The Hidden Power of Your Customers: Four Keys to Growing Your Business Through Existing Customers

HOW IT COULD LOOK

You have read about a variety of businesses throughout this book—from hair salons to car manufacturers and from burger restaurants to enterprise data warehouse solutions providers. All have taken action based on the principles of the four keys to grow their revenues from their existing customers. Can you do it, too? The short answer is, yes! What would it take?

To gain a better understanding of the process, let's look at how a fictitious small business might use the elements of four keys to take the necessary steps to focus on its existing, loyal customers, and achieve growth.

Situation Summary

Joe's Coffee Company is a small organization with a few retail stores in its neighborhood.2 It has been in business for about eight years and is reasonably profitable. Joe's doesn't carry any debt; it funds all operations from a steady cash flow. The company roasts its own beans on-site and is well known in the neighborhood. However, the brand has earned little to no recognition outside of its geographic area.

Joe's is a family-run company, sporting a basic brand name and tagline (“Joe's Coffee Company: Great coffee at great prices!”). Its logo, too, is very simple. The family wants to grow the business, but they aren't sure of the path to take to become more profitable. And competition is on the rise: There's a Starbucks around the corner, Peet's Coffee is moving in, and the nearby McDonald's is upscaling its coffee offerings.

Challenge

How should Joe's Coffee Company ...