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Looking to Double Business Stats: Where Do I Start?

Ready for some depressing business stats? More than 50% of small businesses fail within the first four years.

The leading cause of small business failure? It’s incompetence followed by unbalanced experience or lack of supervision experience.

Whether you’re just launching your business or you’re several years in, you don’t want to become a part of that statistic! You want to rise above the competition and become a dynamic, leading voice of authority in your industry.

Let’s get into how you can do it.

Ramp Up Your Marketing

How much did you spend on marketing last year? If you’re unhappy with your annual revenue, you may want to consider doubling that number.

Regarding initial business exposure, quality traffic is everything. In other words, you want to create a buzz about your brand. You want flocks of people going to your website and interacting with your company.

That said, many business owners have great intentions to DIY their websites. Perhaps they read a blog or two about how to master SEO. Maybe they take an online course.

Marketing isn’t an area to skimp around on. A poorly designed website will only turn potential customers away. However, hiring a good web designer and content manager can transform an ordinary site into something dynamic, fresh, and professional.

Improve Your Leads

Conventional entrepreneurial advice tells you to get more leads. However, quantity isn’t everything when it comes to business. After all, we all know that the number of leads doesn’t necessarily translate to a number of sales.

Instead, focus on attracting the right leads. You want leads that best fit your target demographic. These are the leads who will most likely to convert to customers- which inherently makes them more valuable to you.

To improve the quality of your leads, you need to begin by examining your best customers. These aren’t necessarily the businesses who spend the most money; they’re the ones who drive the most profit.

What do your top customers have in common? Is it their type of industry? Location? Age, income, or socioeconomic status.

Consider how you obtained these customers. Did they find you organically through word-of-mouth referrals? Or did they reach out to you via a social media platform?

You should have a working profile of your target demographic. This allows you to create effective calls-to-action. It also allows you to appropriate tailor your marketing efforts.

Convince Existing Customers To Invest More

Selling to existing customers is always easier than selling to a new customer. Don’t overlook your current clients!

Consider creating a loyalty program that rewards customers for buying bigger or more frequent purchases. Upsell them by providing high-value items or services to purchase. You can bundle these packages together.

Consider setting up various distribution channels. If you’re a brick-and-mortar shop, can you also offer to sell products online?

Don’t forget to show your current customers appreciation! If you aren’t already sending exclusive discount codes or promotional giveaways, now is the time.

Examine Your Fixed Costs

When was the last time you audited your fixed costs? Like really went through them- line by line?

Because there’s a good chance that you’re paying certain bills arbitrarily without realizing there’s a better offer out there.

No, you don’t need to bargain nickles and dimes, but you might be able to negotiate your prices to reduce your fixed costs. Even saving just 5-10% in these fees can make a profound difference in your bottom line.

Raise Your Rates

Many business owners fear to raise rates. They worry about scaring away potential clients. They worry about being perceived as greedy.

That said, many business owners undersell themselves. They undervalue their products and services. However, raising your rates can make a huge difference in your revenue.

First of all, don’t be sneaky. If you have loyal clients, let them know in advance that you will be raising your rates.

However, you should also provide them with the opportunity to stay with your current rates for a designated period of time if they choose to renew their contract.

Don’t apologize for raising rates. Focus on why charging more benefits both you and the customer. For example, this may allow you to hire another employee with specialized experience!

You don’t have to change your rates overnight. Gradually add fees to cover rising costs. Consider introducing higher prices in planned stages.

For example, you can try raising rates for a small group of clients to see how they take it. If most of them remain with you, you should move forward.

Yes, you will lose some customers in this process. However, long-term, you will also attract new customers who value the quality- rather than the lowest price.

Compensate Your Employees

Here’s the thing. If you’ve done everything right and you doubled your income in the past year, you probably haven’t done it alone. Your employees hustled and helped you along the way.

Therefore, it’s only fair to reward the people who have helped you make those impressive gains.

If you make money, you pay your employees more money. That ensures a happy and dedicated workplace. It also makes you a competitive employer in the industry.

In the long run, this ensures your financial security. After all, your business’s success rests on the people who work for it. You don’t want to jeopardize your success- or the relationship you have with your employees.

Double Your Business Stats This Year

Are you ready to improve your business stats and take your company to the next level? With patience, discipline, and effort, this is absolutely possible!

At Bear Box Marketing, we provide innovative marketing solutions to small businesses with big passions. Learn more about us today!