benefit of the Doubt: No matter how much you try to be perfect, things will inevitably go wrong. A loyal customer may be more forgiving of these eventualities than a first time client.
- Loyal Customers Spend More per Purchase: The top 10 percent of your customer base, in terms of loyalty, spends an average of three times more than the lower 90 percent. The top 1 percent spends five times more than the lower 90 percent. 
While things like affordability, quality and convenience help turn a one-time customer into a loyal one, establishing, cultivating and maintaining a personal connection with your patrons will strengthen that allegiance.
Consumer Loyalty Converts Customers Into Lifetime Patrons
Every business owner should be working to convert one-time customers into lifetime patrons. The benefits of consumer loyalty are clear and obvious, but the strategies to build this bond are not. Even for those who know what to do, managing other core business responsibilities can be very time-consuming, leaving little room for companies to try and make lifelong connections with their clients.
Making a lasting impression with each customer will become increasingly difficult as your business expands. Here are a few strategies that can help. 
- Newsletters: A weekly, monthly or quarterly newsletter is a great way to keep your customers up-to-date with what’s happening at your business. You can distribute them to customers through email, standard mail or as handouts at your location. Include information about new product releases, upcoming discounts and other pertinent news about your company.
- Email Marketing: Sometimes your customers need to be reminded why they love you so much. Finding a discount for your products or services in their inbox can help motivate them to come back to your business and spend more money. A great way to get your customers’ emails is by hosting a raffle in which participants must give their name and email address.
- Direct Mail: The rise of the Internet has led many to falsely believe direct mail is obsolete and ineffective. But direct mail has been shown to create a deeper and longer-lasting effect on customers than digital ads. A Temple University study found that direct mail was superior to email in engagement time, emotional reaction, recall and building a subconscious desire for a product or service.
Marketing Agencies Keep You Connected To Your Customers
Is the size of your business is getting in the way of talking to customers? Experienced marketing agencies, like Mary Pomerantz Advertising help you maintain a close relationship with your customers, no matter the size of your business.
Mary Pomerantz Advertising understands the special relationship that businesses have with their patrons. We offer several services that will help you stay in touch with customers on a daily basis. We help some of the biggest businesses – from Fortune 500 companies to leading healthcare systems to top universities – maintain an intimate level of communication with each and every one of their clients.
Whether you want to offer real-time deals to your regular customers via mobile text message or email blast or announce new products or services through a monthly E-newsletter, Mary Pomerantz Advertising makes it easy to maintain a regular rapport with your established consumer base while you continue to grow your business. Customer loyalty is just as important as expansion. We use creative and effective marketing to make sure your business enjoys plenty of both. Contact us today at 732-214-9600 to get started.