Your business has been ticking along steadily for the past few months, but you haven’t seen a huge amount of consistency in terms of sales. This year you really want to streamline your processes and find the tactics that really work for your company. When you’re running a business it’s often about trial and error; you aren’t going to land on that winning strategy right away. You need to invest some time and money into several options and see what works best for you. Here are a handful of terrific tactics that you might find useful when it comes to boosting your business income this year.
Shop Around
Before you jump into buying any wholesale products, you want to know that you’re getting the best possible deals for your business. Although some offers may seem enticing at first, you need to think carefully before spending your money on things you haven’t researched. If you often find yourself in this position you should definitely look into tactical arbitrage. This is all about the art of sourcing products from retail suppliers and then selling on the Amazon FBA platform for profit. If this is your zone of genius then this is something you should certainly investigate more.
Start a Blog
You have probably already heard that starting a blog for your business is a must for the year 2020. This is no joke, in fact you might be doing your company a disservice if you don’t have a blog. If you want to put your stamp of authority onto your chosen industry, you really need to start discussing topics and welcoming your target audience in. Writing a weekly blog will also help you to boost up the ranks in popular search engines such as Google. As long as you are hitting the right key words, your website will soon be vying for the top spot in your niche.
Improve Your Lead Magnet
If you don’t already offer a free lead magnet for your product or service then you definitely should. This is not only a great way to build your email list, but it is also invaluable when it comes to building trust with your clients. If you can provide a high quality freebie, they are more likely to invest real money in your services.
Utilize MSI on Social Media
If you have never heard of MSI before, this could be the key to beating the Instagram algorithm right now. Meaningful social interaction is what Facebook and Instagram want for all of their users. If your business simply posts online and never returns the love, you aren’t going to be favored for your work. Create meaningful relationships on these social media platforms and they will reward you. Show up consistently and use tools such as polls, questions, DMs and comments so that you are really considered a worthy Instagram user.
Increase the Value of Your Products So You Can Increase the Price
Adding value to your products doesn’t necessarily mean that you have to change them. All you need to do is include bonus items or services that make them seem more appealing to the target audience. Whether it’s a warranty or a free tutorial on how to use it, these added bonuses will give you much more scope to up your prices.
Create an Evergreen Service
Even if you’re selling a product, you need to find a stream of passive income that can generate sales whilst you sleep. With product-based services you have to continually process the orders, ship them and make sure the buyer receives them safely. Although this may be working for you now, you may want to consider other evergreen services that don’t require any legwork on your end. You could create an online course in your area of expertise or write a digital eBook. Think carefully about how you could boost your income stream and find ways to make money with minimal effort.
Some of these strategies will resonate with your business type and others may seem quite irrelevant; it is important to give everything a try, otherwise you aren’t going to see a huge change in your income stream. If you carry on doing what you have always done, you aren’t going to make improvements or learn lessons. Now is the perfect time to step out of your comfort zone and try these ideas out for yourself. You might notice quick results or they might be a slow burner; remain patient and you will find the right strategies for your business.
