5 Small Business Hacks That Can Boost Profits
These days, more and more entrepreneurs are successfully scaling their companies through nuanced use of traditional marketing techniques. Here are some effective hacks you can use to grow your business without making any major changes.
Encourage your happiest customers to spread the word. Smart businesses foster advocates, who spread positive sentiment about their brands. If your customers seem happy with your product or service, ask them to leave online reviews or share their experiences with family, co-workers and friends. Research suggests that nearly three quarters of all consumers rely on word of mouth as the primary influencer of their buying decisions. You can really build momentum by tactfully requesting that your customers spread the word about their experiences with your company.
Connect with influencers. These are people who have either established themselves as thought leaders in your industry or people who have developed a large following. By forging constructive relationships with influencers, you can reach a larger audience. If you have the soft backing of these individuals, you will also enjoy greater trust and heightened interest, right from the outset.
Ensure exemplary customer service. Since the advent of social media, consumers have acquired considerable power that allows them to make or break a business. There are all sorts of stories of how a single post fueled a firestorm that brought a brand to its knees. In a matter of moments, a bad customer experience can spread through Twitter and Facebook like wildfire, causing irreparable damage before any countermeasures are even considered. Most companies have responded by prioritizing customer service to avoid potentially catastrophic issues. Lost in this outlook, however, is the incredible positive power great customer service can have on building a business. Instead of cultivating good customer service, demand flawless, exceptionally courteous encounters between your customers and your staff. This is a great way to ensure repeat business and positive word-of-mouth advertising.
Leverage FOMO. An acronym for "fear of missing out," FOMO has proven to be a powerful motivator that causes consumers to spend more money. Surveys have shown that over half of all social media users fear that they will miss out on important news, updates, events and opportunities if they disengage from social media. You can tap into this trait by developing exclusive brand content, contests and limited-time offers that increase visibility and generate buzz about your products.
Watch your competition. While we all strive to come up with novel ideas, it's not always practical or even necessary. Some of the most successful businesses have taken ideas from their competitors and tailored them for their own purposes. Investigate your competition and see what these companies are doing to succeed. Monitor their social media accounts to determine how they build audiences. Look at their marketing strategies and see if there's something you can use in your own way. There's no need to reinvent the wheel. If you see a good idea, try to adopt it as your own. You may even be able to refine the strategy to reap even more benefits than your competitors.