Do you own a small business and your sales are going downhill? Do you want to continue growing, but need some assistance? We’re here to help.
There are many ways you can update your business to improve sales, and the adjustments don’t need to cost a lot if anything at all. You’ll just need to be creative and put in some extra time to grow your business. The more work you put in, the more income you’ll make each month.
It doesn’t matter what you are selling; we have some ideas for small changes in your business that can make a great difference to your bank account.
More Ways to Pay
If your company only accepts cash right now, it’s time for an update. People don’t carry cash in their wallets like they used to. Most transactions are now made with debit or credit cards, online, or through a mobile app.
In 2019, it was reported that over half of all transactions were made with a debit or credit card. According to the 2019 Diary of Consumer Payment Choice, “debit cards were the most used instrument, accounting for 28 percent of payments. Credit cards accounted for 23 percent of payments, a two percentage point increase from 2017.”
Even those things we’ve always paid cash for, such as vending machines, highway tolls, parking meters, and laundry mats, are now available to pay for with other easier and quicker methods. For example, Shine pay, a mobile payment system used by laundromats, states that financial technology and business intelligence solutions that transform your business are now an option.
Not having multiple payment methods can deter customers, which in turn affects your sales. You need to make the checkout experience as easy for the clients as possible. Some popular payment methods you can use for your business are Square, Paypal, and Apple Pay.
Check out your options and integrate one or multiple systems into your business. You’ll soon see sales on the rise.
Be Active on Social Media
Social media has taken over the internet and most of use at least one form of it. The Global State of Digital in 2019 Report states that in the United States, there were 230 million active social media users, with most people using Facebook.
This is vital information for business owners because they can use it to promote their company. You can create a Facebook page for your business and add photos of your products, your staff, and the location.
You are able to create events to encourage people to come to your store, like a fundraiser or sale. Once they are in the store, the clients are more likely to buy something and come back again in the future. Be sure to snap some photos of your busy store.
The primary function of social media is to be social! So, show your potential customers that you’re invested in your business and those who use it. People are more likely to use a company that gives back to the community, and a business where the owners have a good rapport with their clients.
The Cox Business Consumer Pulse on Small Businesses states that a majority of buyers said they would spend their money somewhere if it was in favor of a social or environmental cause. Doing this will create popularity and lead to more sales for your company.
Create a Loyalty Program
A fantastic way to increase your sales is with a loyalty program. It keeps customers coming back to buy more as they will gain something from it in the end. Also, looking at it from a financial perspective, the Harvard Business Review mention that gaining new customers can cost up to 25 times more than keeping an existing one.
Promoting a loyalty program advances sales because if there is an incentive for spending money, customers are more likely to buy whatever’s needed to get the deal. We all love to feel like we’re getting a great deal, even if it costs us more.
The incentive can be almost anything that’s attractive. Some examples include a percentage off, something free, or being invited to a special event. Be creative and switch it up every month to keep customers excited to come back.
The Bottom Line
All small businesses want to grow in order to make more money. If your sales aren’t increasing or are declining, it’s time to make some changes! The adjustments don’t have to cost you anything, just a little time, research, and planning.
A few of the most effective changes you can make are to have many payment options, to use social media to promote your brand, and to create a loyalty program. You might not see immediate rewards, but in a few months, you’ll see a line of people out the door, and your sales will shoot through the roof.
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