Are you an online retailer? If so then you should consider these top 5 business growth strategies. They’ll help to boost your company’s leads, sales, and profits:
- Add new products
This is one of the top business growth strategies for your company. It offers your current customers with more products, which can help to boost average sale and other stats.
Make sure that you’re adding products/services that your customers would likely to purchase. If that’s not the case, then it’s not very practical to offer new products to your customers.
As always it’s important to do some research such as through market research and analytics tools to find out which new products your customers would likely be interested in.
It’s not enough just to offer new products. Not only that but regarding business growth strategies you shouldn’t just assume that the latest and greatest product would be one that your customers would buy. Instead, consider products that your customers need.
One approach you could use is to use one product to solve one problem for one customer. If you use that approach you’ll be more likely to offer the “right” products to your customers.
- Expand your product lines
This is one of the best ways to boost your online company’s sales. It could involve launching new product lines, or simply expanding already existing ones.
What’s it all about? It’s important to know your customers. Simply add the products they would be most likely to purchase. Another of the helpful business growth strategies is to follow your rival companies on social media to learn what they’re selling. You could also talk with suppliers to find out what stores are selling now.
Another basic method you can use is to simply ask your customers what products they’d like to buy. This is a basic method to find out what your shoppers what like to see offered at your site.
- Boost prices/value
There’s a misconception among companies that they should always offer rock-bottom prices. There’s nothing wrong with that per se. On the other hand, a better approach is to offer premium products at higher prices.
This is critical because it will encourage customers to spend more for better products/services. Make sure to reveal to your customers why they should take that action. In particular, it’s important to make sure that you’re getting your money’s worth. If that’s not the case, then you should consider taking your business elsewhere.
- Offer volume promotions
This is one of the top business growth strategies your company can use. In the case that your shopping cart supports it you can offer a volume discount. For example, you could offer a certain percentage discount for sales worth certain amounts.
You could use a pop-up window to remind your clients that they need $X to get a certain discount. You could also show them certain items within a certain price range that they could pick from.
These are some of the top Yair Hamami manager strategy business growth strategies for online companies to boost leads, conversions, sales, profits, margins, etc.