How to Boost Sales for Your Small Business
Feb 22, 2022
For a small business, sales are everything. But, as you probably know, growing your sales numbers can be challenging. You have limited space for inventory and employees, so how else will you meet demand? The key is to find out exactly what customers want and how they want it. In this article, we'll discuss how you can boost sales by being more customer-centric.
Make a plan
If you're going to take a proactive approach to how customers receive your product, you’ll need to know how your business is set up. That means putting precise figures to the important details, like how much inventory space you have and how many employees work for you. Make a plan for how your ideal distribution would run, with what products, how many and at which locations. Then make another plan for how you would adjust if customer demand was much lower or higher than it is now. If you have any questions about how to decide on these adjustments, take a look at how other, similar businesses handle their inventory and shipping.
Set goals and determine how to meet them
Once you have your goal set up, it’s time to decide how to meet it. Find a way of quantitatively measuring how close or how far away the demand is from what you want; a good method is to create a spreadsheet. Think about the inverse correlation between supply and demand: if you sell more items, fewer customers will need what you’re selling. If you end up with excess inventory, you can lower how much you order from your suppliers.
Research your competition
Once you have your plan and how it will be adjusted, figure out how you'll get the word out. The best way to do this is by looking at how other comparable companies do business and how you can emulate their methods. If there's a demand for something that none of your competitors provide, you might want to consider making or offering that exclusive product or service.
Create a marketing strategy
OK, so you’ve decided on your plan. Now, how are you going to get the word out? There are myriad ways to do it; for example, you can use social media or flyers, or advertisements in local papers or on campuses. There's also the old-fashioned approach of sending direct mailers. Whichever method you choose depends on how accessible it is for your target market and how much money you can afford to spend. If you need ideas, the internet is overflowing with how-to guides on any marketing strategy topic imaginable.
Use social media to reach new customers
Social media is another great way to boost sales for a small business. Twitter, Facebook and LinkedIn are free tools that can help spread your message — or your competitor's! Make sure you have a strong social media presence across all of your channels. The more you interact with customers through social media, the more they’ll talk about how great your business is and how much they enjoy your products or services.
Simply put, knowing how to boost sales for a small business starts with understanding how customers want to engage with you and how their demands will affect how you do business. Once you figure that out, make a plan on how to meet those demands — and then market accordingly. Do this frequently enough, and you'll see an increase in how many customers you draw!
Advertise Your Business Offline and Online
While online advertising may be the new model, there’s still validity to advertising offline. In reality, a mix of both strategies is the best approach. First, you’ll need to make a list of your target audience; is it college students, middle-aged couples, young families? Once you have your list, you can research how to reach these groups through the channels they’re most likely to pay attention to — for example, print advertisements in local magazines or billboards in high-traffic areas.
Most successful small businesses started with a great idea that caught on. Customers want to feel like they're part of something special, so give them plenty of chances to participate in how your company operates.
Offer Discounts and Special Deals
Customers are always looking for ways to save money! Discounts or coupons in local papers are great ways to boost sales for a small business, allowing you to promote your products at lower prices. Have staff members hand them out on campuses, or set up booths in high-traffic areas so customers can use them right away.
Reward Customer Loyalty
One of the best ways to boost sales for your small business is to think creatively and intentionally about how you handle customer loyalty. If a company has customers that come back again and again, that company will have no problem increasing its sales — it's simple math! The best way to do this is by rewarding customers for how much they spend. It's a simple strategy that can be implemented immediately, and it will show customers how committed you are to serving them well.
How Can Acima Help?
At Acima, we can help your small business increase its sales in two ways: First, through our flexible lease-to-own* program, which engages customers who may not qualify for traditional credit financing, are unbanked or those who simply want an alternative to credit. Second, through our marketing efforts that re-engage past lease-to-own* consumers as well as helping to find, qualify and direct new clients to your location. This technique aids in the creation of new sales, increased traffic and the satisfaction of more customers.
Common Questions About Growing Sales:
How do you attract customers to your shop?
The easiest way to attract new customers to your shop is to create a marketing strategy that helps guide all of your marketing and business efforts. This will help you stay on message and keep your target audience in mind across all channels.
What makes a customer happy?
One of the best ways to keep customers happy is to provide excellent customer service. When your clients know they’re being heard and their needs are being met, there’s a better chance they’ll consider shopping at your store.
How can you build loyalty with customers?
Building loyalty with customers is as simple as knowing their expectations and understanding how they feel. By taking a survey of how your clients feel about your services, you can then make changes to how your business functions, if necessary. This will show how committed you are to satisfying them and making them happy.
How do I make sure my product is seen in the marketplace?
To get your product recognized, you’ll need to figure out how to make it stand out from the competition. You may do this through your marketing or competitive pricing. You can also do this by doing some research on how your target audience identifies with certain products and how they want others to see them through their social media presence.
How can I improve my business?
One of the best ways to improve your business is to survey your customers and ask them how they feel about how you’re doing. You can then make adjustments as necessary, showing how committed you are to making your clients happy.