“Strategies to Boost Results for Your Small Business”

4 Strategies to Boost Results for Your Small Business

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As a small business owner, you’ve taken a leap by investing your money into a product or service that you believe in and think your community would appreciate. But even after a successful launch, there is no time to rest.

In the United States, 33.3 million businesses qualify as small, making up 99.9% of all businesses. This means simply having a great product and a thoughtful pricing strategy to attract customers isn’t enough, though those details are still important.

To ensure your small business stands out from the rest, focus on boosting its visibility and revenue simultaneously. Let’s explore four strategies to help your small business meet its goals and grow its operations.

1. Host events to generate excitement.

When you first started your business, you might have hosted a grand opening to attract new customers, complete with a 10% discount, drinks and snacks, and lively music. Don’t limit your event planning skills to this singular event, though! To keep people talking about your business’s products and services and inspire new and repeat purchases, host other exciting events.

Here are a few ideas to get you started:

  • Product reveals: Have a new product that you’re launching? Similar to your grand opening, plan a product reveal event. You can either invite your whole community or a select group of influencers and loyal customers. If you choose the latter option, ask this group to post about your product on social media to boost visibility.
  • Flash sales: If you’re having a slow season or have product overstock you need to move, host flash sales to increase purchases from your community. If your items are discounted, individuals who were on the fence are more likely to make a purchase.
  • Pop-up shops: Although most small businesses nowadays operate online storefronts, a pop-up shop allows you to reach new audiences and give customers a chance to interact with your items in person. However, this idea is usually a bit more involved than the other options. An alternative could be attending conventions or events as a vendor, which gives you the benefits of a pop-up shop plus lots of foot traffic.
  • Holiday or seasonal events: Celebrate holidays with your community by offering specialty products and sale events. For example, for Valentine’s Day, you might offer a pink or red version of your product and mention that you have a 10% discount if the customer purchases two of the same item. You can also spice up your holiday events by incorporating other engaging content, such as a Valentine’s photobooth.
  • Anniversary events: It’s a big deal when small businesses reach the anniversary of their store opening. Celebrate these milestones with your community! You might run an all-day event of fun activities, discounts, and maybe even a prize raffle that every customer who makes a purchase gets entered into.

Consider incorporating gamification elements to boost engagement and participation. For example, you might add a small store scavenger hunt, with a prize for the customer who completes the hunt the fastest. Or, for an anniversary event, you could do a pop quiz about your store’s history. Activities that inspire a bit of friendly competition are sure to grab your customers’ attention!

2. Implement customer loyalty programs.

Once you have the attention of your customers and community, capitalize on it to secure long-term engagement and business. Many small businesses invest in retention in various ways — for example, MassageBook recommends that massage therapists take standardized notes to show customers that their health and satisfaction is taken seriously. Other businesses might add customers to a dedicated mailing list and send out regular email blasts to keep their offerings top of mind.

However, the best way to keep customers coming back is to implement a loyalty program where customers are rewarded for repeat purchases. Here are a few types of programs you can have at your small business:

  • Points-based: Customers earn points based on the amount of money they spend at your business. They can then redeem these points for discounts, free products, and more.
  • Tiered: Create several loyalty tiers — the more a customer spends, the higher they climb in the hierarchy. Each tier should offer certain perks or benefits, with the higher tiers offering more robust perks. The Sephora Beauty Insider program is a great example of this type of loyalty program.
  • Punch card: Every time a customer purchases an item or service from your business, they receive a punch on their card. After a certain number of punches (usually 10), they get a free item or discount.
  • Referrals: With a referral program, you’ll not only inspire repeat business but also attract new customers. Essentially, you’ll ask your existing customers to refer their friends and family to your business. If their peer makes a purchase, then both the peer and the existing customer get a discount on their next item.

On top of these programs, show your appreciation for your customers’ support by offering birthday gifts, such as a free product or discount. It’s a small but meaningful way to thank them for patronizing your small business.

3. Establish corporate giving initiatives.

Customers aren’t just interested in quality products and great customer service. Nowadays, for businesses to rise above their competition, social good is the way to go. After all, 77% of consumers say they want to purchase from companies with corporate social responsibility (CSR) initiatives.

If you’re interested in capturing your community’s attention through social good, try starting one of these popular programs:

  • Matching gifts: In a matching gift program, you’ll match donations your employees make to nonprofit causes, usually at a 1:1 ratio. Add this to your employer handbook so your staff members know to submit a form to you whenever they want a donation matched.
  • Volunteer grants: Lend your support to nonprofits that your staff members volunteer at with corporate volunteer grants. After an employee volunteers at an eligible nonprofit for a certain number of hours, they’ll submit a form to you, and you’ll make a donation to that nonprofit.

You can also give back to the community through channels other than these programs — and it doesn’t have to break the bank! For example, you might choose a week where a percentage of any sales made are donated to a local nonprofit.

4. Purchase efficiency-boosting software.

Small businesses usually don’t have the resources or time to hire many different staff members. Instead of stretching your budget with extra employees, consider purchasing efficiency-boosting software instead. These solutions might include:

  • Accounting and financial management tools
  • Point of sale (POS) software
  • Customer relationship management (CRM) databases
  • Inventory management software
  • Marketing tools and platforms

While your small business may be able to benefit from general business solutions, in some cases, it’s best to purchase one that fits your unique business model. For example, ThriftCart recommends that thrift stores purchase a POS system built specifically for thrift stores to access key features not available through more general solutions, such as donation pickup scheduling and donation receipts.

Standing out with your small business is daunting, especially when you consider the large number of businesses that already exist in this world. Be proactive with your efforts and constantly look for new strategies you can use to make your mark.