According to the Bureau of Labor Statistics (BLS), more than 45% of new businesses in the US fail within the first five years (Original Reference). Of course, this can be attributed to the ever-evolving economy, inadequate resources, and a myriad of other factors.
But the fact remains that many small businesses rely on untested tactics and half-baked strategies to navigate the tricky waters of surviving and thriving.
Undoubtedly, owning a new business is an important life event that takes up quite a bit of time and energy. In the face of this daunting reality, new entrepreneurs need to take a step back and evaluate what will work for their company and what won’t.
Fortunately, there are plenty of best practices to build upon – courtesy of the knowledge imparted by successful marketers and seasoned entrepreneurs.
For the purpose of brevity, here are six of the most effective strategies that small business owners can begin implementing right away.
1. Get Creative with Your Unique Selling Proposition
Being creative and original is crucial to success in any field, but it’s especially true in the world of marketing and advertising. However, that doesn’t imply going out of the way to reinvent the wheel either.
Instead, you just need to add that special ingredient – perhaps prompt service delivery or a unique warranty policy – that can differentiate your business from the competition. For example, a jewelry merchant may offer to enclose a free coin with each ordered item. Get the gist?
2. Craft A Compelling Story Using Testimonials and Reviews
As a business owner, it isn’t necessary for your ideologies and opinions to match those of your customers. In fact, what you should do is let your personality shine through via their voice.
This is why it’s crucial to get testimonials from previous clients. An old adage reads that a happy customer is your best salesperson — remarkably accurate for new small businesses.
You can have your customers speak about their experience working with your company, highlighting the benefits and lasting value that only you can offer. In fact, almost 49% of consumers consider such testimonials and reviews to be “personal recommendations.” Indeed, they can be a powerful marketing tool in the right hands.
3. Play Divide and Rule with Pricing
$400 per year or small payments of $33 per month? What sounds more alluring?
Well, it turns out that consumers usually favor the latter over the former, and understandably so. The former sounds more expensive and thus less likely to be chosen. In essence, pricing should always be based on value and perceived value. Make it appear smaller, and it will probably sell better.
4. Let the Headlines Speak for You
Recall reading a newspaper headline that piqued your interest? The same can be said for your prospective customers. Therefore, crafting some catchy headlines is a must. In fact, it should be one of your top priorities when creating a content marketing strategy.
In principle, they should make the reader want to find out what your business is all about and entice them to act on it. Think of it as a sales agent at work, striving to convert curious prospects into paying clients.
5. Upsell to Boost Sales and Profits
It’s no secret that the bulk of your revenue will likely come from repeat users. Therefore, it’s essential to identify opportunities to upsell additional services and products to your established clientele.
For example, a florist may upsell products like gift cards, floral arrangements for the home, and potted plants. Likewise, a car repair shop may offer additional services like oil changes and safety inspections on top of repairs.
The customers who have a relationship with you would be much easier to persuade than those with a shorter history. Leverage this time-tested strategy to your advantage.
6. Put Forth an Offer They Can’t Refuse
Here’s where the word irresistible comes into play. Yes, it can be tempting to try and wow your customers by lowering your price to a point they can’t refuse. However, there’s a more compelling alternative that can be fun and creative.
As cliche as it might sound, explaining your product’s value to the consumers, goes a long way. Simply put, don’t try to undersell yourself – instead, position yourself as the obvious and better choice for them.
How? Paint the perfect picture of what they would be missing out on if they don’t take your offer. Again, it goes back to being creative and memorable. Pictures, graphics, and other visual aids can be excellent tools in this respect.
The Bottom Line
All in all, it takes more than a single path to success. But if you can implement these growth tactics – and make them your own – the chances are that your business will be successful in the long run. And you’ll breeze past seemingly woeful failure statistics!
Rochester Business Connections is made possible by www.RealBusinessConnections.com