In Nigeria recently, there has been an increase in the number of start ups and small business. Most individuals are transitioning from being corporate staff to entrepreneurs. With the structure of the economy being put into consideration, majority of the working class also have small business they manage by the side. The unifying factor between the full time entrepreneurs and those who engage in it by the side is that everyone wants to increase and make profit.
There are no hard and fast rules to increasing considering consumer behavior. However there are basic things that should be done no matter the nature of the such small business. Here are 5 tricks you can engage to grow your business in no time;
- Pay attention to existing customers: One of the major mistakes entrepreneurs make is trying to always increase their customer base. It is a good thing to increase customer base, however, more attention should be placed on the existing customers as their loyalty goes a long way in the growth of the business. To increase sales, you need to pay attention to what your existing customers are saying about the business and make some changes that would help improve your process. In the long run, they would act as evangelists for the business. Most times, when you notice a reduction in sales, you don't need to chase after new customers, make amends with the existing ones.
- Engage promo offers: If your business can afford it, then you need to engage mouth watering promo sales. Let your customers benefit from the business in one way or another at no extra cost to the business. This would in turn increase the number of requests on the products you're offering as well as serve as a form of advert to those who are not aware of the business. You can also put a timeline to the promo to test out the behavioral pattern of prospective customers towards the concept of scarcity.
- Use social media: Not all businesses are maximizing the power of social media, most especially Facebook. Facebook is being widely used and there is no guessing how far a single ad can go. Social media is one of the cheapest ways to increase sales, because virtually almost every living soul has an online presence. If you feel your physical presence is so strong such that you don't need social media, then you are wrong. Social media will definitely help to magnify such strong presence.
- Take advantage of referrals: If you offer maximum satisfaction to your consumers, then they would naturally refer. However, this may not be the case all the time. There are times when you may need to request their referral as a way of encouraging the business or displaying loyalty. This can't be done to all customers by the way. As a business owner, you should be able to identify your closest customers and leverage on their loyalty and commitment to your business. Increasing sales is a just a step away with this strategy.
- Re brand/Strategize/ Package: Based on feedback from closed deals in the past, you may need to re brand your services to suit your target audience. It may your strategy or manner of approach that is unsuitable for the business, you would need to tweak a few times to achieve the desired result. Re-branding isn't all about changing a few things in the business, it is also an upgrade by committing to provide better services that would catch the attention of your prospective clients, customers or consumers.
A business is an entity that survives based on perception. If your processes are not yielding an increase in sales, then its time to analyze and change your strategies.