Five investments that will help make your business more profitable
If your business isn’t doing as well as you’d hoped, it can be easy to become discouraged. But by focusing on yourself, your marketing strategy, and your customer experience, you can turn it around.
Indeed, there are actually a few straightforward investments you can make that have been shown to make small businesses more profitable. Here are five suggestions.
1) Improve perception
You are your business, so how you present yourself to your customers (and anyone who may have sway over your success) should be a priority.
So making the best impression by ensuring your image is respectable and on-brand is essential. And this extends all the way to how you look and even the car you drive.
For example, if you use your car for advertising or turn up in it to meet with important clients or investors, you want something that projects the image of a successful business owner.
That said, don’t just splurge on the first nice car you come across. Instead shop smart. If your cost of living is higher than the next town, see if you can find somewhere with listing prices that aren’t as highly marked-up.
For instance, if you have your eye on the Audi A4 Allroad that was recently listed as “one of the best cars of the year for the smart and discerning entrepreneur” and you live in Seattle, you may decide to make the short drive to Bellevue to find a local Audi dealer that’s more affordable.
That way you can make that all-important first impression you wanted, without over-spending.
2) Promote your business on social media
Having a presence on social media is crucial for pretty much every business today. But just having a profile isn’t enough; you should also be leveraging it as a cost-effective marketing opportunity.
Running ad campaigns on your preferred social media platform can achieve a number of objectives, depending on what kind of ad you choose to run.
In some cases, it may be best to advertise a special on services to bring in new customers, or you might focus your ad around your brand story to increase awareness. Whichever route you choose to go, promoting your business on social media is usually a wise idea.
3) Plan an email marketing campaign
If you’re looking for other ways to bring in new customers, you may choose to invest in email marketing automation.
Email marketing can help you stay in touch with customers who’ve bought something from you before, or have signed up for your newsletter or added to their cart without making a purchase.
Instead of forgetting about you after a single interaction, they’ll receive updates, offers, or whatever else you choose to include in your emails, hopefully sparking them to make future purchases.
Splurging a little on a trusted email marketing software can simplify the process and keep everything organised so you have more time to focus on running your business.
4) Pay more for good help
Investing in your employees can mean several things. It could be that you pay slightly higher wages to attract better sales associates who have more experience and their own tactics for making sales to customers. Being paid competitively also incentivises employees to work harder. As they’re making more money, it’s more likely they’ll be motivated to make you money.
Instead of a higher hourly rate, you could also create an incentive program like monthly bonuses for sales associates who meet their goals. Another way to invest in your staff is through training, whether that’s scheduling more meetings or bringing an expert in.
5) Instigate a customer loyalty program
Customer loyalty program may cost you a little money up-front to implement, but they’re usually invaluable to your business. Not only will loyal customers spend more money with you, but they’re also more likely to recommend you.
Customer loyalty programs can include:
- Discount codes.
- Free shipping.
- Special offers.
A successful loyalty program requires you to put your customers’ needs first and make sure you’re offering something that provides genuine value. Not sure where to start? Check out these five ways to improve customer loyalty.
Photo by Christiann Koepke