In the modern world, everything is about convenience. Companies have to worry about profit margins less as the world is more economically stable, and there are larger segments of people willing to pay a higher price. This means that while companies still need to cater to the budget-friendly market, they also have more leeway in higher-end segments.
When talking about boosting sales of any business, people generally focus on promotions that can temporarily boost sales or long-term plans that involve marketing and advertising. However, another underrated way to grow your business is to add services and products that add value to your primary product. How does one go about this? Let’s take a look.
While cash discounts still rule the roost when it comes to advertising, they really eat into your profit margin. Especially in tech businesses, where profit margins aren’t as high as the often 100% profit margins that are there, for example, in bakery products. Reducing your profit margin is a big risk, as it might eat into your capital as you pay your commercial bills and employee salaries.
Instead, why not use a buy one get one offer? Since you can control your product or service cost, you can offer items that aren’t expensive to your bottom line. For example, if you make custom t-shirts for a living, you can think of adding a bandana or a belt to your order free of cost. If you have a tech business, offer an extra month free on every subscription. Customers will appreciate the convenience of extra over a cash discount.
Once a purchase is complete, customers get anxious for delivery. Most businesses offer some form of tracking for their products. However, we live in uncertain times. Shipping delays happen, be it because of weather or because of lockdowns and restrictions on movement. While movement restrictions can be difficult to predict, you can check the weather forecast to predict delays in shipment.
For example, you can check the weather conditions on tomorrow.io forecast to optimize how your customers see their packages being delivered. You can also integrate weather API services into your tracking page so your customer can be aware of delays to their delivery.
This is also helpful for event organizers who wish to integrate weather forecasts into their booking pages to inform their customers of what they can expect before they buy the tickets. Several well known companies are already using the technology for similar purposes. For example, Uber is using tomorrow.io weather services to update arrival time for its passengers.
Breaking into any market as a new player is difficult. Global markets are already crowded with a large number of small and large players at an international and hyperlocal level. So how do you make your business stand out? An excellent way to achieve this and build a reputation among customers is to offer stellar after-sales customer service.
Companies are often blamed as being uncaring after the monetary transaction has taken place. Many customers are used to apathy when problems arise after purchase. Thus, to build trust and a relationship with the customer, invest in your after-sales service. Build networks that can help customers resolve their issues with grace and fairness and stick by promises. This will quickly gain you many customers who are tired of lousy service and want the support you provide.
If you have a physical product that you retail, you can try appealing to the environmentally-conscious market. Build a system to reuse or recycle your products so that customers who are done with the item have a safe and sustainable way to dispose of them. Motor vehicle companies often offer a service to pick up and safely dispose of car batteries since they can be biohazards if left to decompose in a landfill.
You can also take steps to make your operation carbon-neutral. This is something even technology-based companies can do since servers and server farms consume a lot of electricity and generate a significant amount of heat that takes air-conditioning to maintain. You can donate efforts to plant trees or utilize green technology that reduces the carbon footprint of your operations. Advertising sustainable technology is an excellent way to capture an emerging market.
Every company is unique and different. Your business’s journey can be significantly different from a similar company in the same field because of many factors. Instead of trying to keep up with the Joneses, you need to understand your customers and what they want from you.
These ideas will help you along in the right direction, but you are the expert in your situation. Only you know the ins and outs of your logistics, internal processes, and employee mindsets. Trust your instincts and go forward, but remember to reassess your situation objectively every few months for the fastest progress.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.