Setting up a business of your own would probably be one of the best highlights of your life. Even if it is a small-scale business, the fact that you own it will give you a sense of fulfillment. However, it is not easy to manage a business. Sure, you will gain many things when you own a business. But attaining all of these does not mean it will always be smooth sailing. Eventually, you will encounter many challenges that will test your perseverance, as well as your faith in yourself. As an entrepreneur looking forward to success, having smart tactics will help you execute your grand business plans. With these clever approaches, you can overcome any difficult spot you get in. To stay on the right track, here are the five wise strategies for your small business to reach success:
Build Your Edge
In every market and every industry, competition among businesses is always present. But not because you are among the small enterprises, you cannot stand out from the crowd and take your spotlight. You can still do it by building your competitive edge. Competitive edge is the advantage of your business over your competitors. It is a certain strength of your company that makes your business distinct from the others. In simple terms, competitive edge means a unique feature in the product or service that your competitors do not possess. So, how can you establish your competitive edge? Start by evaluating your business. What is that certain thing that your business has that cannot easily imitate by your competitors? It will be helpful if you conduct customer surveys about your products or services. Ask them why they choose your company over the others. When you find your advantage, find ways on how to improve it.
Gather and Use Testimonials
When you own a business, setting it up is not enough. For small businesses, the best way to get more sales is to develop effective advertising. However, if you belong in a large industry, it’s a bit tough to rely only on social media posts. So, how can you effectively advertise your business to your target market? You need to gather and use testimonials. For customers, credibility is a deal-breaker. It is the most vital factor before taking the courage to try a new product or service. It’s a very predictable response. So, on your end, you must provide them proof that you offer outstanding products or services.
Testimonials from your previous customers play an important role in your advertising strategy. You can gain credibility from the feedback of your satisfied customers. If you add these testimonials to your marketing campaigns, it will serve as recommendations to your businesses. You will attract more potential customers, thus increasing your sales.
Consider Upselling
Almost all the businesses, whether small or large companies, upsell their products or services. It is a good opportunity to increase the volume of your sales because it works most of the time. Upselling is a technique where you encourage your customers to spend more money by purchasing an upgraded product or service. Sometimes, it can be add-ons to the one they originally bought, paying more than the amount that they should spend. One of the best examples of upselling is from McDonald’s. Customers can choose whether to purchase their foods separately or with their package meal. And when they are at the counter to pay, the staff often make suggestions of add-ons to the customers. Nonetheless, most of the time, the customers approve of the add-ons, resulting in a sales increase. Accordingly, upselling works because customers will more likely increase their purchase when they are in buying mode. They will not think thoroughly about the item offered, and their attention is only on the benefits. Even if the additional purchase is not on their original plan to buy, upselling can trigger the customer’s impulsive buying.
Create Attention
Posting on social media and giving out flyers are some of the conventional marketing campaigns that still work even now. However, if you haven’t established a wide range of potential customers, this strategy is not enough. You need to develop an effective marketing plan to get the attention you desire from your target audience. So, how to achieve this? There are a lot of ways to establish an effective marketing campaign. Use the advantage of technology and trends. At the same time, emphasize the best feature in your product or service. Here are some tips that can help you build an effective marketing strategy: Make your price seem cheaper. You can provide discounts or use a buy-one-take-one scheme. You can attract customers when they believe that they can save more with your offers. Give your content marketing attention. It’s better if you have your own website where you can post everything about your products or services. Having good content on your website will give the customers the “wow” factor. You can delegate this task to a content marketing specialist. Collaborate with influencers. Nowadays, there are a lot of platforms available for you to post your ad. You can start creating noise by collaborating with popular influencers in the industry.
Start a forum and help your customers by answering them. Doing this will give your customers an excellent impression of your business. They will likely check your website, as well as the products and services you offer.
Give Irresistible Offers
Aside from the features that your products and services offer, give your potential customers something that they cannot resist. Understand the needs of your customers and start from there. Most of the time, a product or service is appealing if it also includes:
- Warranty
- Payment plans
- Freebies
- Money-back-guarantee
- Discounts or coupons
- Bundle packs
- Limited time offer
Generally, customers rely on their buying decisions based on their emotions, as well as available finances. If you will emphasize that you understand them through your offers, there’s a huge chance that you will get more sales.
Final Thoughts
Having your own business is a long-term commitment and a continuous process of learning. You will encounter trials along the way as a small business owner, and that’s for sure. But having wise strategies with you will save you in many ways and assist you in reaching business success.
Sarah Bansil – the founder of Pera Diaries, a blog that focuses on personal finance, business, and investment.
