cross the globe, business owners are looking for new ways to build revenue. Whether your company has taken a hit from inflation or just plateaued, getting growing again is critical. Here are six simple tips for expanding your profits this year.
1. Focus Advertising Efforts Online
Over two billion people made purchases online in 2020. That number is still growing. The internet isn’t just where people hang out anymore. It’s where commerce takes place. Now is an excellent time to shift your advertising focus to digital marketing. Strategies like email and text marketing have a massive return on investment. Forwarding email to multiple people is a snap. SMS messages are shorter, simpler, and have a higher open rate than email. In other words, digital marketing is a good way of doing more with less.
2. Rethink Your Digital Presence
One thing holding many companies back is an outdated web presence. Customers expect a degree of polish and professionalism from any website. Keeping a webpage with clunky graphics and flashing banners makes you look out of touch and undermines your legitimacy. There’s a science to the proper use of color and text. Learn what layouts make scrolling through your landing page more intuitive. Don’t underestimate the value of color, either. Using “cool” colors like blue and purple can help put visitors at ease. Take a fresh look at your web presence and see if it could use retooling.
3. Create Winning Content
Advertising alone is not enough to build a company’s reputation in the information age. An official company blog can draw attention in ways that advertisement alone cannot. A recent study found that 76% of customers don’t trust advertisements. Instead, build unique content about issues your company can solve through its offerings. Pairing this strategy with search engine optimization (SEO) tactics makes it even more effective. By using specific keywords, you can get your content ranked higher in search engine algorithms. When people search for a product or service you offer, your name will be the one they see.
4. Engage Across Multiple Channels
It should be intuitive that diversifying your outreach channels is a good idea. There are two main options here. The first is a multichannel strategy. The multichannel approach means sending the same message through a variety of channels. For example, you could advertise a special offer via your blog and a Twitter hashtag. The omnichannel approach goes a step further. Omnichannel marketing is about varying the content across a variety of interconnected channels. You could send information about a new product through an SMS message while showing that product in action on TikTok. Make the most of the internet’s combination of diversity and focus.
5. Focus on Repeat Business
Pulling in new customers can be a sizable challenge in troubled times. The good news? The real money is in loyal repeat buyers. A BIA/Kelsey study found that repeat customers spend 67% more than new customers. One of the best ways to nurture repeat business is by offering a good customer experience. Have a simple, intuitive way to buy your products online. If your business is solely brick-and-mortar, ensure that your staff is courteous and knowledgeable. Offer multiple customer service options, including live chat, email, and (even better) a friendly voice on the phone.
6. Double Down on Value
In lean times, it can be tempting to cut spending on inventory by going with lower-quality products. Skimping on the quality of your offerings is often a big mistake. Although customers these days are often price-sensitive, quality is what usually drives purchasing decisions. The trend is especially true regarding luxury goods where, paradoxically, high price engenders a perception of quality. Here’s an important point: Quality itself isn’t the selling point. Perceived value is. Learning what people consider to be hallmarks of quality is vital to growing your sales.
Entrepreneurs often say: “It takes money to make money.” It’s not always true. These tips require a minimum of resources to put into action. Learn to give customers what they want, and you’ll thrive in any market.
