You run a small business. It offers products and services that you think should be in high demand, but somehow, it’s floundering- sales are low. Or maybe you are doing alright, but you’re not satisfied with the status quo; you want to break through what seems to be a revenue ceiling, a sales threshold you keep getting close to, or matching, but have never surpassed.
If the talk above appears to describe the state of your enterprise in any way, then you’ll find this article useful. Who doesn’t want to see their business grow beyond its current position (even if it’s already doing quite well?)
We’re not offering magic problem-busting bullets. The points that will be made will require some work to implement. But it’s going to be work that pays off, if you follow through with the tips we present here.
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Be conscious of your customer’s needs
Selling isn’t a one-way thing. It’s a process that involves at least two parties. If you’re going to succeed in converting inquiring visitors into paying customers, you’ll have to learn to see the process and the product from their perspective.
Find out what your target market really looks like, and know what the general preferences are. Ask your customers what they would like to see in your products (and on the whole, from your company), and work to integrate their suggestions into your offerings if you find them to be worth using. Remember that your buyers aren’t just after the products; they are seeking benefits. Feel their pulse, give them what they want, and they’ll come back for more. They could even spread the word about the great service you give.
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Spruce up packaging and presentation
This is closely connected with the first point. To successfully pitch you products to the public, you’ll have to understand what sort of packaging appeals to them. Of course, you will have to be selling them something they really believe they need in the first place, but the wrap in which it is presented also matters. The presence of many competing brands in your market makes this point crucial. Interaction with the product’s packaging is a part of consumer experience; you’ll want to make sure that the experience is a good (better still, great) one.
Don’t neglect the effort of the human conveyor either. Courteousness and genuine concern will do your business’s image a lot of good, and make potential buyers more disposed to patronize it.
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Monitor performance indicators
You can’t solve a problem you don’t really understand. An examination of your business’s Key Performance Indicators (KPI) could give you clues about why it’s not doing as well as you would want it to. Some KPIs to keep tabs on are the cost of goods sold, revenue, and customer retention. Look at the sales trend over time, and check to see if there are major changes in the trend that occurred when you made certain decisions. Learn what you can from your experiences and build on them.
It goes without saying that you won’t be able to use these records if you don’t have them. Financial records will help you see what actions have delivered you better results, and which ones haven’t done you much good. You’ll then be able to continue doing the beneficial things, cut out the wasteful ones, and rev up sales.
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Leverage Digital Marketing
Social media has made it easier to reach wider audiences with products and services, so it’s no surprise that it has become a major advertising platform. But posting comments and pictures of your products on Facebook or Twitter isn’t all that there is to it. Promotional content, whether it’s social media posts or web articles, should be tailored to your target market demographic. You may hire a digital marketer to help you communicate your brand message to them, or get training that will make you able to do this yourself.
- Develop a relationship with your customer
This has already been hinted at in point one, but it’s worth a separate consideration.
You won’t get bigger sales if you don’t, at least have a stable customer base. One sure way of maintaining your customer base- and expanding it –is building a relationship with them. You should let them know that you’re interested in meeting their needs (and not just selling your products). For example, you can ask them for their opinions on what you do, work with their suggestions, and inform them that their input has produced a change, or something new (they’ll take pride in this). Send them good wishes on special days that matter to them (major holidays and birthdays). Thank them for their patronage, and reward them with gifts. These will keep them coming, and draw new customers in too.
In the end, you should be sure that your product is something that meets a need. This is the basic requirement for success, and it’s what ultimately determines whether you’ll be in business for the long haul or not.
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This article was first published on 13th September 2017
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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