Growing your business should be a short- and long-term goal for any entrepreneur. However, figuring out how to increase revenue and meet the new demands requires a bit of savvy and following in the steps of those who’ve successfully gone before you.
The past year has been unique for most small businesses. More people are staying inside, and 60% of shopping is now online. If you have a particularly successful marketing campaign, demand could suddenly skyrocket.
Now is the perfect time to tap into new consumer spending and prepare for any sudden shifts in your industry. Increase demand and align yourself with the systems needed to excel by following these tips.
1. Keep Your Current Customers
Boosting customer retention by 5% increases profits by as much as 95%. So before worrying about new clients, focus on keeping current ones coming back. For most brands, 80% of profits come from 20% of their patrons.
Improve your customer service, segment your audience, and personalize emails and other contact. Look for ways to keep a connection with those who’ve already invested in your products.
Your regular clients are one of your most powerful marketing tools. As a result, word-of-mouth advertising will increase demand naturally over time.
2. Use a Demand Increase Strategy
Look for solid reasons why people need your product. For example, in the 1970s, no one bought individual bottles of water. It would have been a ridiculous concept. However, with clever marketing and tapping into health concerns, beverage manufacturers increased demand for bottled water and explained the importance of staying hydrated throughout the day.
Think through the pain points driving people to purchase what you sell. How can you create demand for your products within your target audience? Incorporate user needs into your marketing campaigns.
3. Ramp up Production
As you work to increase marketing and the need for your product, you’ll find you must keep up with the new demand. Business as usual will no longer work. Don’t make new customers wait forever to get their order.
Invest in the equipment to finish manufacturing and packaging while reducing waste. For example, bottling and packaging machines are faster than preparing everything by hand. As profits allow, purchase automation and tools to make your work quicker and more efficient.
Look for ways to streamline your process. Conduct audits on your operations and ask for feedback from customers and employees.
4. Invest in CRM Software
New demand means fresh clientele to track, so invest in customer relationship management (CRM) software. You’ll be able to see at a glance past order history and predict how much of a new product might be in demand.
CRM also lets you reach out to people who haven’t ordered in a while or send special messages on birthdays and anniversaries. Use your database to customize notifications and even help in decisions on which new products to carry.
Use CRM to predict the popularity of a product. Figure out when an item has reached saturation and what might be a suitable replacement. The more data you import into your software, the more accurate the reports you get back.
5. Become an Innovator
If you want to create demand for your products and continue growth, you must become an innovator in your field. Even if you sell ready-made products you source from elsewhere, look for ways to customize and better meet the needs of your users.
A vital part of success is innovation. If you want to stay relevant in your field, you must watch new technologies and find unique ways of meeting customer needs.
Are there any needs not fulfilled by your company or your competitors? Perhaps the competition offers something different from you, but you feel you could develop a product better than theirs.
6. Accelerate Checkout
Whether you run an online store, a brick-and-mortar shop or both, improving your checkout process means you can better serve current and new customers. For example, digital stores can add live chat, reduce the number of steps to check out and institute innovative follow-up policies.
Look for ways to improve your sales funnel. Are there payment solutions you don’t currently accept? Add the ones making the most sense for your clients.
Study cart abandonment and lost sales. Figure out how to capture some of these customers to create higher demand. Where they leave the cart is a big hint. Perhaps you need lower shipping costs or to collect less information. Make any tweaks necessary to encourage a successful sale.
7. Show Accurate Stock and Delivery Info
Make sure your inventory software tracks current stock accurately. The last thing you want is frustrated customers who think they are getting an item in a few days to wait months for restocking.
If you run an online store, combine your database to show how many of a product is left. If you see sudden demand for a particular item, reorder before you run dry. If something isn’t selling, choose something new to carry.
Change Your Mindset
If you want demand for your products and your business to grow, you must change your mindset. Look for opportunities in new places and seek unique solutions to problems.
Product businesses have different needs than other types of companies. Learn what makes yours tick and repeat successful endeavors while replacing disastrous ones. With the right mindset, you can accomplish anything.