Whether your company has been open for 30 years or 30 days, sometimes you just want to increase your bottom line quickly. When this is the case, focus on these five areas to help swiftly boost your revenue.
1. Marketing
Marketing is a vital part of any successful business, but it is especially important if you want to rapidly increase your sales. Strong lead generation methods help to customize your marketing campaigns to the public’s different needs, increasing your chances of turning interested consumers into buyers. Collaborate with your Marketing Department to determine areas of opportunity to tweak campaigns or create new strategies. In today’s age of technology, online marketing is a large part of what drives consumers to make purchases. Popular sites for advertising include Google, Facebook, Instagram, Bing and Yelp. While you can pay for advertising programs, there are numerous ways to market your company for free. Create a Yelp page for your business. This should include clean, attractive photos of your goods and services, a link to your website and thorough company information, including hours, what products or services you offer, what you specialize in, the business background and current specials. Drive traffic to this and other online pages through in-store communication, customer emails and mailers.
2. Website
On a similar note, make sure your company website is modern, neat and easy to use. You can create the tastiest baked goods in town or be the best plumber in 20 miles but if your website is unattractive, lacking data or difficult to use, most consumers will not pursue your business. Loop in your marketing team to evaluate the site; if you need a specialist, consider hiring a third party to help with a website assessment and overhaul. Finally, give buyers an option to shop and make appointments through your site. Doing this helps streamline the purchasing process by giving users a convenient option to move forward with a buying decision without having to leave their homes or speak to a middle man.
3. Network
If you do not attend networking events, you could be missing out on numerous local connections and business opportunities. Business networking events give you the chance to connect with other company owners and learn about their experiences, recommendations, get feedback on your situations and collaborate on future company goals. Join your local chamber of commerce; the chamber of commerce is a group for business owners in the town. They gather on a regular basis to discuss local business decisions and strategies, as well as give owners the chance to network.
4. Reliable Programs
Poor computer programs could be costing the store money without you even realizing it. If your internal, in-store or website programs work slowly, have errors on a daily basis, constantly shut down or do not store enough data, they are probably impacting your employees’ ability to perform their jobs and causing customer frustration. Meet with your IT Department to evaluate the programs your network is using. If updates do not solve the problems, it may be time to purchase new applications.
5. Focus on Current Customers
Your current customers already know and trust your brand; it is likely easier to encourage them to spend more on something they already love versus winning over a new customer who knows little about your business. Reward your current customers and at the same time encourage them to spend more money by offering discounts. For example, perhaps you sell graphic t-shirts online. When someone buys a shirt, offer them a discount on their next purchase, such as 20% off. Maybe you provide HVAC services. Offer your annual customers a discount of 15% if they sign up for another year. Just make sure the discount is enticing and reasonable.
No matter where you are in your entrepreneurial journey, there are times where you simply want to grow your revenue faster than usual. Focusing on these five areas can help quickly grow your bottom line.
