As businesses pass their first year of trading they often breathe a sigh of relief that they have “survived”. So, now you have launched your business what do you need to do to increase sales and grow in successive years?
Marketing is a strategy that should not be just a one-off consideration when you first launch your business. For your business to grow, and to attract new customers and retain those customers you have worked so hard to acquire, you have to keep your marketing activities going.
You may have your marketing tactics in place; email campaigns, direct mail, internet marketing and promotional material etc, but have you thought about the following quick tips to help improve your sales?
•Give a money back guarantee – does your product or service have a money-back guarantee? This can help improve customers’ trust in you, especially if you run a relatively small business.
•Offer a range of delivery options – Amazon are very good at this. Rather than set 1st class as their default, they post everything second class. By giving the customer the option of getting it faster for a small extra fee, their customers feel they have an extra service and Amazon benefit that the customer is paying for what other business would fork out for themselves!
•Packaging – recently it was shown that customers will pay more for what they consider an exclusive brand. Recently, GÜ (the chocolate indulgence people) offered two cakes, in two different sizes to their focus group prior to launch. The focus group, surprisingly, agreed that they would pay more for the smaller cake as it looked more sumptuous and decadent than the larger cake. Both cakes were in fact made to the same recipe.
Look at how your product is packaged. Is there too much packaging? Can you reduce your costs (and carbon footprint!)? Does your packaging look as appealing as possible?
•Suggest other items customer may like – speaking of packaging, is there anything else your customers would like? This is common in online shopping (again, Amazon are great at this, “you may also like…”). Can you suggest to customers they might like some hose attachments (if you sell vacuum cleaners) or, if you run a shop, are accessory items displayed near your point of sale? Cross-selling introduces your existing customers to more of your products. By selling more products to your existing customers, you will save money on costly customer acquisition campaigns seeking to attract new customers.
•Increase your product/service range – would your target market be interested in other products? For example, if you sell ladies shoes, can you branch into handbags, or, if you offer business financial advice can you also offer personal financial advice? This one requires careful market research. You don’t want to overstock if you have product, and you don’t want to be short of suppliers of expertise if you offer a service – you need to have an idea of demand to avoid costly mistakes.
If you need pointing in the right direction, or some more advice on ways to improve your marketing strategy, then contact us
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