Most small businesses get their start because of a passion for a product or service. Profits may not even be on the forefront of your mind, however, paying bills is a priority, so finding ways to increase your company profits is a must. Here are 4 ways to do just that:
1. Offer discounts and promotions to attract new customers.
Everybody loves a deal! Offering discounts and promotions will attract new and existing
customers and keep them coming back. A few ways to make this happen:
Bundling Deals: Bundling product is a great way to get customers to buy more. For example, let's say you have $5 jewelry for sale; Offer them $5 each of 5 for $20. They save $1 on each item, and it encourages them to buy more. You could bundle one type of product or several products from different categories.
Buy One Get One: This is a successful strategy for so many retailers, and customers love it. If you have a specific product that'll be going out of season, and you need to make room for new items, offer a buy one get one deal. They can buy one get one free or buy one get one 50%. So many options with this deal to get your customers really excited about shopping!
Discount: A simple straightforward way to get your customers buying is to offer a discount. You could do a percentage discount, a set dollar amount discount, or a combination of both. Famous stores like Hobby Lobby have great success with this strategy. Each week they offer 40%-80% off different categories and rotate the categories from week to week. People are always checking their weekly flyer to see what’s on sale. It gets them excited and keeps them coming back.
Coupon: Offering coupons is a great way to get people in your shop. Get them to sign-up for your shop app or email list and provide coupons they can use on your Website or in your store.
Rewards Program: Offer incentives for frequent shoppers by rewarding them for shopping with you. An example would be, if they buy 10 products, they’ll receive the 11th free.
2. Expand your product line by introducing new products that meet customer needs.
Customers are excited to see new things. Make sure you’re rotating and adding new inventory all the time. You want your customers coming to your store, not your competitors to find new trendy products. Switch things up during each season with fresh and new items that are appealing to the eye.
3. Invest in developing a strong online presence to reach more customers.
Everyone is buying from their computer or mobile device these days. Take advantage of this streamlined sales channel and expand your physical shop to the Web. If you have items in-store, offer it online as well. You want customers to buy 24/7. You could offer free or low-cost shipping and in-store pick. Making it convenient for the customer is key.
In addition, take advantage of social media to build relationships with customers and promote products to drive sales. There are so many different social media avenues you can take like, facebook, YouTube, Instagram, etc. Oftentimes, through email marketing, people will look at the Web and your social media presence to find out more about you and provide leads and hopefully purchases. Make sure you’re active and stay relevant. Make your social media fun for customers!
4. Invest in advertising to help spread the word about your shop.
Budget for advertising annually. There are so many ways to advertise both on and offline on a shoestring. Here are a few ways:
Flyers/Door hangers: This is a great way to market door-to-door without knocking on doors. Paper advertising is very inexpensive and highly effective. It gets attention the moment a potential customer comes home.
Coupons by mail: Just like flyers, coupons are another great way to get the word out. Offering a colorful postcard with a coupon can draw people to your online or brick-in-mortar shop.
Social Media Ads: Ads on facebook, Instagram, and other social media outlets are really inexpensive and reach an enormous audience that can be targeted to your specific customer base. You can design memes on programs like Canva.com or have ads designed by a graphic designer to grab potential customers attention.
Starting and maintaining a business can be challenging at times, but if we implement ideas that will get us off to a great start, success is sure to happen. Offering deals, keeping things fresh and trendy, investing in advertising and developing an online presence, is a sure way to get customers buying and coming into your shop. Remember that 97% of people the people who quit too soon are employed by 3% who never gave up. Never give up and God will bless.