Increasing revenue: 7 tips for SMES
Chicago, June 6, 2014
For any business, making sales is the number one priority because without any sales, there would be no business, said a top official.
Many businesses have been facing tough times lately due to the poor economy, which is why it is crucial to focus on new ways to boost sales and increase revenue, he said.
Mohammed Hajjar, president and founding partner of Pronited, has shared seven ways for small and medium sized businesses to increase their revenue and give the company a boost, with some creative marketing tactics.
JOIN A GLOBAL TRIBE
As a small to medium size enterprise it can be difficult to get access to the same resources available to larger companies. By joining an established global alliance of professional services firms like Pronited, the company has access to worldwide resources and exclusive tools.
The business will also gain the credibility of membership with a prestigious global organisation and with this credibility, the company will start to see growth and begin to serve bigger clients.
RECONSIDER PRICING PLANS
If the business is not making the sales it should be making, a part of the problem could be that the pricing is not in line with what customers are willing to spend. The average budget of the target market should be considered and the price can be changed to reflect the current market situation.
However, an entrepreneur should also take into account if clients are comfortable as a change in pricing could elicit a negative reaction from them. Adjusting of plans to reflect a small price increase will not cause any reaction from current clients, but will help boost revenue.
SET UP A LOYALTY PROGRAMME
A way to encourage loyal clients to continue using a company’s services and keep them coming back for more, and also turn new clients into loyal ones is to set up a loyalty programme.
A loyalty programme rewards repeat clients and customers by giving them special discounts, coupons, exclusive promotions, special perks and more for doing business. Not only will it encourage clients to come back, it will also encourage them to make even more purchases knowing that the more they spend, the more they will get back in rewards.
INVEST IN SOCIAL MEDIA MARKETING
Social media marketing is a powerful way to attract new clients and customers. A company should at least have its own Twitter, Facebook and LinkedIn profits to spread the word to others, interact with current clients and keep them updated about what is going on.
Many companies also use the social media as a customer service platform to receive feedback from clients and customers and respond to their messages, which makes them feel appreciated and reflects positively on the company.
REVISIT OLD CLIENTS
As the company evolves and introduces new products and services, it should connect with old clients and unveil all the new services the company has to offer.
Old customers are likely to feel comfortable working with the company. Therefore, they need to just be convinced that there is something of value to offer them.
Companies can keep in touch with old clients through a newsletter when tips, solutions and other helpful information are continually offered.
OFFER NEW SERVICES AND PRODUCTS
A great way to increase sales is by adding new products and services to the existing line-up. It gives a greater range to market to a wider target audience.
The company can promote new products and services with a special announcement or create a buzz and anticipation leading up to the launch. The services and products chosen should, however, complement the current line-up in order to keep up a consistent brand image.
ESTABLISH A REFERRAL PROGRAMME
With a referral programme, a company can reward loyal clients who continue to use its service and then recommend it to others.
A referral programme is based on word of mouth marketing where one client tells their friend or colleague about the company and refers them. If the colleague signs up for the company’s services, then the original client will be rewarded with discounts, upgraded services, samples and exclusive perks. - TradeArabia News Service