Times are still tough. Though many businesses have managed to survive the initial and massive economic disruption caused by the COVID-19 pandemic, the reality is that thousands of small businesses are still operating on tight margins. Indeed, it’s become absolutely crucial for startups and small businesses to budget effectively, save money, and to maximize profits whenever possible. To that end, today we’ll review how small businesses can make the most of every sales opportunity to ensure they have the financial resources needed to grow and thrive. Check out our top tips on the matter here:
Focus on Retention
Lots of business leaders may think that acquiring new customers is the key to increasing sales opportunities. While new business is always welcome, retaining current customers is often more profitable and cost-effective than courting new ones. Keep in mind also that unless you maintain a solid, core customer base, you’ll be unable to expand your business. Trading 10 old customers for 10 new ones is not progress. It’s running in place. Plus, retaining existing customers opens up new possibilities, such as . . .
Upsells and Cross-Sells
It’s typically much easier to make a sale with a current customer than it is to convince a new customer to purchase a product. One of the best ways to maximize sales –– without expanding your customer base at all –– is to look for chances to upsell and cross-sell existing customers. Let loyal customers know about new products or services that can enhance or complement their previous investments. Everyone will benefit as a result.
When a business leader needs a sales boost, they may look to launch a new product as soon as possible. Just because a product or service is ready, though, doesn’t mean you should introduce it to the public right away. Maximizing sales depends just as much on timing as product quality and customer service. So business leaders should be patient and wait to release new products or services when they will have the biggest possible impact. Doing otherwise is just selling your company short.
Improve the Customer Experience
Happy customers are central to any thriving business. Whether your company manufactures a special type of homogenizer for cosmetics purposes, or you sell orthopedic footwear, there’s really no substitute for quality customer service and excellent products. Happy customers aren’t just more likely to repatronize your brand, but they also may act as independent evangelizers by leaving positive reviews and feedback on social media and review sites. It may not be flashy to provide dependable products and service, but it’s essential all the same.