Running your own business is much more than just producing goods or offering a service. There are several elements and moving parts that need to be considered. These involve tasks such as managing staff, administration, business processes, making orders, understanding your accounts and paying taxes.
And at the same time, you need to continue to increase sales and improve profits. Factoring in all the ways to grow your business can be overwhelming. There are so many possibilities to explore. How do we group all these possibilities so that it’s easier to decide which approach or strategy we should assume?
There are several methods of generating new leads for your business. Consider using simple and well-known marketing principles.
In today’s digital and Internet-based world, your place of business is no longer the bricks and mortar of a store.
Business is happening online and that is where you need to focus. Search engine optimization helps potential customers find you.
You could probably find some free information online that will provide tips on how to improve your Google rankings. But using experts in the field will save you time and offer better results which could, in the longer run, save or earn you money faster.
Who are you targeting? Make sure you have a clear understanding of your business market segment. Know what they like, how they speak or communicate, what attracts them to making a purchase decision.
Every people group is different and don’t try to reach everyone in a single marketing pitch. If you’re wanting to offer a product for a wide range of ages, genders or cultures, rather create unique marketing strategies for each audience.
You can focus on your product or service. What products are selling well, and which are perhaps needing to be booted out of your offering.
Sometimes reducing your range of products or services can help. Or consider changing some of the not so popular products with something new and innovative. There are ways to determine customer opinions which can inform your product offering.
A popular way to do this is through anonymous surveys that capture customer responses. Often the feedback from customers can be used to create innovative products or services.
You can also have an internal innovation team can who can come together to throw around new ideas and thinking.
There is always the decision to be made as to whether you should increase your price, and therefore business profit margins per unit, but decrease your number of units sold or decrease your price and increase your volumes.
Price is an interesting conundrum as people’s impressions and reactions to price are complex. If the price is too low, your product or service could be considered cheap and lower quality.
If it’s too high you will outprice your target market. So, finding the sweet spot is a balance that might take a little time to get right.