Making more money carries an unequivocal appeal, especially to small business owners. In fact, increased profit is vital to the functional viability of any small business in today’s aggressive marketplace. The following strategies highlight five important areas small business owners should prioritize to be successful.
- Expand Digital Reach
Step up your game on social media by posting company events, new product lines, special offers, and promotions on a minimum of three social networks. Also, don’t forget to engage with customers by responding to their reviews, tweets, and tags regarding your product or service. You can also curate interesting and helpful tweets and YouTube videos to gain followers and increase online visibility.
A company website or online platform separate from social media is crucial to the long-term success of any small business. Make sure your website is consistently updated with responsive design, layered landing pages, concise messaging, and fresh content to maintain relevance and appeal to both current and prospective customers. Close supervision of user behavior metrics is key to gauging the health of your company’s online presence.
- Elevate Brand Presence
Review company goals to assess how well your product or service is connecting with your target audience. Next, determine the performance of your current branding strategy in anticipating and exceeding your market’s needs. Lastly, be sure that your brand experience inspires and influences your audience and that your company culture reflects the same brand enthusiasm.
Research shows that the most effective way to connect, shape, influence, and lead with your brand is through engaging, authoritative content. Develop a steady schedule to release new ads, videos, and marketing messages to define your brand. Remember to view branding as a long-term process that will eventually become an invaluable marketing asset. The most lucrative branding campaigns don’t exert any sense of urgency; instead, they focus entirely on associating a specific feeling with a certain brand. Emotional attachment and positive association will ultimately drive sustainable growth for your business.
- Increase Market Share
Reevaluate who your main competitors are, who they serve, what they are offer, and underserved areas; then take special advantage of their market weaknesses. Key techniques to overcome market competition include focusing on customer experience, remembering the customer is always right, doing everything to ensure the customer feels important, respected, and satisfied, even when they’re in the wrong.
Insufficient resources shouldn’t stop you from gaining market share. Leverage your connections to drive more customers to you through affiliate marketing partners and referrals from current customers. Create mutually beneficial strategic alliances with a larger company to access better supplier deals and achieve brand exposure. Essentially, find a way to stand out in the market and aggressively pursue it.
- Rejuvenate Pricing & Sales Strategies
Research and test your company’s sales process until you ascertain a repeatable and scalable sales model. In revitalizing your sales model, give careful thought to balancing optimized revenue and reduced costs, while keeping the sales process personal.
Don’t undersell products and services to propel inflated short-term volume. Precise pricing attracts the right buyers who are willing to pay for quality. Regular discounting and tier pricing establishes a price orientation with buyers and minimizes gross margin.
An effective scalable sales model allows exponential revenue growth with incrementally increasing costs from increased production. In short, the more efficient the mechanism for mass production, the more scalable your company will be.
- Bolster Operational Efficiency
Stay abreast of new technology and implement as necessary to stay competitive. Additionally, automate tasks whenever possible to streamline profitability. Evaluate the productivity of current software and/or equipment and shop around for more economic or time-saving options. Don’t be afraid to change how it has always been done; the greatest small business success stories come from innovators who dared to challenge conventional operational methods.
Contributor
Urban Accounting Service Team
References
https://quickbooks.intuit.com/r/cash-flow/10-simple-ways-to-increase-your-small-business-profits
https://smallbiztrends.com/2016/05/make-your-small-business-more-profitable.html
https://www.entrepreneur.com/article/281174
https://www.inc.com/alex-chriss/5-tips-to-make-your-small-business-thrive-in-2018.html
