Every business experiences a phase where it faces paucity of operations because of funds. This does not mean that you are not operating your business in the right way. It only means that you need to change your style of business operations and adapt smarter strategies. For this to happen, you need to have some prior planning and industry research. It will help you come up with some brilliant ideas to boost your sales and therefore, profit.
Let’s have a look at some suggestions that will work wonders for your business and fuel the growth of your slow-moving small business.
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Add New Products & Services to your Offerings
One of the best ways to increase your business is by expanding your offerings. This will help you attract new and more customers. For this, you need to understand what extra your existing customers need, and you can start stocking new items.
For example, if you own a laptop or computer shop, you can consider stocking printers, computer accessories, data cards, pen drives, etc. Further, you can consider offering on-site support to your customers to build long-term relationships with them. You can finance such business activities through business loans without security offered at minimal interest rates.
Change the Method of Delivery & Payment
The traditional methods of delivering and selling products no longer work in today’s competitive world. So, you can also consider selling your products online via online selling platforms and offering same-day delivery services to your customers.
So, you can consider selling your products online through e-commerce sites like Amazon and Flipkart, and offer online payment through various mobile payment platforms like Paytm and FreeCharge. This will provide you with a boost of customers as they will get various options for buying products and new means of payments, like mobile wallets, etc.
Have a Pop-up Sales
A pop-up sale is actually selling your products and services at a new location where your target customers or audience frequently visits. This place can be a restaurant, an outlet, or even an art gallery. This can be an apt way of building interest among the customers. Besides, you can also approach a new base of customers at a new location. We suggest you be creative in drawing your customers’ attention to the new venue. You can also take the help of digital marketing to spread the word among masses.
Host an Online or Offline Event
You can participate in an exhibition, flea market, trade fair, or a bazaar to meet new customers and book good deals with them.
This can help you move your inventory with ease and not much effort. For this purpose, you can host an online or offline event. For an online event, you can opt for Facebook Live. Besides, you can also organise an interactive session with an expert and stream it online to get views. There are many online sales events as well that you can choose to participate.
Offering Freebies and Reward Programmes
You can start referral programmes where you can reward your customers for referring your products and services to other customers. Referral programmes tend to attract customers and bring in more sales. As a part of referral programmes, you can offer coupons or discounts to your customers for their next purchase. You can also consider offering a gift or freebie, such as merchandise.
The suggestions said above can help you slowly start boosting your business. And once your business starts generating considerable revenue, you can come up with more ideas to generate more sales and profits.