The past few months have been hard on everyone, especially small businesses. If you’ve managed to keep your doors open amidst the pandemic and the surrounding chaos, you’re likely looking for ways to boost your business again. The following tips will help you refocus on the fundamentals as you recover from the recession and grow your business to be even better than it was before.
Table of Contents
1. Identify Your Target Audience
One of the most beneficial things you can do to grow your business is to identify your target audience – if you haven’t done so already. Examine your current customer pool and figure out what they all have in common. What interests, habits, and preferences do they share? Do they fall under a certain demographic?
Categorizing your customers in such a way will allow you to create a marketing campaign that will connect with current and future clients alike. Plus, you’ll be able to generate new products and ideas that you already know they’ll love.
2. Study Your Competitors
One way to determine your target audience is to study the competition. What do customers love about a similar business’ products or services? What kinds of people frequent their website and leave reviews? Use this information to better market to your audience – and theirs.
You might also study your direct competitors with the intention of one-upping them. Run a competitive analysis for your brand by researching your competitors’ products, marketing strategies, and sales. What do their customers love? How could you fill a need they seem to be overlooking?
3. Form Partnerships
As you identify your target audience, you may find they share a common interest in other products within your industry. For example, maybe customers who purchase your candles also love handmade soaps. If you don’t already sell soap, find someone who does.
Form a strategic partnership with this other small business to reach their customers and help them reach yours. As long as both parties benefit, the partnership should be a positive one and prove to be worth your while.
4. Organize Your Space
Making your business procedures and office space more efficient can also boost your bottom line. Simply tossing garbage and decluttering your desk can impact your productivity in major ways by removing distractions and improving your focus. Use desk organizers, filing cabinets, and shelves to establish a place for all paper documents and files.
If you have a company vehicle, organize it as well. Doing so will allow you and your team to find items quicker, enabling you to be more productive, especially if you use the vehicle to make deliveries. Consider adding shelving to organize things in your cargo bay or installing hooks, lighting, and drawers for easy access to tools and products.
5. Create Content
Once your space is clean, use it to begin creating quality content your target audience will love. Film vlogs, host webinars, and create informational videos to post on your website and social media platforms.
If your current content focuses on products’ features more than their benefits, you may want to rethink your strategy. Word content in a way that tells customers how your products will make their lives easier, better or happier, instead.
6. Offer Bundles, Packages and Deals
Sometimes, boosting business is as simple as offering bundles and packages. This simple yet effective marketing strategy combines multiple services or products into one package deal that works in both you and the customers’ favor. You’ll earn more money from selling more products and your customers will enjoy a great price deal on everything they need.
Just be sure to price packages and bundles fairly. You don’t want to shortchange yourself by discounting the products until they lose value to the customer.
7. Automate Customer Management
Although customer management software has moved to the cloud, many businesses still manually collect and enter customer data into the software program. Of course, this step requires a large time investment on your part – which you may not have as your business grows.
Save time and boost business by switching to an automated customer management system, instead. This system might include functions like generating specific recommendations based on search or buying history and personalized promotions and newsletters. Ultimately, making the switch will allow you to spend more time selling and less time entering data.
8. Invest In Loyal Patrons
Loyalty programs can be a great part of any marketing strategy. In addition to increasing sales, it also retains customers, saving you money in the long run. It costs five times more to acquire new customers than it does to retain current ones. Therefore, it’s more than worth it to invest in your most loyal patrons.
Use automated management to identify subgroups within your pool of loyal customers. Then, create a targeted marketing strategy for each one to maintain the relationship and ensure they continue to come back and buy more.
9. Request Feedback
Sometimes, it’s difficult to identify your shortcomings as a business owner. After all, you’re doing the best you can with what you have, but could you do better? Your customers probably have a thing or two to say about it, so ask them for feedback.
In addition to reading customer reviews, distribute surveys, polls, and questionnaires to determine areas in which you could improve. Their feedback will also show you which marketing strategies are working and which of your products consumers love most.
10. Seek a Mentor
As a business owner or manager, it’s important to continue learning and growing to help your business do the same. Often, the best way to learn more is to seek out a mentor who already has a successful business and has reached the level at which you someday hope to be.
Look to this person for guidance and learn from their mistakes and failures. Observe how they interact with customers, which marketing strategies work for them, and how they reinvest their profits to grow the business. Ask questions, take notes, and be open to advice.
Last, but certainly not least, don’t quit! Building a business is hard work and trying to boost sales and customer retention can be incredibly time-intensive. Sometimes, you won’t see the fruits of your labor for weeks or months, but you must remember you’re in this for the long haul and nothing worth having comes easy.
If you begin to feel overwhelmed by the sheer amount of work boosting your business involves, bring a few more people onto your team. Sure, doing so will cost money, but view it as an investment in the growth of your business. You can’t go it alone forever and expect to stay afloat. With a little bit of help and lots of heart and effort, your business will expand and it’ll be that much more rewarding when it does.
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