Four key business money-drivers that you could be overlooking
Every business wants to do well. However, not every business is on the right track towards making that happen. Success can often be very difficult to find unless you’re looking in the right direction. Alongside working on the bare minimums of creating a great product or service and targeting the right audience with it, you sometimes need to go a bit deeper in order to get results. More often than not, you’re going to want to look at ways to increase revenue to do that. But when you feel as if you’ve exhausted all of your options, you can feel at a loss when it comes to your next move.
So, sometimes, you have to think outside of the box. When you’re doing some of the most common marketing techniques, such as producing social media content or advertising, it’s easy to believe that you’re doing everything that you can. But really, you’re only scratching the surface. So, from here, you’re then going to want to uncover some really key money drivers that you may not realize that you’re overlooking.
We’re going to kick off with something pretty overlooked, but incredibly valuable – and that’s data. Whether you realize it or not, you have this entire wealth of potential at your fingertips.
Collecting the right data
To start with, you really do have to make sure that you’re able to able to collect the right information from the start. Not only are you going to want to have analytics set up on your website, but you will need a good CRM system such as SugarCRM Developer to keep your customer data, and also look to gain feedback from visitors or customers on their shopping experience. This is your starting point.
Tailoring your offering
Now that you’ve collected some really key pieces of information, you’re going to want to think about applying it to your product and services offering. You know what your customers are doing, you have their data stored securely, and now you can work to make sure that your product or service meets their needs. You’ll find that constantly reviewing your data and improving your products or services based on your findings is going to help you better serve your audience.
Promoting and personalization
Finally, your data can also help you to make the right marketing and sales decisions. You want to know how you can actually earn more money with data – well here it is. You take those findings, and you follow your audience to market to them directly on the platforms that they came to your site from or how they discovered your store. You also take their shopping history and you sell to them based on their taste and preferences. When you do these two things, you’ll start to see your earnings increase.
You’ve heard all about celebrity endorsements. For years, businesses have been working with notable people in their industries to boost awareness and drive sales. But now we have another option that you should think about utilizing – the influencer.
The power of influencers
From an outside perspective, you’re likely to think that celebrities are still the way to go. After all, they’re more known, they’ve got publicity, and the world loves to follow and imitate celebrities, right? However, celebrities are very quickly being overtaken by social media influencers. These men and women you see on platforms like Instagram are much more accessible to consumers, and they tend to have incredibly high levels of influence on what people are buying, where they’re going, and how they’re living. So it’s safe to say that this is a promotional resource that you should be tapping into.
Choosing the right people
But how do you make this happen? Do you choose the first person you come across and look to create a marketing campaign with them? Well, not as such. Working with influencers can be really powerful as long as you follow the same kind of pathway that you do with all other areas of your marketing. You need to hand pick the influencers that you feel will best match up with your audience and have influence in your particular industry – or even something related.
Finally, you’re going to want to make sure that you’re getting results with each campaign that you embark on. Of course, like any kind of new marketing activity, you are going to want to find your feet with this and start testing. Because you won’t always know what kind of traction you will get with a particular influencer until the campaign begins. Although you can consider elements like followers and engagement to help you select people in the first instance, you will want to work with a bunch to begin with, then continue to form partnerships with the influencers that are driving traffic to your site, influencing engagements, and most importantly – creating conversions.
Next up, you’re going to want to think about another kind of partnership that is going to help you to drive more sales and even gain more custom by tapping into a new audience. So let’s consider collaborations you can do with other brands.
Collaborate, not compete
For a lot of people, this may seem like a slightly strange way of doing business. When you’re so used to keeping an eye on competitors, you may think that teaming up with them would seem slightly odd. However, what you need to see here is that you won’t be working with your direct competitors here. The best high-profile brand partnerships aren’t ones that are directly competing with others. Instead, they target the same kinds of consumers, but they tend to offer an entirely different product or service.
The thing to take away from this is that the brand you decide to collaborate with will have the same audience as you do. Finding the right partnership can seem quite tough. But you’re going to want to really think about your core values and what you want to get out of this collaboration. Then you can work backwards. You’ll want to work out what sort of values or pointers you want the ideal brand you’d partner with to have, and then you can match up to who might be in the marketplace and interested in partnering with you. Above all else, your audiences will have a cross-over, for example, you both target luxury consumers.
When you’re coming up with your ideas and marketing strategy for the collaboration, you really need to home in on what kind of results you want here. Obvious, sales or profit will always be in the back of your mind. But when you get to work with an influential brand, you’re going to want to see past the financial prospects and ensure that you’re really maximizing on the idea of accessing and retaining new customers that can then go on to generate more money for the business over a longer period of time.
Finally, you’re also going to want to make sure that you’re starting to take note of not only what your consumers are doing, but also what consumers, in general, are doing.
It’s hard not to notice that technology has, and is continuing to, advance at such a high rate. From the explosion of the internet to social media to the introduction and influencer of voice technologies, it can often be hard to keep up. But if you want to make sure that you’re generating as much income as possible, you have to keep up. Make it your priority to know what’s happening in the world of technology, and what kind of platforms or trends your consumers are taking up in particular.
Following the crowd
As much as you may have spent your business life looking to stand out, sometimes you have to actually blend in. It’s going to be important for you to take the key consumer trends that apply you your industry and run with them – as early as possible. If you want your audience to keep consuming from you, you need to be on their level. So take on the new technologies and make sure that your offering matches what the competition are doing as a bare minimum.
However, you may also want to go one step ahead of that. If you’re really looking to increase your sales and profit, then you need to go above and beyond. To stay ahead, you need to not only offer what your competitors are offering, but you need to make sure that you’re providing more and adding value at the same time. To do this, you need to be innovative and work to stay ahead of the trends. Take risks, try new things, become an early adopter – even start the trends. Really looking to take on consumer trends and work with new technologies is going to help you serve your customers better, boost your brand credibility, and generate more revenue in the long run.