Building a small business is not an easy game but rather a long run on an arcade filled with unexpected hurdles. It can give one of the enormous rewards when appropriately managed.
It takes battling immense challenges to get a ‘small business to a ‘large firm’ position. Entrepreneurship demands that you learn the skills of managing and take on and get over challenges. One has to learn to plan to counter business challenges to make their dreams come true.
The areas where small business owners and entrepreneurs face challenges are- lacking proper marketing, finding and retaining customers, time and financial management, maintaining an online presence, especially in the current times of pandemic when online companies have taken a whole different dimension. You can take definite actions in these areas, and you can handle it with efficiency.
Finding new customers without popularity is very, very challenging for small businesses. It is a significant inhibitor of growth. Acquiring new customers is very expensive, and the cost of getting new customers is increasing by the day.
In the last few years, it has risen by more than 50. Even established companies find attracting new customers a big challenge.
We have three ways to boost sales for small businesses. These are futuristic and very effective methods.
Affiliate marketing
Affiliate marketing is a marketing process whereby a business pays a website for a referral, leading to a product sale of the company.
It is turning out to be a powerful tool for increasing sales, and consequently, many brands are taking to Affiliate Marketing. Data from Google Trends show an increase of 30% within a year in 2017 for the search numbers of “affiliate marketing.
Another figure estimates the volume of affiliate marketing to be equivalent to 1% of the GDP of the United Kingdom. It is one of the most growing Marketing tools in terms of popularity.
Approx 80% of brands use affiliate marketing to boost sales, and the industry is estimated to grow at a rate of over 10 % in the current decade. To start and manage your affiliate network effectively and hassle-free, you need affiliate management software.
Using the software, you can build trust in your affiliate programs and improve your sales and conversions. It can also help you to cope with fraud and other losses.
It is increasingly getting popular with Influencers, and Influencers are one of the significant, trusted sections by customers. Small businesses must take affiliate marketing to enhance their sales.
Online marketplaces
Online marketplaces are a must-knowledge to invest in expanding the business, especially for small businesses and enterprises. Online marketplaces are ecommerce websites selling thousands of varieties of products from a variety of sellers.
Amazon, Flipkart, Snapdeal, Walmart, Alibaba are some of the renowned Market places. They are known to boost retail sales ten times more than traditional methods. All this is just by featuring and listing products on the websites.
However, to make maximum profit from them, it is necessary to correlate the product type and brand with the online marketplace or, in other words, identify the appropriate online shopping website for the brand.
The online marketplace has its requirements, such as listing fees, audience tech, product categories which will require some preliminary research. It will give an idea about the strategies needed for Marketing.
The time, cost utilization, customer demands. Online marketplaces have become very competitive and continually develop innovative ideas to increase their popularity and customer base and maximize customer satisfaction.
It makes them do many activities to simplify and ease product selling and user convenience. Small businesses will benefit significantly from the competitive spirit of Online Marketplaces.
Email Marketing
Email marketing is a very efficient marketing technique. You can use it to boost sales across all kinds of industries. Many businesses use this to build and nurture bonds with customers and subscribers.
It helps them exhibit and sells their brand and goodwill to customers directly. You can also use email marketing to offer discounts and promotions to customers.
A considerable section of workers involved in marketing believes email to be the most crucial channel for reaching out to their audience. Due to its targeted marketing, you can use this over other media marketing methods.
