As the year winds down and you prepare for the new year, it’s time to start thinking strategically about how you can fuel future business growth. The end of the year is a busy time, so when all the loose ends are wrapped up with a bow, then you can dive into big picture strategy. There is never a one-size-fits-all strategy for business growth because every business is different and has varying goals. However, here are some common strategies you can use to help boost sales and revenue.
Evaluate Your Sales Funnel
Sales funnels are how you get a person from point A to point Z in their buying journey, point Z being the purchase of your product or service. Starting at point A, potential customers may have visited your store or browsed your website. Your goal is to follow strategic steps in order to funnel them down to a purchase. Ways you can do so include obtaining email addresses and sending nurturing email campaigns, providing discounts or promos for first-time customers, or engaging with them on social media. You want the potential customer to have multiple touch points with you to keep your brand top of mind and encourage engagement and eventually a sale. If you already have a developed sales funnel in place, consider how it has performed for your business over the past year and see if you can double-down on what has worked as well as make some adjustments in places that need improvement.
Build Customer Loyalty
Retaining existing customers is far less expensive than acquiring new ones — in fact, studies show it can cost five to seven times more to get a new customer in the door. For this reason, building loyalty among your customers in paramount in growing your business. There are several ways to prioritize customer loyalty, including offering a customer loyalty program that rewards customers for their patronage, focusing on meaningful customer service, or using a customer relations management (CRM) tool that helps you manage relationships with customers based on how they interact with your brand.
Diversify Your Offerings
You’ve likely already established a strong customer base with your existing product or service, so now it may be time to consider ways you can expand what you offer to grow revenue and increase your reach. Engaging in market research is a helpful way to determine how your market is evolving and evaluate what your competitors are doing. This will help you identify if there are additional accessories you can offer to accompany your product, or additional services that create more value-add for what you already offer. You can also diversify your offerings by providing discounts for bundling or signing on for a certain length of time. Take a look at how your current offerings have performed, which ones are most popular, and which ones might be taking a backseat. How can you further capitalize on those offerings that are performing the best?
Lay Out Your Financial Goals
It’s important to sit down and think about your financial goals, both short- and long-term, before making investment decisions. Identifying these goals should be your first priority, but it’s also important to be realistic, not to overextend yourself, to establish clear and achievable time frames, and to leave room for flexibility. Once you’ve determined your main goals, then you can take action.
At Republic Bank, we’re dedicated to helping you effectively manage your small business finances and successfully grow your business. To get in touch with one of our team members, reach out us today by calling 800-526-9127! Plus, find more financial tips and resources here.