Despite the impact of COVID-19, retail sales volumes are 5.8% higher than in February 2020, with GDP having increased by 4.8% in Quarter 2 of 2021/22 alone. All businesses are working to ride the economic recovery. But what are the most effective ways of boosting revenue, presence, customer base, and market share? We have collated tips on the most effective ways to boost your business.
No one has made more of a success of COVID-19 disrupted business than Amazon's Jeff Bezos. By Forbes' reconning, Bezos's wealth has rocketed from $113 Billion in 2020 to $177 billion this year, with a 2017 baseline of $72.8 Billion. His analysis of Amazons' growth can be summarised in the following three-fold quote from the man himself:
"The truth about what makes us different is this: We are genuinely customer-centred, we are genuinely long-term oriented, and we genuinely like to invent. Most companies are not those things."
Amazon delivers, literally and metaphorically, for the customer in a manner of sharp contrast to many other wholesale suppliers and distributors. The bottom line is the customer pays your wage.
We don't know how long until the pandemic will pass, but it will pass. Will your business be stuck in what will then be old-fashioned, out of context, business practices, and mindsets, or will your business be its own sector's Amazon? Have you so thoroughly planned for the future that when it arrives your business will be ready?
Innovation and disruption are popular buzzwords, but does your business actually live it as Amazon does? Amazon's paper book division competes against its e-book division as a demonstration of both its creativity and inventiveness alongside its long-term view.
So you have shaved your head, been to space, and otherwise completely channeled your inner 'Jeff', how do you get your business' message and product across to captivate and capture your prospective client? Paul Mosely, the founder of Inkifi, has found email marketing as a legitimate and fruitful relationship builder. He advised, in a recent interview:
"Email marketing is an incredibly effective way to boost your business.
The key to building a business is to have a relationship with your customers and email marketing is a great way to communicate clearly and in a timely manner. Any e-commerce website that is struggling with Social Media advertising could try and change its objectives.
Instead of aiming to make a sale in the first interaction with a customer, the initial aim should be to capture their email address. The business can then send a series of emails to educate and build a relationship with the customer who is then much more likely to make one, or several purchases over time. Inkifi has found this relationship-building method to be very effective in building its photo printing business."
Perhaps inevitably Mark Zuckerberg has a different angle on marketing on Social Media, looking to trend-set the herd as opposed to engaging with individuals. He said:
"Advertising works most effectively when it's in line with what people are already trying to do. [On Facebook] they are sharing information with their friends, they learn about what their friends are doing, so there is really a whole new opportunity for a new type of advertising model within that."
In this context, however, it is inappropriate to portray email marketing as 'old-fashioned' in comparison to the social media-based approach. Paul Mosely's insight is far more profound, customer relationship-building is timeless. Whilst the means of communication evolves, the need to engage and build relationships is so perfectly aligned with human nature that it will always deliver results in business growth.
Another timeless element of business growth is developing and promoting a reputation for authentic customer service, something seemingly lost in the faceless business world of the modern age. A spokesperson for YLDFX, a bespoke brokerage that delivers the classic model of a personal Account Manager but armed with state of the art sophisticated trading tools, had this to say:
"At YLDFX we believe in connecting with our clients and building trust and rapport. We deliver a personalized service, but also share new features with our expanding client base through Linkedin and Instagram. In addition to other models, we rely upon good old fashioned word of mouth recommendations to fuel our accelerating growth."
YLDFX appears to offer an exciting community element also. Communication with YLDFX's client base informs its offering, as tech developments deliver on client needs. As Bezos indicated, embracing innovation and responding to the customer is key to business growth.
Controversial, and outspoken Elon Musk is almost Tesla's USP, and it drives business growth. AutoCoinCars's USP is being a premier cryptocurrency-based car sales platform. Founder, Mustansar Iqbal, summarises their business growth model:
"The number one thing we have found for effectively boosting our business is finding a balance between being unique and following the market and social media trends. If you understand what trends you should follow, when to follow them or to shine through with your USP, then you will be winning!"
Iqbal goes on to echo Bezos' mantra, Zuckerberg's insight, and the comments from Mosely and YLDFX:
"The best thing you can do next is perfect your brand customer service. Most people think 'the customer is always right, it is perhaps more accurate to say 'customers are key'. This means that your business is nothing without your customers. One of the easiest ways to grow organically and increase customer satisfaction and retention is to ensure they have a positive experience with you. Customers who feel satisfied with your product and service will be more likely to be repeat customers. You also have the possibility that they will then share their experience with their peers or share news on their social media.
You can use paid methods to grow your revenue and customer base, however, if their experience with you is bad, your monetary input is only going to be short term profit, you should be aiming for long term customer satisfaction and retention."