And so, you have started a business from ground up. Things are going well, but you want them to get even better. How do you do it?
There are various ways to make a business grow, but it isn't recommended that all business owners quickly jump right in. You must invest time and effort, not to mention money, on research and feasibility studies. Remember, where something as big as your business is concerned, it doesn't pay to be impulsive.
Below are subtle ways you can make your business bigger, resulting to hopefully more profit. They are not the same as some global expansions done by huge corporations, but every big upheavals all start with small steps.
Add a new product. Have you ever heard your current customers ask if you have X product and not carry it in your store? Well, that's the voice of the consumer giving you clues about what they want to buy from you. Listen to what they have to say, because your clients, and their buying habits, are the first indications of how you can increase your potential to earn more. Look into products that complement your existing offerings. If you sell laptops, then look into selling computer accessories. Don't allow your competitor to unknowingly steal potential sales from you, just because you refuse to listen to your customers' demands. Certainly not - especially since you already have them in your store! It makes complete sense - a client might visit a more complete one-stop-shop and make their purchases there rather than hop from one store to another.
Target other new markets. If you have been paying too much attention to the 16-21 market, then maybe you can tweak your advertising and product offerings so that it also appeals to the yuppie, more moneyed crowd - the 21-30 bracket. Doing so will not only expand your reach, you are also targeting those who have more disposable income. Think of who can also benefit from your new diversion in niche, and answer a need that particular group may have. Research, consult random people from the group and learn from the potential clients themselves. It pays to have multiple revenue sources. Start promoting and advertising on new platforms that appeal to this new market.
Increase the number of your customers. This is where your skills in marketing and sales come into action. You could increase promotions and advertising in order to reach more potential prospects. Attend networking events to get more leads. Ask existing customers for client referrals, and actively seek them out. Launch discounts or gimmicks that will increase the number of new clients, like a "get one free for every new friend you bring in." Finally, the best way to increase new customers is to make your products and services worth paying for. Wow them with quality that convincing new customers doesn't seems as difficult anymore.
Increase customers' frequency of purchase. The quickest way to increasing the frequency of purchases is by making it as easy as possible for your existing customers to do business with you repeatedly. If you sell online, make sure your website makes it easy for clients to make a purchase. Ensure that buying becomes a breeze - not a bane. Always be conscious about giving your customers value for their money, so that your brand becomes more superior that your average competitors'. Some other ways to ensure that you increase customers' purchases are through:
Being responsive to calls, emails and requests
Accessibility of the seller and products
Consistency of products and its quality
Accurate billing
Reasonable prices
By actively listening and responding to both positive and negative feedback
Increase the number of units sold. Of course, when you increase the number of your clients, you also increase the number of your units sold. But think of it - if each new and old client buys 2 units instead of one, then that already translates into a sure doubling or 100% increase in sales. How do you do this? By adding value and significance to your product. Make sure your items/services are the latest there is in the market. Another sure way is by enhancing the client-customer relationship. When you and your customer like and respect each other, you will have less of a difficult time convincing each one to add more to their cart. And since you do offer excellent products, convincing them to make more purchases is something you can comfortably and confidently do.
It won't be easy trying to grow your business, but all your efforts will eventually pay out big time - if you knew how to properly attack challenges. Don't be fazed by initial disappointments. The key is to keep going and not give up on your goal.
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