Ideas on how to grow a newly acquired business
- Segment your customers and identify key patterns
- Design marketing campaigns with A/B testing, execute and measure
- Retention strategies to reduce churn
- Pareto Rule: Identity your top 20% best customer and your 20% worst customer
- Identify your KPIs and track and measure them.
1. Speak to the previous owner
Get their take on how they could improve the business. What would be their strategy?
2. Talk to your customers
Speak to your customer and understand their needs and challenges.
3. Gather Customer Feedback
Consider implementing a feedback mechanism like Canny or Qualtrics solution to gather Net Promoter Score. Use a tool like Viable to understand the underlying why of NPS and customer feedback.
4. Talk to your staff
Speak to yourself and understand the operations, and where are the challenges, training or resources needed. Build a solid team.
5. Digital Marketing
Expand your marketing channels and leverage social media marketing
6. Upsell and Cross Sell to current customers
7. Automate Operations: RPA/BPA/Tools
Workflow Management, Accounting, Project Management, Collaboration Tool, Robotics Process Automation (RPA), Business Process Automation (BPA), Marketing automation and other ways to automate processes
8. Process Improvement: Business Process Managment (BPM)
Map out your processes and identify the bottleneck, delays, wasted time, unneeded steps, etc. This done in conjunction with automation.
9. Outsourcing: Business Process Outsourcing
Outsource non-core competencies offshore or near shore. Drawbacks: quality, security, labour costs and outsourcing country's political instability.