Entrepreneurs are always looking for ways to expand their business. Taking your business to the next level means exploring new ways to improve your business. That could entail enhancing your product offering or adopting efficient processes to increase sales and revenue to achieve your long-term financial goals.
If you have decided to take the next leap forward, here are a few strategies you could try.
When setting financial goals, you must be specific. Do not set generalized goals. Focus on constructive goals. For example, a constructive goal could be to market and sell more products in the next three months. For that goal to materialize, you must work closely with your sales and marketing team to track your progress and accomplishments. It is also essential to watch your timing when setting goals and carefully monitor emerging market trends.
Know Your Customers
One of the most important factors to grow your business involves getting more customers. There are several strategies to grow your customer base. Consider targeting repeat customers by emailing them newsletters about new inventory or product offers.
You can also choose to bring back former customers by creating a customized marketing plan. You can appeal to them by offering discounts on outdated products when they buy a replacement or request an upgrade. Do not underestimate the value of conducting market research to gauge your customers’ interest. When you know your customers well, you can cater to their needs.
Grow Your Reach
To grow your geographic reach, consider physically opening a new location. You can also expand your reach by having a more prominent online presence. An online presence is important to get your products in front of more people. Stay true to your brand by promoting relevant content consistent with your brand’s identity. You can also choose to run promotions to generate awareness around your brand. For example, you can create contests on social media channels to expand your reach. Tools like Hootsuite and IFTTT can be used to schedule posts and shares.
Add New Products or Services
Much attention is given to how entrepreneurs create and bring an innovative product or service to the market. However, the buzz wears off over time, and your product becomes ordinary. As an entrepreneur, you must figure out how to scale your business for long-term, stable growth. One way to do that is by considering adjacent products that a potential customer would want to buy along with your product or service. For example, if you sell cleaning products, consider offering supplies like sponges, cloths, gloves, etc.
Offer Discounts, Rebates, and Coupons
The most popular way to increase your customer base and generate sales involves offering discounts and rebates. A rebate is a deal in which a supplier or a vendor offers to return a portion of a customer’s purchase if they buy a certain amount. Discounts and coupons, on the other hand, generate customer loyalty. They inspire customers to buy more by giving them incentives. Electronic coupons are becoming popular because they lower the distribution cost and are widely accepted by many companies.
Create New Payment Methods
Introducing payment systems that clients prefer and use can grow your sales. Explore your competitor’s payment methods and add more options or modifications. For example, credit cards are widely popular around the world. Alternatively, you can add PayPal or other encrypted, easy-to-use payment methods to diversify your customer’s experience. When selling expensive products, offer a delayed payment option like a store credit or a payment installment plan. Many customers prefer installment payments because they offer smaller monthly payments instead of one large amount.
Refine Your Pricing Plan
Refining your pricing doesn’t always mean lowering the prices of your products. If you believe your customers like a product and it’s selling well, you could increase its cost to increase revenue. When you revise your pricing plan, be aware of the reactions it could generate; many customers are sensitive to price adjustments. While a minor price adjustment might not have a significant impact, an enormous change could have a disruptive effect.
Work Out Shipping Charges
When you increase the price of a product or service, you could introduce free shipping as an option. Free shipping or handling can work in favour of your sales and increase your total revenue. It also offsets the negativity the price increase generates and stimulates more sales.
David Messiha | Staff Writer