Running a small business isn’t an easy thing to do. Since you have limited capital and you’re down on resources, you have to manage everything with those limited resources only. You have to pay heed to day-to-day operations and ensure that everything is being done smoothly and at the same time also find ways to increase the revenue and grow the business.
Increasing your sales and revenue is essential to keep your business afloat which is easier said than done. You have to compete with large businesses that have more budget and resources compared to you. And if you are in a competitive and robust market like India, things are even more difficult.
Whether you are running an online business or a brick-and-mortar business in India, you will have to find ways to increase the revenue of your business. Fortunately, we have got a few tips for you that will help you to increase the revenue of your small business in the competitive Indian market. Let’s check them out:
Promote Repeat Business
For small businesses, repeat business can be of so much value. For huge brands, it might not be a big deal since they already have a huge customer case and have made a name for themselves but for small businesses, repeat business can be of so much value. Always give your customers a reason to come back and do business with you in the future.
You can do this by offering special discounts to your frequent customers or implementing a loyalty program. This will keep the customers coming back and it will help you in generating more sales and revenue.
Offering incentives to your customers can also help increase sales and ultimately, revenue. You can offer incentives in form of coupons, and discounts, or if you are running an online ecommerce store, you can offer free delivery services to customers who spend a certain amount of money. These incentives and discounts look more appealing to customers as they can see how much value they are getting. Try providing various incentives to customers and see which ones are generating the best results.
Add New Products
One of the most effective ways to increase your sales, attract new customers, and boost the revenue of your business is by introducing new products. Introducing unique products to your inventory that fit your brand but provide something that your current products don’t help a lot to attract new customers. If that isn’t possible, you can try introducing complementary products for your main products that will help to increase the sales of your existing products.
If adding new products is completely out of the picture because of a lack of resources or some other reason, you can pair up with other small businesses and work in co-operations to sell their products. If their products complement your business, it will be even better as this will attract new customers and re-attract existing ones.
Focus On Marketing
Sometimes, you will be having the right products and services but your marketing efforts are poor due to which you are not able to generate many sales. An effective way to increase revenue is by focusing on marketing and allocating more resources to marketing. Online small businesses like TinyChat were able to upscale quickly because of their unparalleled marketing efforts. You can allocate more capital to the marketing budget, work on marketing yourselves, and hire marketing experts who will help you in generating more leads and sales.
Utilize Social Media
Social media can be your biggest tool to increase sales if you know how to use social media in your favor. To be able to build a brand reputation, you need to stay connected with your customers even after they leave your store. No matter what your customer base demographics are, some of them will be using social media and you should do a bit of research to find out which social platforms your customers use the most. Some people like using Facebook, some like to spend their time on Omegle, and others on Instagram and Twitter.
Develop a specific strategy for the social platform that you plan to use and stay active and consistent on social media. Posting content regularly and consistently is the key to increasing engagement on social media. And as far as content is concerned, images have more impact than text, videos have more impact than images, and short videos, less than 60 seconds are considered to be most effective.
Instead of posting useless content, look for trending topics and figure out how you can contribute to those topics. Don’t forget to use humor as it can really help in attracting customers. If you are successful in increasing your social media engagement, you will most likely succeed in increasing your business revenue.
Enter New Markets
Another useful tip for increasing the revenue of your business is to enter new markets. Sometimes, a market change or entering into a new market and targeting a different customer base might be the change that you need to upscale your business. If your decision to enter a new market is based on thorough market research, you can very well succeed in attracting new customers and increasing the revenue of your business.