By: First Union
Want to Experience Yearly Growth? Follow These Tips
We all want our business to be profitable—it's why we're in business, to begin with: to make some money and realize success and growth. What leads to profitability…customers and of course, sales. So first off, you need a killer productservice—one that customers simply cannot be without. And then you need to be able to close the deal and tally up those sales numbers. To this end, there are some strategies you can employ starting now to help your business realize steady yearly growth.
Ensure your product is easy to say yes to
That's to say, by giving the consumer an offer they simply can't refuse—in other words, that which they are bound to say yes to—it stands to reason sales are going to increase. In this context, growth can potentially skyrocket. Take for example subscription food services—an industry that is now seeing 30% year over year growth. Why? Because they make it incredibly easy for the customer to say "yes" by offering that which is just too good to pass up. If you go to their site, it'll ask you to input a coupon code. If you don't have one, more often than not it will then direct you to said coupon.
And almost always it will otherwise discount your first shipment/box significantly. This is showing people that in fact, the company does have their interests at heart; they do believe in the quality of their food and are consequently willing to let you try it for pennies on the dollar. It then proceeds to make the entire process incredibly easy to understand/navigate and of course purchase. Constantly reassuring users along the way of the freshness and responsibility (as in no food is going to waste/) of their product, the company offers those messages that essentially read people's minds and makes it so easy for them to click the buy button.
There's a lot to be said for FOMO
What is FOMO: Fear of Missing Out. How can you activate FOMO and thus increase your likelihood of getting that customer to a yes, social media marketing, and specifically influencer marketing work well to this end? If you do go the influencer route, you want to find those influencers who do have a strong connection with their followers; in this way, as soon as users see their favorite influencer utilizing a productservice, they have to try it too—as if they don't, they just might be missing out on the next big thing.
Again, we can look at a food subscription service here…Many will use influencers and consequently those influencers who are open about the fact that they can't cook. And yet, by ordering from this food service company, they still manage to make delicious meals. Here we again show the easiness of the product and the process as a whole. And here we are also emphasizing that this is something that could make customers' lives better—they certainly wouldn't want to miss out on that!
People of course want money, but what many want even more than cold hard cash is status. Despite what many say, people ultimately do care what others think of them. Others' opinions matter; what's more, others' opinions can activate the brain in certain ways. That is to say when other people's opinions align with yours when they approve of your actions/ideas, that part of the brain that wants to feel included sparks. What it comes down to is that people want to be held in high regard—it is that cut and dry.
So, looking once again at the subscription service, here is what we can take away from it…a conglomeration of things is coming together in this scenario. First off, your favorite influencer buys that particular brand; you also thus purchase it as you will probably like it too, not to mention, you're emulating this ultra-popular person.
Secondly, now you can cook terrific meals. Maybe prior, you were a terrible cook. Order from the food subscription service and you will be cooking like a pro in no time. And finally, the food is of course delivered to your door. You're not having to go buy off the shelf like everyone else. You have a more luxurious box of groceries, perfectly portioned and deliciously fresh delivered direct. All such elements converge, and there is a feeling of enhanced status that is created within the buyer's mind.
How can you apply this to your business?
Growing your business and being a more profitable year over a year does start with your sales process. All aspects of your sales process. Think about how you are putting that productservice out there and consequently reaching your customer base. Is it sparking their desire for status, for an easier life, for belonging? Is your sales process overall showing your customers that you do genuinely care about people's needs? Especially during a difficult time such as that which we are experiencing, going above and beyond to demonstrate authentic concern will help convert potential customers into actual ones. If you aren't doing these things actively, what might you be able to do to shift how you approach sales and marketing? You want to be able to attract the right clients and ultimately, of course, close the deal.
First Union Lending has been working with numerous businesses across the US during this crisis. We want to see every client come through this thing stronger than ever. We offer a variety of loan programs: from short term loans to merchant cash advances, among many others. And each solution is custom-tailored for the client. No one size fits all approach with us. If you need additional working capital to weather the storm, we'd love to discuss your options. And even if your credit score isn't where you'd like it to be, we can still help. Call today and let's get started together!