The business world is competitive, and no matter what industry you’re in, it’s not easy to make money. It can feel like a constant battle to increase your revenue and stay afloat. But the business owners that have the most success tend to follow a few key strategies. Here are five tips that will have your revenues and profits increasing.
Be Bold with Your Marketing
If you think you can set up a few pay-per-click (PPC) ads and see the customers come rolling in, then you’re bound to be disappointed. To get people interested in your business, you need to grab their attention.
Look for ways you can market your business that are different from the norm. Maybe you try bolder copy or images in your ads. Or perhaps you market your business on places your competition hasn’t tried yet, such as Reddit or Snapchat. You’ll build your brand much more if you stand out.
Charge High Prices for High Quality
You never want your business to win customers solely because of its prices. That’s not sustainable, because profit margins are slim and it’s only a matter of time before another company undercuts you.
Instead, you should set your prices on the high end of what your competition charges. You’ll need to have the quality to back this up, but if you do, there’s no reason to compete on price. People are willing to pay when the product is worth it, and charging higher prices can also make people perceive your products as being higher quality.
Content marketing is a fantastic way to build a respected brand, improve your search engine optimization (SEO) and gain more traffic, but it’s also hard to pump out quality content on a consistent basis. With content curation, you don’t need to.
When you curate content, you’re essentially finding existing content that fits your business and that your audience will like, and then you’re promoting it. There are plenty of online services that can help you find new content to curate and send it out across different channels.
Build Your Social Media Presence One Network at a Time
Social media is perhaps the most effective way to connect with new customers when it’s used properly, but many business owners bite off more than they can chew. They try to post on Facebook, Instagram and Twitter, and the result is that they don’t build a following on any of those networks.
Start by focusing all your efforts on one social network that best fits your business and your target audience. For example, if you have a fashion line, start with Instagram. Interact with other users on this network and post daily to gain more followers. Remember that social media can be a double edged sword. Even large, legitimate companies can face challenges on social media, like when the ACN pyramid scheme rumors were circulating. Building your presence on social media can help you combat misinformation and help people view you as a credible company.
Aim for Multiple Sales with Each Customer
It’s much easier to make another sale to a previous customer than to convince an entirely new customer to buy from your company. Therefore, you should always look to sell to your customers multiple times.
The best way to do this is to set up subscription services where customers sign up and pay a recurring fee. If this doesn’t fit your business, then you can try reaching out to previous customers periodically with information about new products you have or with exclusive discount offers. Email is good for this, which is why you should set up an email list and get customer email addresses for each sale.
It’s not all about hard work to run a successful business. You also need to work smart. The five tips above will help you do that.