There’s no way around it: sales growth is essential to small business success. After all, how can a company expect to have enough cash flow for day to day operations and cover the attrition rate of lost sales every year unless it grows?
While marketing campaigns are fundamental in the pursuit of more growing targeted audience reach to secure sales, these measures are often not enough. The efficiency of operations within the business, as well as its various policies and choices, must also be reviewed and honed so they’re optimized for new technology and processes. There is no room for ‘standing still’, all businesses must focus on improving what they do, how they do it and evolve everything as the customer demands it.
Here are some ideas to help get you started:
Sales Team Optimization
Are your sales team members up-to-date with the company? If they lack the means to stay connected and updated on the most recent information about accounts, leads, and other important details, then they probably are not. Simply opting for business-grade cloud collaboration tools could be all it takes to see a dramatic upshift in sales figures. This is because an organized sales team in communication with one another can cut down on redundancies and streamline outreach to maximize their productivity. Collaboration tools are also great for growth because they are designed with this scalability in mind.
Expand Channels of Distribution
Sticking to one or two distribution channels is not enough if you want to see significant growth in sales. Carefully evaluate all of the available options to decide which additional channels are worth accessing. For instance, you may only be working with online sellers and wholesalers but have a product or service which works well with the help of third-party sales reps and traditional retailers.
Accept More Forms of Payment
Offering lots of payment options increases the likelihood of sales. There will be more investment required plus the transaction fees however the sales prices should cover the costs and the additional revenue grow your business. Accept payment via credit card, and expanding your payment options to include digital currencies including accepting Bitcoin which the leader of all cryptocurrencies. There is also the mobile payments gateways too like ApplePay.
We know what you’re thinking: “If I could lower prices any further, I would have by now!” But what about raising prices? It may seem like just about the most counter-intuitive thing a company could do in their pursuit of more sales, but sometimes ultra-low pricing raises red flags in the eyes of consumers. Shoppers jaded with too-good-to-be-true “deals” may assume your bargain offers are a reflection of poor quality. With this in mind, consider raising your prices – albeit slowly – to project a stronger sense of quality about your product or service and consequently motivate more sales.
Talk to Customers
Whether it is because of how busy they are or how insulated and hyper-focused running a business tends to be, many business leaders neglect to maintain direct relationships with their customers, employees, and industry peers.
In the pursuit of greater sales, there is simply no better way to gauge your options than by talking to the key players involved. This not only means the people who buy your products or services, but also those working for you as well as your network of fellow business owners.
Rather than approach these conversations in a clinical way – which is unlikely to generate helpful information by virtue of its awkwardness – engage in discussions which range from family life to hopes and dreams. These seemingly unrelated factors will play a big role in determining how your company can provide a better product or service, so long as you have the ability to connect the dots.
A small business cannot expect to grow without evolving its business model, systems, and processes. Yet as many business owners know, this task can be easier said than done. While marketing and reputable products and services that people come back for is essential, the strategies that we have highlighted should be considered.