Business101: How to ensure your business remains profitable
JOHANNESBURG - Maximising sales is an integral part of growing a business to ensure that it remains profitable.
Here are some simple tips to boost sales throughout the year:
As a starting point, ensure you know the type of customers you are targeting, taking into consideration their demographics and psychographics, where they work, etc. Whoever they may be, use empathy to try to understand what is important to them when it comes to their purchasing decisions.
In this competitive market, promotions and special offers help your business to stand a cut
above the rest and gain new customers. This tactic can be especially effective for boosting sales during typically quiet months. It may also be worth partnering with a complementary brand to boost your offering; for example, a florist could partner with an events company for a once-off package deal.
Customer experience should not end after one purchase. It should be a relationship that goes well into the future.So Make sure to re-engage them through regular newsletter updates or targeted promotions. Identify and leverage the lifestyle associated with your brand, as this will help you to engage with your customer and foster brand loyalty.
A company’s website and social media platforms are integral to reaching a growing market of digital natives. As more and more customers opt for the convenience of online shopping, and use social media to ask questions and air complaints. Brands are expected to be online
24/7. Digital advertising and Search Engine Optimisation (SEO) are also good ways to reach those audiences who are searching for something specific.
If you have done a good job on something, make sure to get the word out there. Satisfied
customer testimonials and reviews can work very well for this, as people generally trust others’ opinions over a hard sell. While it’s a good idea to clearly communicate your business strengths and core offering, be sure to never lie or mislead potential customers, as this will only lead to trouble.
There are many steps in the purchase decision-making progress, all of which should be analysed to make it as smooth as possible. Ask yourself, what are the most common reasons that would-be customers are not choosing your business? It could be that a competitor is offering a similar product or service at a better price. As such, welcome feedback from customers and constantly tweak your offering to improve.
It goes without saying, make sure your customer service is always good and the quality of what you deliver remains consistent, because happy customers are more likely to buy again
– and tell their friends.
Ben Bierman is the managing director of Business Partners Limited.