7 Effective Ways to Make Your
Business More Profitable
Having a quality product or service to sell will only get you halfway there. The other half consists of putting marketing strategies in place to create brand awareness.
Before the internet, advertising was extremely expensive. But thanks to technology, promoting your brand is much more affordable and sometimes even free. Below are some of the most effective ways you can market your new business to increase profits and ensure success...
Create a Website
Not having a website might be one of the biggest mistakes you can make. Especially when setting up a website is so affordable and simple. There are many platforms you can use to create an online home for your business. The key is to make it functional, easy to navigate and responsive. If you don't have the time or you find technology intimidating, you can always hire a professional developer.
Along with your website, consider setting up a blog. Regular creative and helpful content will give your customers (both existing and prospective) a reason to come back to your website, thus creating more awareness of your brand. Additionally, it will increase your website's ranking on search engines if optimized. Valuable content can help build trust with your audience and offer the opportunity for them to share it with their friends and family.
Get on Social Media
According to the global digital reports 2019, provided by Hootsuite and We Are Social, more than 3.4 billion people worldwide use social media every day. Popular social media channels include Facebook, Instagram, Twitter, YouTube, Pinterest, and Linkedin, to name a few.
These platforms can be used to advertise your products and services as well as interacting with your target audience. Each platform is unique and offers various ways of engagement and sharing of content to the users' follower or friend list. But don't try to master all of these channels. Select two or three you like and spend time growing your audience while offering helpful information to them.
Develop a mobile app
Mobile app development is extremely beneficial to businesses of all shapes and sizes. Even if you have a responsive website, a mobile app can add a layer of professionalism to your business.
Mobile apps enable you to stay in the forefront of your user's mind. Every time they unlock their phones, your brand will be visible on their screen. It's an excellent tool to boost customer service and even better to inform customers of discounts and special offers.
One of the biggest advantages of mobile app development for your business is the opportunity to profit from it. By offering a paid application, in-app purchases or a monthly/weekly subscription service, you can grow your bottom line even more.
Hand out Promotional Gifts
While online marketing is extremely effective, taking your marketing offline is never a bad idea. Especially if it involves branded promotional gifts to your target audience. Notorious for being one of the most cost-effective marketing strategies, it offers a super high impression rate and continues to do so for as long as the recipient keeps on using the gift. Everyone who comes in contact with the recipient while using it will also be exposed to your brand.
There are some things to consider when handing out promotional gifts that might increase the return on investment even more. Thorough research of your target audience will enable you to choose a gift that will pack a punch. Make sure your gift is high-quality, unique and useful to maximize your ROI.
Network, Network, Network
It's not about WHAT you know, it's about WHO you know.
There are many elements that contribute to a successful business. The quality of your products, the reliability of your services and the ability to offer value for money. But what good would all of the above-mentioned be if no one knew about it?
Networking is crucial to your business' success. Whether you host an event in your community or attend tradeshow or exhibitions, make it your business to get your brand in front of as many people as possible.
Collaborate with Other Businesses
If you're just starting out in a highly competitive market, it might be to your advantage to team up with businesses in related fields.
Collaboration will introduce you to the established client base of your collaborator and give you the opportunity to win their trust. If 'they' are endorsing you, you must be good.
Don't Underestimate the Power of Word of Mouth
Consumers trust recommendations from family and friends much more than any other type of marketing method. Word of mouth marketing recruits satisfied customers that will help to promote your brand.
Do you have an elevator speech? If not, you should! As a new business owner, you should talk about your business to anyone who will listen.