As the owner of a small business, you probably already know how difficult it is to start a successful business and keep it afloat, let alone scale it and increase revenue. To drive revenue in your business, you need to review your current strategies, place focus on areas of your business that can make a huge difference to profitability, and improve your marketing and sales techniques. Here are a few key ways that can help you drive revenue and improve your bottom line.
Further Education in Marketing and Sales
Knowledge in marketing and sales can get you far in business. Large organizations have the capital to spend on huge sales departments and marketing execs. However, as a small business owner, you probably do not have as much cash at your disposal. Luckily, with some know-how and a good set of skills, you can take charge of this part of your business. Point Park University offers an array of degree programs geared towards working individuals looking to add new skills to their repertoire. Their flexible online BS in Marketing and Sales is ideal for business owners looking to gain in-depth knowledge in useful sales and marketing topics. This bachelor’s degree can be obtained completely online, and there are flexible schedule options to choose from.
Focus on Existing Customers
Customers are the lifeline of a company, and small businesses that want to drive revenue and increase profits should place a focus on existing customers. Research suggests customer acquisition can cost five times more than customer retention. This means that you can come up with a million new ways to attract new consumers and throw your money at innovative strategies to gain more customers, but at the end of the day, the money will be better spent on increasing your loyal consumer base. You can take advantage of a gift card programme for your loyal consumers. After all, existing clientele who are happy with your product or service is much more likely to make another purchase when compared to potential customers.
Advocacy Marketing
Advocacy marketing describes the process of engaging existing customers and getting them to spread the good word about your company. Customers who are enthused about your brand are more willing to promote your products or services. With around 70 to 80 percent of consumers performing online research before making a purchase, a brand advocate will generate good publicity for your company. From positive reviews to mentions on their social pages, existing customers can do your business a world of good. Not to mention, brand advocates tend to purchase more than other customers. This marketing strategy is both high-yielding and cost-effective, making it perfect for small business owners.
Appealing Business Website
Nowadays, most businesses worth their salt has an online presence of some sort. A business website is a great way to boost brand awareness and reach out to more people. Whether your website is used to sell goods or simply to relay information about your business, you need to make sure it is visually appealing, easy to navigate, and full of high-quality content. Furthermore, by implementing search engine optimization (SEO) practices, you can improve site visibility by making your website appear higher on search engine results pages (SERPs). With improved visibility, you can generate leads, and high-quality leads can lead to conversions and increased sales.
