Growing your business can be one of the most exciting times of your business life but it can also be one of the most challenging and crucial times for the business too. In this article, you’ll find the most effective ways to grow your business and your business revenue in 2022.
1. Keep your customers interested
As important as it is to gain new customers it’s just as important to keep the existing customers and keep them as happy as possible, this means being friendly, professional, and dealing with any of their issues in an ethically reasonable manner. Along with keeping your customers as happy as possible, you will need to keep them interested. Whether that’s with physical products or services you offer. One of the best ways to keep your customers interested is through social media and engaging posts. From a marketing perspective, you’re more likely to keep your customers interested and engaged if you post 3-5 times a week, Social media might be the first time a customer is noticing your brand so making sure it’s professional and engaging will interest the customer to finding out more about your products. Another way to engage customers is to create a mailing list and email customers with new launches, discount codes or any restock of popular products.
Getting your brand noticed is very important if you wish to grow your company. SEOs and focus words on all your products is vital and will make it easy for customers to find you, Making sure your products have as much detail as possible so when a customer is looking for a certain product yours can be one of the brands that appear in their search engine.
2. Invest in your business
Making smart investments can extensively improve the growth of your business, that could be investing in new business equipment, marketing your company, or even just getting a business loan that can start the business. Origin finance offers so many products that can help level up your business. One of the products origin finance offers is equipment finance, this is such a great service where payment is paid directly to the supplier (the supplier of your choice), offer seasonal payments if your business is seasonal and many more benefits.
If you’re just starting your business and need some funding as a start-up, Origin Finance also offers start-up funding loans and business loans which give you access to over 60 business loan providers from high street banks to private and niche lenders. This broad range of providers allows them to place almost all requirements. The finance is paid directly into your account, and it can be utilised as you see fit for the growth and development of your business.
Investing in your business doesn’t have to always mean pouring money into it, it could also mean spending time. This could be talking with your customers and getting them involved in your brand. It could also be making sure your products are of great quality and really make sure this is something you would love if you were the consumer and not the business owner and making sure every customer has a great experience shopping with you. This includes how the item is delivered to the customer (physical and digital product), what the customer thinks of the product (was their review positive or negative) or if they didn’t leave a review maybe this could be a way to encourage them to leave a review by giving them a discount on their next purchase, not only does this make your business more visible but also gives you a repeat customer.
3. Perfect your pricing strategy
The price of your product or service is the most important factor in the purchase making decision. Adjusting the price of your product or service should be in line with your market research and revenue goals. A sudden price increase will boost business profits but may not boost business repeated sales. You should try to understand how the price of the competitors’ products and how your product stacks up against each other. Products from the buyer’s standpoint will allow you to choose the best position for your price in the marketplace. Increasing sales drastically can have a negative reaction to repeat customers which is why sharing discount codes, Sales on products and increasing your prices regularly (but not too regularly, we aim to say no more than 3 price increases a year) but with small price jumps as it has a better view for customers.
4. Prepare for emergencies
Anything can happen to your business and as we have seen from the last 24+ months a business can lose its funding, income, and customers so quickly and profits can lead to deficits overnight, so preparing for emergencies is key. These rough times can happen any time in a business without a pandemic so creating an emergency fund is essential. Creating your emergency fund can help you through times when you need to pay for your business needs. If for any reason you don’t have an emergency fund Origin finance offers a business loan that can help you cover your business needs whilst business isn’t as busy and to help you stay on track with your revenue goals.
5. Increase your average transaction size and start getting noticed
Increasing your average transaction size means you’re trying to get each customer that buys from you to buy even more. This is a process called upselling. For example, if you own a restaurant and the customer ordered a main course meal you would follow by upselling drinks, starters and dessert. Not everyone will buy into this, but most people will buy at least one other thing and the more of the items you sell to a customer the more money they spend and the more revenue you collect. Trying to upsell to customers doesn’t need to feel hard, a simple idea if you’re selling products, you can offer bundle priced items that will give the customer a discount and give you more items sold. If you offer serviced based products as opposed to physical products, you could offer a bundle of sessions where the customer would get a discount and you have more regular work. Another simple idea for getting customers to buy more, is rewarding your customers, let them have a discount on certain products if they refer a friend or if they leave a review which in the long term will make your company more visible to more people generating more sales for your company.