When it comes to your online business, are you always trying to make ends meet? Are you seeing increasing return month-by-month or you are simply breaking even or seeing a loss on your financial statement?
In the past 12 months, Australia has splashed out 14.1 billion on online retail according to a survey by National Australia Bank. However, even though there has been online sales growth in Australia, it’s sad to see that financial viability and stability is still a big concern for most small and medium online businesses.
If you are one of those online businesses who are struggling in the online business world then here are some actions you can take to keep the sales rolling and get a boost in profits.
Study Customer Needs through Profiling
Profiling the kind of customers you have and understanding their buying behaviour is essential to the success of your business.
By doing this you will know who your quality customers are. These quality customers are usually the ones who bring in the money. They’re the ones who are doing repeat business with you. They are the ones who are bringing in additional customers.
Aside from that, if you understand their buying behaviour you can continue to improve on delivery of what they need. Even when there is a change in market conditions you’ll be able to fulfil what your customers are looking for.
Give Discounts for Upfront Payment
Price is a topmost concern for most customers so discounts are a big turn on. The psychological implication when a customer sees a discount is savings.
Giving discounts for upfront payment is not only a way to get cash quickly but also it’s a way to encourage customers to buy repeatedly and to keep them coming back for your products or services.
Set Monthly Sales Goals
Goals are important to determine how well or not your business is going. They tell you when you should improve or change your strategies in order to meet them.
When you set monthly goals, it is important to remember that they must be realistic and measurable. Small goals help sustain a business. You can eventually set bigger goals once your business becomes stable and you have a client base that’s repeatedly going after your services or products.
Study Your Competitor
Keeping your eyes on your competitors will help you understand what they are doing right and what you are doing wrong with your online marketing campaigns. Alongside, you can also discover other strategies that will help you retain your customers and target theirs.
It may be that your competitor has some advantages over you that you do not know about. You can look at their website, their branding and their pricing. Ask yourself how you can compete in terms of these things.
For every advantage that your competitor has against you, you can create a strategy that will effectively negate their competitive advantage or push your business to the forefront of your target market.
Refine Your Online Pitches
Selling yourself or your business to customers is an important component in sustaining the business and keeping the sales rolling. However, you shouldn’t use the same lines again and again.
It’s good to experiment with different spiels to get their attention. When you keep repeating the same lines to customers, it doesn’t only become boring, it loses its credibility. How can your customers benefit from you when they are not getting anything new?
Do you have additional tips to add? We welcome your comments and thoughts.