Diwali is a great time when you can double your business and bring Lakshmi to your home. So, what are your plans for it? How will you double your manufacturing business this Diwali? Or trading business? Or any other business for that matter?
You are all set for Diwali? You’ve an online presence and have already uploaded beautiful pictures of your product on your website? Or have placed discount hoardings in front of your shop? And, you now will wait for your customers to come. Right?
Well, you are on the right path! But with the explosion of e-commerce growth, all your competitors would be doing the same. And what you need is to stand out of the crowd and grab more attention! And when we talk about doubling the business, growth and expansion are the key factors.
Let’s take a look at how you can double your business this Diwali and bring your home happiness.
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Add More Products & Services
Well, Diwali is not just the occasion where only a millionaire or billionaire can double his business. You can considerably double your business even if you are an SME! All you have to do is add more products and services to your business that are widely sold on Diwali.
The most sold products on Diwali are lights, sweets, electronics, furniture, gold coins, silver coins, god statues, dry fruits, oil lamps, rangoli colors, etc. You can also add Diwali gifts and greeting cards to your products.
Well, the strategy may sound simple but executing it well is not that simple. From all the list discussed above, you can figure out the products that your customers might want and then decide at how much price (including profit) you want to sell it for.
So, the best thing that you can do here is market research. You can ask your current customers about the products and services they want and then the potential price. Noteworthy, your market research should focus on the demands of the customers and their prices.
Sell More Products
Also Read: Digital Marketing Do’s For SMEs
This point is the flip side of the first point! Identify the current customer base through market segmentation analysis and offer products and services that can bring you more sales. Then you can plan all your marketing strategy for it. The analysis should also include the age, gender, buying history, etc. of your customers. This way you will understand if your customer is influencer or decision maker.
With this information, you can better plan your marketing strategies.
Expand to New Territories
The main idea here is to market your products and services and sell them to new customers. Your new customers can bring you more business. If you are into retail business, you can opt for opening your retail store at new locations.
However, since this will require a significant amount of investment and time, and therefore, you are advised to perform market research properly. After opening at a new location, you can take the benefits of advertising by conveying the benefits of your product or service and simultaneously, talking about the opening at a new location.
Target New Customers
Most business plan they marketing strategies targeting sales. They make customer-specific searches, such as customer’s age, gender, and location. But how can you target marketing your products and services?
Well, being able to rightly market your customers can be very tricky. You can market them through the right mediums, targeted at the right time. This will certainly help you expand your business.
For instance, if you wish to expand your business during Diwali, you can sell products related to Diwali, such as Diwali background image, Diwali decoration lights, etc. You can also sell jewelry and other items which are widely sold during Diwali. Many people gift their relative and friends gift hampers, gold and silver coins, etc.
Nonetheless, not to forget many big players in the market offer special Diwali sales, such as Amazon Diwali Sale and Flipkart Diwali Sale. so, a lighting hoarding with Diwali Sale 2018 in front of your shop would surely bring a lot of customers.
Open to Delivery Channel
You can take the full advantage of the internet to increase your sales and business. A number of campaigns for Diwali can certainly prove to be beneficial for you. One such is offering home delivery especially on Diwali. Most people would be busy at their home for Diwali celebrations. In such a scenario, who would not like to get fresh flowers or vegetables delivered to their doorstep?
You can offer home delivery on your website. Additionally, you can also offer coupons to the ones who recommend you to their friends. This will help you reach wider areas and expand your sales. More sales simply mean more profits!
Start/Acquire Another Business
What occasion other than Diwali can be more auspicious for your starting/acquiring another business? Apart from offering additional products and services, you can start a new business specially dedicated to it.
You can look for starting a business, such as an electronics store selling microwave, fridge, TV, mobile or ever a bike or car. Although the demand for electronics increases during Diwali, this business also has a good profit margin the entire year.
However, you must plan the new venture or acquisition well before taking any step. In short, you must focus on the company’s financial condition and how it can be best utilized.
Now comes the most important thing—finance for expansion! Diwali is such an auspicious occasion that it would definitely help you blossom your business. And a shortage of funds should not stop you from doubling your business this Diwali.
In such a scenario, the best option for you can be to avail a business loan. However, with Diwali around the corner, you must look for a quick business loan so that you can start with your Diwali marketing plan at the earliest.
ZipLoan offers easy SME and MSME loan to Micro, Small, and Medium Enterprises to help them grow. Our business loan disbursal is fast and we offer all our business loans products at easy terms and conditions. Additionally, we offer online business loan application form and there is no need for you personally visit us.
So, this Diwali, make the festival of lights all the way more auspicious for yourself, your family, employees, and customers!