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Do you feel your business has reached the ceiling? Have trouble expanding?
Below are some effective methods for growing your business and increasing sales.
Many businesses get to the point where it seems as if they reached a glass ceiling. Even if the business succeeds, sells its products and profits from them, the sales turnover remains more or less constant and the business finds it difficult to expand.
The business owners believe they have the potential to give more than they already do, but they don't necessarily know how to do so. Do you feel that way too? Here are some actions you can take to grow your business.
Up-Sale - Increase the value and sales to existing customers
If you have repeating customers who buy your products regularly, create an extended product package of special value for them. You can bundle your popular products with compatible products that have lower sales rate, and price the package lower than the total price of the sum of the separate products. Ensure the bundle provides an additional value to the customers.
Revisit your current products or services
After a few years in business, you already understand which products or services that you offer are your hit and which are not. Review all the products or services you offer, to decide what should remain, what needs a change and what needs to go.
If the sale of a product is constantly stagnant, it may be best to stop investing in production and marketing resources and to remove it from the stock. If you have a product that sells significantly better than the others - you may want to create different versions of it. These will be suitable for segments of the population that have not yet tried the product, because they have not responded adequately to their needs for one reason or another.
If this is because the product is expensive - you can make a cost effective version of it, which will be cheaper. If it is intended to or identified only with one gender, you can make a version that will also be suitable for the other gender. And if your product is related to flavours / smells / colours - you can produce a series in which these elements change.
Rebrand your business
With changing times, even the best branding can become old-fashioned and not so relevant anymore. If this is the case in your business, it might be worthwhile considering rebranding it and making it more relevant and up to date.
Rebranding is more than just the name of the business, it is the entire design line around it. Branding can include new graphic elements for your logo, website, product wrappers, and visuals - to provide a fresh, up-to-date image that will suit your business today.
If, for example, you started out as a small home business that conveys a warm intimacy and has become a larger, prosperous company - your company’s higher sophistication and innovation certainly needs to be reflected in your graphic language.
Sell your products or services online
If you've built a business that works only off-line - it's time to upload it to the Internet and start selling and marketing online, allowing a much greater exposure to potential clients (worldwide).
You can sell your product through a trade site, which allow the customer to choose products and carry out the whole process of purchasing online, or build your own website.
To market your online service with lower associated marketing costs, you can use the two most prominent network tools that are relevant today: Google and Facebook.
In Google, you can advertise a sponsored ad that appears at the top of the search results for the term you choose which relates to your business. On Facebook, you can open a commercial page that will also provide you the opportunity to get more familiar with your customers’ needs, where you will post different posts, and display the products of your business. There, too, you will run ad campaigns according to the segmentation you define. In both cases, you can learn how to advertise and do it independently, just as you can hire a professional to do the work for you.
Offer new promotions
When the price is right and the customers feel that they are getting a good deal – it’s much more likely that they will give a go to a new product they have never tried before.
By bringing the customers to try your products or services with an attractive promotional offer, they can be turned into regular customers. If your product is really good, some customers after the discounted experience will buy it again, this time for the full price, simply because they are satisfied with the result.
In this context, it is also worth mentioning the coupon sites. These have become a real hit in recent years and offer a long list of products at a price lower than the market price. Contact a site like this and offer them such cooperation. The site will offer a discounted purchase offer for your product, send an e-mail message to its large mailing list, offer your promotion to a large customer base, and will introduce you to potential customers who may have never heard of your business before.
To summarise the methods you can use to grow your business, here’s how to do it:
Upsale - Increase the value and sales to existing customers
Revisit your current products or services
Rebrand your business
Sell your products or services online
Offer new promotions
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