In order to thrive, businesses need to be in a constant state of evolution and expansion. Even in the best of economic times, this can be a tall order. In a turbulent market, entrepreneurs are often left wondering what it will take to move forward with plans for growth. Thankfully, a wide array of tools and techniques are available to keep a business thriving in any condition. Here are six tips for keeping your company’s revenue in the black.
1. Invest In Advanced Communications Infrastructure
Every business is unique, but success always depends on effective networking, and that means effective communications. With an increasingly decentralized workforce and more customer service done via social media than ever before, having high-bandwidth internet is critical. 5G mobile networking technology is helping to enable this step forward, but it certainly isn’t the only tool. Updating infrastructure can involve an initial outlay of resources; after all, integrating and connecting different generations of technology often requires its own support such as a converged policy solution. However, the benefits of greater connectivity might well be worth it.
2. Leverage the Power of Automation
Advances in artificial intelligence and machine learning have made many time and money-saving applications available to businesses. Tools such as timesheet generators, virtual assistants and accounting software keep ledgers more accurate. Customer relationship management (CRM) software can track sales leads from prospect to repeat customer and help manage marketing campaigns. Turn an analytical eye to your business processes and see where you might be able to cut overhead with a little robotic help.
3. Nurture Customer Loyalty
Loyalty is created when your brand resonates with someone in a personal way. Research shows that almost 40% of loyal customers will spend more on a purchase from a company they love even when other, less expensive options present themselves. During an economic downturn, this can mean solvency, and in an upswing, these customers form a base for expansion since they’ll be an engine for word-of-mouth advertising. Reward them with perks like special offers and priority service. Note that you don’t necessarily have to hand out discounts!
Building a sense of community by including VIPs in special events can be just as effective, and consumers will understand that your organization pays back the kindness it receives.
4. Develop Quality Products
When revenues start to flag, it might be tempting to cut the cost of materials to the bone in order to sell offerings for less per item. That could actually be the start of a vicious downward spiral. A recent study by First Insight found that 53% of consumers consider quality first when making a purchase, as opposed to 38% who see price as their top concern. If your quality suffers, you lose the most powerful tool you have to stand out in the market. With so many options, even loyal customers might start shopping elsewhere, so keep your products high-grade and distinctive.
5. Use High-ROI Marketing Techniques
Another step towards greater efficiency (and thus greater revenue) is making sure that you’re getting a high return on investment in your marketing campaigns themselves. Digital technology offers many solutions here. In 2021, email campaigns offer, on average, an ROI of $38 to 1. It takes very little effort to put a sales pitch in an email. It takes even less to use text messages to do the same, and SMS marketing can be even more lucrative, with a message opening rate of up to 98%.
Remember to think multichannel with your marketing strategy as well. In digital marketing, you have an opportunity to brand yourself to a variety of potential customers. Different niches prefer different channels; for example, YouTube is popular with fashion influencers while sites like Ello cater to artists. Instagram Stories and TikTok let people say a lot in a minimal amount of time.
Know your mission and your customers, and then tailor your outreach channels accordingly.
In the business world, holding steady just isn’t an option. Remember these simple strategies when planning your next steps in scaling your business.