Sooner or later, every business owner decides to take a step forward, and work on business expansion. This is a necessary move if you want to stay relevant, but it also demands a certain amount of investment, without a guaranteed return.
Increasing your base income is not an easy task. If it were, everyone would be able to pull it off. It requires good timing, implementing good tactics, even taking risks. In other words, good tactics are those that keep those risks at a bare minimum, and have a more or less guaranteed return of investment. The following article will provide you with some of these tactics that certainly warrant your consideration as a business owner.
Employee based incentives
This one is the easiest strategy to implement. It is very budget friendly, therefore it has a low risk rate. The downside of an employee based incentive is that it can’t bring a significant amount of income in a short amount of time.
The basic idea behind this incentive is that you need to motivate your employees, with either higher salaries or some sort of valuable prize. In return, they need to make more sales during the month, or provide more services. The incentive mechanics are rather simple – let’s say your worker has a monthly salary of $500 and that this worker managed to earn you an extra 250$ this month. He or she would be entitled to 20% of that extra income, making the overall salary $550.
If you opt for another approach that involves a prize for extra efforts, make sure that a gift is something your employees would love to have, but are reluctant to purchase it. It should also be related to their job, or something that will make their job somewhat easier. So, for professional salesman, you can offer a custom tailored suit, for example.
Customer based incentives
This is a bit different than the first one, since rather than motivating your workers to increase their performance, you need to make the customer engagement level spike on your charts. There are various approaches on how you can make this happen and you should implement as many as possible.
- Stay in touch with your consumers – People are more likely to spend money after they have received their monthly payment. At the very beginning of the month, send them an email about all the special offers or discounts that you are offering. This is also an amazing opportunity to sell the products that had lower performance during the previous months.
- Stealing thunder – You need to give your potential shoppers a reason why to opt for you instead of your competition. You can do this by offering group discounts or extended warranty on your products. You can also give your customers coupons after each transaction, and with enough coupons accumulated, they are entitled to a discount for a single purchase in the future.
- Make it into a competition – Just like with employees, you can reward your customers for their devotion and loyalty. Do not forget to make the prize alluring for your target audience. If you sell products for kids, make the prize a toy, make it a gadget for a tech savvy audience, or travel arrangements for housewives. This will motivate your customers to shop more.
Spreading your influence
The one thing you must never forget is working on your online influence. It goes without saying that you should have a website, or an online store to be precise. It should have a natural call to action, so that it is easy for people to make a purchase there. It would best to use WooCommerce support, to help you with this. In addition to a good shopping platform, you should also optimize your website for mobile devices, to vastly increase its accessibility. Once your store is mobile friendly, your website is good to go. Additionally, by making a website mobile friendly, you increase its ranking in the eyes of Google, which is an important aspect if you are to succeed and increase your authority online.
I hope the advice provided here will be useful for your future business management.