Starting a small business can be difficult. Scaling that business can be even more arduous. Regardless of your industry, growing sales and revenue is the key to long-term success. Getting to that goal could be easier than you think. Here are seven critical strategies for expanding your business this year.
- Develop Analytics
Knowing your own company is as vital as understanding your customers. Sadly, many owners neglect self-knowledge until it’s too late. Good decision intelligence is the product of having high-quality data and the critical thinking skills necessary to make sense of it. In other words, business analytics means turning raw data into insights. This means looking beyond your ledger to the metrics that directly measure your sales, like conversion rate, website click rate, and the cost of customer acquisition. Keeping an eye on shifts in these numbers will inform more effective sales decisions. Consider using analytical tools to boost the quality of these figures.
- Streamline and Automate
Another technology you should consider investing in is automation. Business process automation (BPA) has been getting a lot of press, and it’s for a good reason. Inexpensive systems like chatbots and customer relationship management software can massively streamline and simplify labor-intensive processes. Project management and Voice over Internet Protocol (VoIP) technologies can slash overhead and reduce costly commutes for remote workers. Shop around for the systems that fit your budget and requirements.
- Optimize Your Sales Funnel
Your sales funnel is, simply put, the journey a customer takes with your brand. The first step in this journey is awareness, followed by interest. Your web presence is often the first point of contact customers have with your brand. Design it using time-tested methods like putting text in an “F-pattern” for easy reading. Be sure that your brand iconography creates a sense of legitimacy. The last stage of the funnel is action. Nowadays, this means e-commerce. Double-check your purchasing tools (like forms and payment options) for clarity and simplicity. Shopping from you should be quick and pleasant.
- Make the Most of Your Channels
Are you maximizing the potential of your communication channels? The best sales campaigns tend to take an “omnichannel” approach and engage in cross-promotion based on the strengths of each channel. Outlets such as YouTube and Twitter appeal to different audiences and convey information in different ways. Take advantage of this. Sending a promo code via Twitter or SMS while showing a product in action in a video can enlarge your reach and keep customers engaged. Leverage the power of social media to reach customers on their terms.
- Focus on Customer Retention
Outreach is crucial, but research shows that existing customers are the big spenders and the loyalists. Returning customers spend around 67% more per purchase than new ones. One effective way to retain customers is by offering excellent customer service. In an age where consumers feel disconnected from brands, adding a human touch through locally-based phone service or prompt email response can make all the difference. Remember: Word-of-mouth can be your best advertisement, so treat customers how you would want to be treated.
- Hire (and Grow) the Best Employees
The heart of a great customer experience is their interaction with your crew. Employee training boosts productivity, yet statistically speaking, 52% of companies offer a week or less of training. Begin training at onboarding and continue it throughout an employee’s tenure with your company. Something else to do from the beginning is communicating the company’s vision. Your values and theirs should align. Engage in regular team-building exercises that teach “soft skills” like empathy and diplomacy. Make the human element central to your company.
- Focus on Quality
Now more than ever, distinguishing your company within the market is foundational to growth. The definition of “quality” varies by niche, but that fact creates a powerful opportunity for growth. Learn what your target audience sees as a quality offering. The visual trademarks of your brand are enough to differentiate you from the competition. True distinctiveness is a product of not only those trademarks but of the unique attributes of the products and services you create. Authenticity is a powerful way to sell.
No single strategy will result in success. Building your company’s reputation for success will take determination and wise tactics. Keep these strategies at the forefront as you prepare to take things to the next level this quarter.
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