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How You Can Obtain Overall Success for Your Business

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It’s a tough decision to start a business, whether e-commerce or a traditional one. Based on the Bureau of Labor data, nearly 50 percent of small-scale companies fail by their fifth year, and almost 20 percent fail in their first year. It only means that you can’t build an online shop and hope people will visit your website. You must take advantage of the best ways to attract potential customers.

That’s because you’ll still work with them to ensure they purchase from your website and return for repeat purchases. In this list, you’ll learn six strategies that will help expand your online business, especially in its infancy.

  1. Grow through Affiliate Marketing

Using affiliate marketing allows you to further expand your company’s reach by allowing people access to a website or social media to promote your products or services to other customers through direct affiliate links. In turn, you’ll have to pay them a particular percentage of your revenues or a commission. Getting trendy or high-profile influencers isn’t necessary if you’re looking for affiliates to promote your products and services.

One of the quickest ways to take advantage of affiliate marketing is to work with a brand company and let their affiliates on the platform promote your products or services.

  1. Encourage Repeat Transactions

On average, a company will most likely get more new targets than turning a first-time buyer into a repeat customer. You can attract consumers to visit your website and keep browsing by promoting products through personalized campaigns, delivering birthday gifts, implementing a loyalty program, or sending a coupon with their first purchase.

  1. Offer Lots of Cross-Sells and Upsells

Upselling refers to the method of letting your customer buy a more expensive version of the same product. One effective way to use upselling is using a detailed side-by-side comparison table so that they’ll know the pros of buying the more expensive brand. On the other hand, cross-selling refers to promoting more related products.

If your website sells clothing, there’s a possibility that they’ll also be interested in shoes. By promoting related products, you’ll increase the value of each sale. Let’s take Amazon as an example. Amazon uses this strategy on its product pages, and the company has reported they gain 35 percent of its revenue.

  1. Work with a Few Local Influencers

Increasing your brand’s exposure is another aspect you’ll have to worry about. You can do that and grow your business by collaborating with influencers. That’s because they have a considerable following who depend on them for recommendations and advice.

Look for influencers in your niche market and work with them to develop content that they can share with their followers, eventually increasing your sales. But you’ll have to pay them. Despite that, you’ll still generate more with the added exposure.

  1. Expand Your Shipping Options

Innovative methods and platforms helped develop a borderless world that stretches to online shopping. Nearly 57 percent of consumers shop online. It’s outdated to limit your target audience to local customers. You can try offering global shipping, but you’ll have to look for a reliable courier or logistics company that will help grow your business.

If you can’t provide a customer with quality shipping, be transparent. Make sure to inform your customers of the extra costs so they won’t be surprised.

  1. Focus on All Stages of the Sales Funnel

Modern customers aren’t only focused on buying products. Usually, they start with doing their research and weighing their options before buying something. Focus on building a good strategy that will help you retain, convert, and attract customers. But that strategy will only be helpful if you’re targeting the different stages of the sales funnel, including these stages:

  • Awareness: Potential buyers need to address a problem they’re facing. Turning them into first-time customers is possible by giving them the solution they’re looking for.
  • Interest: Potential buyers are familiar with your brand, but they’re still researching, weighing their options, or shopping around for more information.
  • Purchase: Potential buyers become your first-time customers.
  • Repeat: First-time customers return to your business for similar problems, and their previous experience will determine if they’ll be coming back. 

Bonus Tip: Quality Content and Customer Service

Develop different content, including consumer guides, articles explaining the benefits of your products and services, or tutorial videos. After that, post them on various platforms, which can be on your social media accounts or websites.

Furthermore, excellent customer service is also essential. That’s because the quality of your customer service determines how helpful your strategy will be, especially in earning positive reviews and retaining customers.

 

Not all strategies will guarantee success. Others will provide quick results, while other methods will pave the path for long-term success. Think about your audience and learn how each strategy will attract them by reviewing your sales and customer data. That will help you distinguish which techniques work best for your business and which don’t.

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