Times are tough for many companies this year. Small and mid-sized businesses have it especially rough, often operating on slim margins. Building your sales revenue is critical to staying afloat. Thankfully, there are plenty of ways to grow your company, even in a challenging economy. Here are six strategies for keeping your revenue flowing this year.
1. Automate Business Processes
The key to growing revenue is efficiency. An effective way to make your company more efficient is through automation. Business analytics benefits massively from automation. Number-crunching systems like a customer data platform can analyze a large volume of data points, granting insight into consumer behavior. Sales CRM automation software can quickly perform email and text marketing campaigns in a short amount of time. Project management tools virtualize costly infrastructure like meeting spaces and filing systems. Learn which automated systems match your company’s specific needs.
2. Adapt to Changing Markets
The vagaries of the modern market can be maddening. That rapid change is a big reason why capable analytics (especially market research) is necessary. Public opinion can guide the expansion of your offerings. For example, around a third of global consumers are willing to pay for sustainable products. The trend may or may not apply to your local area, but that’s the point of targeted research. Quickly shifting demand requires a sustained research campaign, especially if your focus is on a specific niche market. Knowing where the demand lies is how you capitalize on it.
3. Build Social Media Buzz
The best way to reach customers is through digital media. Learning to leverage that power can be tricky. Building a polished and professional landing page and social media presence is your first consideration. Next, prioritize creating eye-catching content like blog posts and Instagram Stories updates on a consistent and reliable basis. Finally, take an omnichannel approach to ad campaigns.
Briefly, omnichannel marketing means a coordinated campaign tailored to each channel. For example, you could send a new promo via email to thousands of customers to get them interested. Then you could showcase that same product in action on TikTok while posting informative content about it on your blog. This strategy lets customers engage with a company in a personalized way.
4. Retain Customers With Better Service
Research shows that loyal customers spend around 67% more with a company than new buyers. One of the most reliable drivers of loyalty is a positive service experience. The worst thing you can do is make the buying experience inconvenient. Long phone wait times, unresponsive chatbots, and surly sales reps all play a passive role in sending your customers elsewhere. On the other hand, friendly and knowledgable staff are a breath of fresh air. So is using an e-commerce platform that streamlines the buying process. Put yourself in the customer’s shoes when making these choices.
5. Distinguish Yourself Through Quality
Another thing customers reward is distinctiveness. Because of recent inflation, customers have become far more price-sensitive than they would otherwise be. That doesn’t tell the whole story, though, since most customers also report their purchasing choices being driven primarily by quality. The good news is that perceived value is just as important to most consumers as objective standards of “quality.” Aesthetic appeal, personal convenience, and social benefits of use all play a role in creating a perception of exceptional quality. Learn what value means to your specific audience, then focus on meeting those expectations.
6. Consider Alternative Income Streams
Remember that conversions are not your only possible revenue source, nor are new products (though innovation is always desirable). Small business loans are often available from the government or other companies. Subletting your infrastructure is another possibility, though regulations vary. Investment is another additional revenue stream. Depending on the company’s specific legal structure, some businesses can invest in the stock market. When looking for supplemental revenue sources, be careful but also be creative.
No single trick or tactic can keep a business successful. It takes a combination of knowing your company and knowing the market. Keep these tips in mind as you brainstorm strategies this quarter.
