For a lot of home businesses, it’s easy to feel like you’ve hit a wall. This is a period where it feels like your business is stagnant, as the level of sales you’re bringing on haven’t been what you thought they would be. No matter if you run a consultancy or eCommerce store, this can be a pretty frustrating affair, which is why we’ve compiled a few helpful tips on how to start driving more sales to your home business quickly. Check them out below:
Audit Your Current Revenue Streams
If you’re going to be driving more revenue towards your business, one of the initial steps you should consider is examining how your current revenue streams are operating, as well as how they can be improved. To put it to scale, according to QuickBooks, the average revenue of a small business with no employees is around $44,000 which isn’t a bad chunk of change to making from your living room. Granted, that figure is dependent upon a few different factors, including the type of business you’re running (I.E.: Consulting, eCommerce, etc), as well as how long you’ve been in business, which is why it’s crucial to take a step back and look at where you’re at to address changes.
In looking at your business, ask yourself what your business is doing against the national average for your industry. For example, while that $44,000 might be a great wage for a small design firm or consultant, an eCommerce store might want to push the envelope a little further. Additionally, take a look at if there are any costs you can cut down on, such as shipping, suppliers, or even more minuscule items like your accounting software. The goal is to start focusing your funds on what is going to give you a better ROI long-term, which can take some adjustments as you move.
Start Varying Up Your Sales Strategy
Another important factor to consider when trying to drive more sales towards your business is the overall strategy you’ve been implementing, as well as how many different variations you’ve been playing up with it. A common mistake a lot of home business owners make is repeating the same process over and over again with no change in results, leaving them to rely on even more guesswork to get the job done. This is not only ineffective but also doesn’t give you any information to improve in the future.
Start going through what sales strategies you’ve currently been using. For example, as noted by Shopify, the average first flash sale brings in an increase of 236 percent in revenue. It might not be a bad idea to read up on some tips for sales promotions that work to get a feel for what’s successful in your industry. Remember, a lot of this will be a trial and error period, so it’s imperative you stay focused on plugging in more inputs, studying the results of what happened, and then adjusting accordingly to ensure you’re boosting more on your sales team.
Get More Active On Social
While we hear all the time about how great social media can be for marketing our business, the process is much more than just posting and liking photos, but rather building pipelines of engagement. Some of the most successful sales from platforms like Twitter or Instagram come from two main sources: building awareness of your brand via engaging content and interactions, as well as implementing more call-to-actions to persuade your current base to buy something from your website or book an appointment. However, before we dive too deep into strategy, we first have to build out what type of foundation you’re trying to build.
In looking at your current following, ask yourself what type of demographic they are. For example, 31 percent of Instagram users make more than $75,000 per year, meaning they have a significant amount of disposable income; which, is important in building a profile of who your average customer is. From there, try to keep an eye on your high-value followers, engaging (liking, commenting) with them as much as you can. As social is a time to connect with your audience, it’s going to be a daily grind building up your following, which is why you should embrace this period to learn more about how your audience and how they perceive your brand.
Be Consistent With Your Efforts
Finally, as you continue along with new sales strategies for your business, it’s imperative you keep your marketing efforts consistent across all channels. Your first few campaigns probably won’t go as well as you’d anticipate, which is why so many people throw in the towel without really giving new methodologies a fair chance. The name of the game isn’t necessarily just about building new sales as soon as possible but building a brand and reputation that people can gravitate towards. Brands that are consistently presented see three to four times more visibility than those that don’t, which in turn leads to more sales. While it’s easy to say “keep things consistent,” the practice is a hurdle a lot of businesses don’t know exactly how to cross.
As simple as it sounds, one of the best ways to keep up with your sales and marketing goals is by drawing up a calendar, complete with all your campaigns and special dates. Additionally, keep notes of your KPIs/metrics that showcase what you did this time versus the last, giving you a better knowledge base to build from in finding key areas of improvement. Although it’ll take some work, once you get the practice of this, building out more sales will start coming naturally in no time.
What are some sales strategies you’ve found useful to accelerate your business? Comment with your insights below!