Hacks to Help Grow Your Business in 2021

The last year was difficult for many fields and numerous businesses struggled to survive. It seems that 2021 is a little bit easier but nobody knows what will happen later. In that way, it is necessary to think about growing your business and increasing profitability. Let’s check some useful tips.

1.   Search for New Clients

The increase in the number of new customers, in fact, is associated with the expansion and simplification for the customer, the process of entering your sales funnel. It is necessary to analyze all available sources of traffic in the business: through which channels do customers learn about you? This can be social networks, targeted and contextual advertising, a profitable place in the city centre, advertising from bloggers.

What customer acquisition channels do you use? Are you using all the possible ways to attract? If not, then you need to make a decision on testing new channels and further analyzing their effectiveness. Also, establish partnerships with companies from related fields through which you can promote your product.

2.   Improve Sales Skills

Let’s say, you have successfully implemented all of the above. Your business is steadily receiving new leads, but the conversion rate from requests to purchases is very low. The reason lies in the fact that the sales department is not built.

Analyze how quickly your managers respond to incoming requests, whether all stages of sales are followed, whether they know sales techniques (if not, then train them), work out all the objections of potential and current customers and, based on them, create your unique scripts for working with requests.

3.   Increase in Margin

Another way to increase an organization’s income is to increase the margin. It is the difference between the cost of a product and the price of its sale, in other words, it is a markup. There are two ways to increase margins: raising prices and lowering costs.

If you already have a queue of customers and you are unable to cope with the flow, then a slight increase in prices will not harm your business: your product is already in demand. In order to raise the price and not lose customer loyalty, make your product more valuable in the eyes of the consumer, and also warn about the increase in value in advance.

Cost reduction can be carried out in various ways: searching for new suppliers, saving on electricity, reducing production costs, and much more.

4.   Find New Sources of Income

Sometimes, it is necessary to improve the instruments you use or to expand the number of goods or services you produce. In order to achieve it, you will need funding. You can try Forex trading if you know how it works. Learn about ECN trading as it will allow you to save on brokerage fees. This is also a great possibility for the citizens of Nigeria. If you don’t know anything about it, the Forextime blog is the perfect platform for you to learn.

5.   Raise the Average Check

First, find out which product is the best selling, think about what else you can offer to clients with this product.

The main ways to increase the average check:

• Up-selling is an offer of more expensive products to the client instead of the main one. For example, you are an information businessman selling an updated weight loss program. For a customer interested in your product, you can offer an improved version of the program with an explanation of its benefits.
• Cross-selling is an additional sale to the selected main product investment.

6.   Increase in the Number of Repeat Sales

It is much more profitable to build relationships with regular customers than to attract new ones all the time. To make customers come back, make them happy. Ask your clients why they buy from you and try to continually improve the service.

7.   Plan the Profit

To increase the income of an organization, you need to plan for it. Without planning, recording, and analyzing the results, it is very difficult to obtain and evaluate something. It is necessary not only to plan profit in the next reporting period but also to determine the ways to achieve the planned indicators (it is necessary to develop a marketing strategy that will allow, based on the numbers, to predict the amount of revenue and the ways to achieve it using various marketing tools).

8.   Optimization of Business Processes

In any business, there is always an opportunity to optimize existing business processes. First, digitize all existing operations in your organization. Record key points in the regulations and familiarize employees with the new rules.

Think about what business processes can be automated and, accordingly, reduce the cost of servicing unprofitable operations. An automated sales funnel (sales without the direct involvement of a sales manager), for example, can significantly increase your organization’s revenue.