Growth for small business is lifeblood. You need to grow simply to stay ahead of costs. Real growth is what will drive increased profitability of your business. Increased profitability gives you the ability to reinvest for more growth and profit.
To grow any business, you need to “sell more stuff to more people more often for more money”. Here are 5 things you can do in the next 5 days to ignite growth in your business.
Best-selling product gets the best location
1. Best-selling product gets the best location
If you’re in retail, putting your best-selling product in the best location is commercial common sense. This product is selling well because your customers demand it. Don’t be shy, merchandise it with stock quantities in your highest traffic location. In a service business, tell potential customers what your best-selling service is, instore with signage or online with banners. If you’re running an online business, put your best-selling product on your page with the most traffic– big and bold.
2. Drives sales with “new” items or services
Customers love “new”. They love the idea of new things, get excited and are desperately curious about new things. And they buy “new”. Get a list of new items from your suppliers, look for the ones you think are best and display well. Be careful to price new products clearly! If you’re selling services, reconstruct and re-package services that are not selling to expectations. Claim “new” in your communications featuring the repackaged service. Online, have a link on your homepage to a unique landing page full of new items. Keep it up to date though, don’t leave items there for too long, your credibility is at stake.
3. Offer something for free
Everyone loves to receive something for free. Service businesses will love this – offer a free assessment. “Free check your house has safe wiring” for electricians or “Having trouble with Xero/QuickBooks/MYOB? I’ll do a 10-point check for free” for accountants and bookkeepers. The list is endless. If you’re in retail, offer something for free if a customer purchases more than a certain amount of product.
Of course, make sure the free offer is decent and worth their attention. Online, free delivery for purchase over $X works, don’t have the spend amount too high or your offer will look poor. Alternatively consider giving your customers a “credit” for purchases over $X. It costs you less as this way as your cost is at cost of goods sold. The customer sees only the full retail difference but still gets a bonus they are happy with.
4. Interact with your customers
If you can get people to stay longer in your store or on your website, they will buy more. In a store, create an interactive display, it can be as simple as a LCD screen with a video playing on loop to something that customers can see, touch, taste, smell or hear. Or better yet ask your staff to have a conversation with a customer about what the customer thinks instead of just “pushing” the sale. In a café, a “taster” drives interaction, online it is great relevant content that keeps people engaged. In a service business, plan the “sales” conversation to include finding a connection with your potential customers then use that to start an authentic conversation
5. Talk to your Facebook community
Just about everyone has a business page on Facebook, just how many businesses are actively using this essential tip is doubtful. Create a post about your small business, call out the best-selling product or service, engage your followers with posts about new stuff or free offers, suggest to followers to come and see your new interactive feature instore, engage followers by asking questions to create genuine connections.
Growing your small business is critical. But you don’t have to search too far to get growing, there are straightforward things you can do right now to get your business growing. Aim to implement the 5 things brilliantly. Customers love seeng or being offered something new regularly.