Starting out a new business is undoubtedly a stressful experience, but ultimately rewarding as you observe the growth of the brand you built. However, growing your existing business is arguably an even more stressful process; market competition and budget together can make effective growth difficult. What routes should you chart to increasing your business’ revenue effectively, in order to weather the difficult teething phase of your business?
The results you achieve via online marketing are only as good as the targets you set for yourself. Planning is of crucial importance to the success of any marketing strategy, and social media marketing is no different – if anything, social media is a more complicated process, requiring more planning and resources to achieve effectively.
With this in mind, start with defining your aims. Are you hoping to increase sales figures with regard to a particular product or service? Are you aiming to improve sales figures within a particular demographic or sector? What kind of growth are you hoping to achieve, qualitatively and quantitively? Starting here will enable you to build a proper foundation for your marketing strategies.
Developing Outreach Strategies
Of course, the most straightforward and effective way to increase revenue is to attract new customers – something you can achieve by developing outreach strategies with regard to your online platforms. This can look like anything from a well-targeted social media advertising campaign to the cultivation of a marketing email list.
Larger campaigns, including cross-platform ad runs, require capital to run at an effective size. As such, taking out an unsecured business loan can help you fund your outreach efforts, allowing you to expand the scope of any paid campaign and increase awareness of your brand – a vital part of tending to your sales funnel.
Diversifying Payment Methods
It may be that you are losing out on revenue simply by virtue of a roadblock to sales. If you’re noticing a significantly high bounce rate at the checkout page of your site, in comparison to industry average bounce rates, it could be that you do not have a diverse enough range of payment options for customers to use. Integration of PayPal and other payment options – such as post-purchase credit services like Klarna – can make your products more accessible to a wider demographic.
The Power of Incentive Marketing
Lastly, one of the most powerful tools in your arsenal is your existing customer base – and incentive marketing is particularly useful for leveraging your customer base and increasing sales as a result. Incentive marketing tactics can range in type, but the most effective ones utilise exclusive offers and discounts as a reward for an action. For example, an existing customer might get 10% off their next order by referring a friend to your service.