Small companies that have found a niche can still occupy a very fruitful part of a market. Bigger isn’t always better, after all!
But with more limitations on resources than a large company, how can you increase business in a manageable way? Read on to find out.
Implement a marketing plan
You may have a brilliant business and an amazing product, but no one will know about it if you don’t market your wares properly! Be clear on your target audience’s wants, pain points and needs to tailor your plan to them.
It’s crucial for a small company to take advantage of as many marketing opportunities as possible. Likewise, you’re likely to have a more modest budget for marketing than a larger company, so you need to plan effectively to make the most of it. Monitor what does and doesn’t work so that you can redirect your efforts in future.
As a proper marketing offering can be costly, with multiple specialist team members involved, you may not prioritise it. However, if you want to invest in a quality in-house team, look into a small business loan to help you get this set up without impacting your profits too much.
Keep customers interested
It’s much easier to retain clients than to source new ones, so customer retention is everything when it comes to a thriving small business.
Nothing keeps people returning like excellent customer service, so make sure you communicate sincerely and effectively online and in person. What’s more, poor customer service can impact your business profits dearly. You can also use social media to show gratitude and give special offers to loyal followers.
When it comes to new products and services, create hype and build-up around these releases so that customers are as excited as you.
Create a loyalty scheme
Put together a loyalty scheme to encourage more regular repeat custom. There are so many ways to do this, including offering a complementary item or service after several purchases or after so many points have been amassed. You may baulk at the idea of giving something free of charge, but it will be so advantageous to attract more business that you won’t notice.
You can even reward customers who refer new users or buyers to your products or service. There’s nothing quite like word of mouth for increasing business!
Be sure to engage with other businesses in your industry or niche. As a small company, you can learn so much from others.
Trade events and publications are a good way to do this, as they bring together the relevant people and information for you.
Even with competitors, create good working relationships and constructive communication. You never know when you may need to discuss the goings-on in the sector.
Interesting Related Article: “7 Financial Tools You Can Leverage for Your Small Business“