Competition among retailers selling similar products has always existed, providing the catalyst that causes some enterprises to become innovative in order to rise above the rest. In the modern world of e-commerce and portability, entrepreneurs don’t just need to stand out when compared to the store down the street or even in the next town. These days, the country and the entire world can provide innumerable sources of competition but also infinite opportunities to stimulate growth. How can you become part of the select few that customers choose over all the rest?
CONSTRUCT AND USE A SALES FUNNEL
If you don’t already have a sales funnel in place, it’s time to implement one. The term refers to the step-by-step process you lead your customers through when they purchase one of your products. Each step along the way is a marketing tool that helps to sell the product such as blogs, emails, landing pages and a call to action. Once you get your sales funnel up and running, much of the guesswork about your products will be minimized or eliminated, thus exponentially increasing the likelihood that the customer will make exactly the product purchase they want.
INVEST IN CUSTOMER MANAGEMENT SOFTWARE
People respond best when they believe you are paying particular attention to their needs and interests. Thanks to today’s fraternity management software, you can easily construct and update a database that includes all of the buyer information you are interested in tracking. If the customer bought one of your items two months ago, why not send them an email touting the qualities of similar items or accessories that can enhance what they have already bought? While you’re at it, you can send targeted prime promotions and special members-only coupons to encourage the customer to come back to your physical store or website. You can also use customer management software to get feedback after a purchase or invite the buyer to post a review. Remember, out of sight is out of mind. Without being too pushy, it’s to your advantage to stay on your customer’s radar.
ESTABLISH PARTNERSHIPS WITH OTHER COMPANIES
Not all businesses are your rivals. Forming strategic alliances with companies that complement what you’re doing and selling can get you noticed by a whole new group of potential customers. Use business to business ecommerce software to help you sell your products or services to other companies as well as to provide you with the inventory and supplies you will need to ultimately sell to consumers. In addition, seek like-minded online companies and ask them if they would be willing to link their site to yours. Doing so could benefit their customers as well as bring new opportunities to your store.
JUMP ON THE CELEBRITY TRAIN
One of your best resources is online influencers. These individuals leverage the power of platforms such as YouTube to expand their own celebrity status. In the process, they are sponsored by sellers both small and large and often highlight these sellers’ products on their vlogs. By connecting with these internet luminaries, you can get your business noticed by potentially millions of young consumers.
EXPAND YOUR SELECTION
What you’re selling now might be popular with your set of loyal customers. However, stagnation is never a good idea if you are looking to go to the next level. Why not expand the products you are offering while continuing to provide customers with what is already popular? While this goal will involve some research into what people want and aren’t getting as well as what your competitors are having success with, it is an investment that has the potential to pay for itself many times over. Product diversity also helps to protect you if one of your signature items takes a sales downturn or is becoming obsolete. Just make sure that you don’t expand too quickly as this could cause you to lack the resources you need to support your products effectively.
These days, being successful in business means not resting on your laurels. It’s time to step out of your comfort zone while never forgetting the loyal customers who brought you to where you are today. A healthy mix of the innovative with the tried-and-true can be one of the best ways to steadily grow your business for lasting success.