Any business needs to increase its productivity and grow in the medium and long term to avoid losses and possible loss of the business. Business growth is the key to any successful business, no matter the size it is. Here are seven keys to increasing your business growth.
Use hook products
In the digital environment, the hook product captures a user’s attention who browses the Internet and stumbles upon what you are offering. If it’s interesting, it might catch your eye and stop you. To access the product, you will have to leave your data, and from there, a relationship of trust will be established through the various communication channels.
The hook product is a strategy widely used by online and offline businesses. Still, it is not always effective because of its acceptance. The hook product has to be free – or much cheaper than regular products – and of great quality for it to work.
Lower the cost
Lowering costs is an objective that we must always keep on the horizon since it brings several advantages to the company: it optimizes production processes and allocates resources more rationally. It helps to offer a better price than the competition.
Increase traffic
This point is especially relevant in companies that depend on the online channel to make sales, which today occurs in almost any company. The idea is that the web pages related to the business, its social networks, and its promotional videos are visited.
The more traffic goes through our channels, the more chances there are that the conversion will materialize. It is the logic of the physical merchant. If nobody steps into my store, it is difficult for them to sell any product. One of the most recommended strategies is content marketing, providing value that goes beyond the simple sales claim to increase traffic.
Omnichannel
In addition to increasing traffic on our Landing page, it is also important to adopt an omnichannel: managing all possible sales channels. The more options for the customer, the better; in this way, trust with the client will be generated, which will be key to the business’s good health. The essential idea is to turn the sales process –online and offline– into an experience; if that experience remains in a single channel, it will not be completely complete.
In the section of the sale itself, it is important to offer as many options as possible: eBay, Amazon, Shopify, etc., as for commercial platforms, or debit/credit cards and Paypal in the case of payment methods.
Take advantage of the sales
Regardless of the sector in which we operate, the sales season can be a good alternative to boost sales. It no longer works only in clothing but has become a cross-business strategy for all markets. A clear example is Black Friday, which is becoming increasingly popular in the technology sector.
The sales seasons or days are used to reach consumers who, in normal season, are not so absorbent. They allow the sale of certain products and increase the rotation of the stock. Also, a good marketing strategy in these days of high consumption can help position us for the rest of the season.
Flexible pricing
Product prices are constantly changing, so you should not be reluctant to play with the prices you offer to adjust to market demands. An immediate price increase will generate income and profit if that increase does not hurt sales. By contrast, a price reduction will stimulate sales and steal customers from the competition.
Changing prices serve to shake things up a bit, break the market status, and gain or move up positions in the list of companies offering similar products/services. Another interesting strategy for increasing turnover is to periodically raise prices, as customers rarely protest against slight increases.
Understand the customer
Customers are the foundation of your business. Without clients, there is nothing. Categorize customers based on the income they generate for your business. Once you have done this process, focus a large part of your customers on keeping these types of customers at ease, providing them with offers and customized products.
A good strategy for attracting customers is creating a Referral System since we are always more receptive to something that a close person recommends.
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